The Smart Fleet Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Fleet Management Global Market Report 2024, The smart fleet management market size has grown strongly in recent years. It will grow from $419.1 billion in 2023 to $455.32 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to fuel efficiency concerns, safety and driver monitoring, globalization of supply chains, government regulations, focus on environmental sustainability, fleet size and complexity, .
The smart fleet management market size is expected to see strong growth in the next few years. It will grow to $641 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to urbanization and smart cities, demand for real-time visibility, cybersecurity measures, insurance premium reduction, remote diagnostics.. Major trends in the forecast period include adoption of telematics and iot, implementation of predictive analytics, integration with advanced driver assistance systems, integration with cloud-based platforms, eco-friendly and sustainable practices..
The increasing sales and production of passenger cars are expected to propel the growth of the smart fleet management market going forward. An automobile is a self-propelled motor vehicle designed for land passenger transportation. Smart fleet management helps passenger cars by improving safety on the road. For instance, in October 2021, according to the European Automobile Manufacturers Association, a Belgium-based lobbying, and standards group of the automobile industry in the European Union, in the first three-quarters of car registrations across the EU climbed 6.6% to reach 7.5 million units. Therefore, increasing sales and production of passenger cars are driving the growth of the smart fleet management market.
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The smart fleet management market covered in this report is segmented –
1) By Solutions: Vehicle Tracking, Fleet Optimization
2) By Connectivity: Short Range Communication, Long Range Communication, Cloud
3) By Transportation: Automotive, Rolling Stock, Marine
4) By Application: Tracking, ADAS, Optimization, Other Applications
5) By Industry Vertical: Transportation and Logistics, Automotive Industry, Government, Oil and Gas, Other Verticals
Top Major Players
Continental Aktiengesellschaft
Denso Corporation
Robert Bosch GmbH
Precious Shipping Public Company Limited
Otto Marine Limited
Innovative smart fleet management solutions are a key trend gaining popularity in the smart fleet management market. Many companies operating in the smart fleet management market are developing innovative smart fleet solutions to strengthen their position in the market. For instance, in February 2021, Farnek Services LLC, a UAE-based smart and green facilities management company launched an in-house smart fleet management solution that optimizes its transport fleet’s performance and improves service delivery to its customers. This custom system technology is a cloud and mobility-based platform. It is equipped with IoT telematic sensors that are linked to Google Maps for route optimization with drivers, fleet, service schedule, and customers.
The smart fleet management market report table of contents includes:
1. Executive Summary
2. Smart Fleet Management Market Characteristics
3. Smart Fleet Management Market Trends And Strategies
4. Smart Fleet Management Market - Macro Economic Scenario
5. Global Smart Fleet Management Market Size and Growth
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31. Global Smart Fleet Management Market Competitive Benchmarking
32. Global Smart Fleet Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Fleet Management Market
34. Smart Fleet Management Market Future Outlook and Potential Analysis
35. Appendix
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May 27, 2019: The global smart fleet management market size is expected to reach USD 565.1 billion by 2025, according to a study conducted by Grand View Research, Inc.
Introduction of vehicular communication technologies has increased the adoption of smart fleet management solutions, which enable vehicle tracking and monitoring, fleet analytics, fuel management, predictive maintenance, remote diagnostics, and driver performance tracking and monitoring, among others.
This enables fleet operators of all sizes to incorporate smart technologies to increase their operational efficiency, enhance productivity, and enable varied cost savings.
In regions such as North America and Europe, there is ubiquitous presence of strong wireless connectivity infrastructure and this has facilitated widespread investment in telematics solutions among fleet operators.
Additionally, presence of prominent industry players such as Cisco Systems, Inc.; IBM Corporation; Continental AG; Sierra Wireless; Zonar Systems, Inc.; and Orbcomm, Inc. is estimated to foster growth prospects for the smart fleet management market.On the down side, advancements in networking technologies enabling a connected environment will pose significant concerns over data privacy and data security.
Lack of network infrastructure in developing regions, complexity of deployment, and high initial capital requirements are also expected to hinder the growth of the smart fleet management market.Click For Report Details @ https://www.radiantinsights.com/research/smart-fleet-management-market Further key findings from the study suggest:By transportation, the automotive segment will register the fastest growth during the forecast period, exhibiting a CAGR of 8.2%.
