Smart fleet management market predicted to grow by eight per cent by 2022

According to MarketsandMarkets’ latest report, Smart Fleet Management Market, the smart fleet management market is projected to grow at a CAGR of eight per cent from 2017 to 2022, to reach US$462.48 billion by 2022.
June 19, 2017 Read time: 2 mins

According to 6418 MarketsandMarkets’ latest report, Smart Fleet Management Market, the smart fleet management market is projected to grow at a CAGR of eight per cent from 2017 to 2022, to reach US$462.48 billion by 2022. Some of the major factors responsible for the growth of the market are government regulations for safety and increase in demand for real-time tracking and fleet monitoring by fleet operators to reduce transportation cost and increase operational efficiency.

Fleet operators track vehicles in real time to reduce idle time and transportation costs. The purpose of this is to provide effective fleet tracking, real-time monitoring, a dedicated remote server for fleet data and security features in a single system. With the adoption of technologies, a transporter or service provider can measure maintenance costs and monitor the driver's behaviour. Fleet management data can also be downloaded to analyse data better and make a cost effective decision or enhance safety. For instance, managers can get the data of fuel efficiency based on the route taken. The market for these technologies is growing rapidly, and regulatory bodies in Europe and North America are looking forward to mandating some of these technologies.

The global smart fleet management market is estimated to be dominated by ADAS systems during the review period. ADAS systems have higher adaptability in all passenger cars in most of the advanced economies of Europe and North America. Furthermore, the economies of Asia-Pacific region are focusing on mandating safety features for ADAS systems. These factors make the ADAS systems one of the most prominent technologies in the smart fleet management market.

Asia-Pacific is estimated to be the largest market for smart fleet management in 2017, owing to the increasing transport facilities in countries such as Japan, China, and India and stringent safety regulations in these countries. Changing government approaches towards fleet operators, drivers, passengers, and goods safety has imposed many regulations, which mandate transportation OEMs to deliver vehicles with installed safety features. Additionally, improving socio-economic conditions in countries such as India, Thailand, and Indonesia have resulted in the growth of demand for premium segment fleets, which in turn has boosted the market for smart fleet management in these countries.

Location Based Systems

For more information on companies in this article

Related Content

  • Developing an integrated WIM/ANPR enforcement system
    July 31, 2012
    The weigh in motion market remains especially buoyant and technological development continues to reflect this. Although there are major differences in operating philosophies, particularly between developed and developing countries, both the numbers of countries using Weigh In Motion (WIM) technology and the numbers of systems that they deploy are on the increase.
    Read More
  • New research predicts growth of autonomous parking technology
    March 9, 2016
    New research by ABI Research forecasts that shipments of new cars featuring autonomous parking technologies to grow at 35 per cent CAGR between 2016 and 2026 and for revenues to likewise show growth at 29.5 per cent CAGR. ABI Research identifies three phases of autonomous parking, with each successive stage set to gradually displace the former and all three coexisting to some degree over the next decade. Ultimately, technology will reach a point in which the car parks itself entirely, with no driver assi
    Read More
  • US ITS sector needs strategic leadership
    January 31, 2012
    The US is losing its advantage in the ITS sector because of a lack of strategic leadership, according to a new report from the Information Technology and Innovation Foundation. Here, Stephen Ezell, one of the report's authors, talks to ITS International about what can be done to remedy the situation. A new report from the Information Technology and Innovation Foundation (ITIF), Explaining International IT Leadership: Intelligent Transportation Systems, makes for sobering reading within the US ITS community.
    Read More
  • Legalities of in-vehicle systems and cooperative infrastructures
    February 1, 2012
    Paul Laurenza of Dykema Gossett PLLC discusses the paths which lawmakers may go down on the route to making in-vehicle systems and cooperative infrastructures a reality. The question of whether or not to mandate in-vehicle systems for safety and other applications is a vexed one. There is a presumption on some parts that going down the road of forcing systems' fitment is somehow too domineering or restricting. Others would argue that it is the only realistic way of ensuring that systems achieve widespread d
    Read More

Highlighted Content