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

Related Content

  • December 9, 2015
    Growth of global collision avoidance system market to 2020
    The latest report from Reports and Reports indicates that the global market for collision avoidance systems is expected to grow at a CAGR of 7.74 per cent between 2015 and 2020. This report segments the collision avoidance system market comprehensively and provides a close approximation of the size of the overall market and its sub-segments across verticals and regions. The worldwide collision avoidance systems market is expected to be driven by the growing focus of consumers and OEMs on safety features
    Read More
  • January 15, 2016
    Smart railways market ‘worth US$13.77 billion by 2020’
    According to new market research report by MarketsandMarkets, the smart railway market is predicted to grow from US$5.34 Billion in 2015 to US$13.77 Billion by 2020, at a CAGR of 20.8 per cent over the period. The smart railways concept includes the combination of advanced solutions and services of intelligent transportation with the information and communication technology. It facilitates the smart use of rail assets, from tracks to trains which will enable companies to meet the increasing consumer dema
    Read More
  • July 15, 2016
    Intelligent transportation system (ITS) market worth US$63.66 Billion by 2022
    According to a new market research report, Intelligent Transportation System Market by Roadway (Hardware, Software, & Services), Aviation Tool (Kiosk, Multi-User Flight Information Display, and Smart Gate System), Railway, Maritime, Protocol, Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the ITS market size, in terms of value, is expected to grow from US436.10 billion in 2015 to US$63.66 billion by 2022, at a CAGR of 8.3 per cent between 2016 and 2022. The major g
    Read More
  • April 2, 2015
    Growth of passenger counting and passenger information systems market
    According to a new market research report ‘Automated Passenger Counter and Passenger Information System Market by Application (Railway, Roadway, Airway, and Waterway), by System (Hardware, Software and Services), by Component and Device; and by Geography - Global Analysis and Forecast to 2020, the automatic passenger counting market is expected to reach US$194.17 million by 2020, growing at a CAGR of 22.2 per cent from 2014 to 2020; whereas, the passenger information system market (PIS) is anticipated to re
    Read More

Highlighted Content