Automotive

Global Smart Fleet Management Market

December 21, 2019
ID: SR/AU-01
Format:Pdf
Pages:220

Global Smart Fleet Management Market by Transportation (Automotive, Rolling Stock, Marine), By Hardware (Tracking, Optimization, ADAS, Remote Diagnostic and Others), By Connectivity (Short, Long, and Cloud), By Solution (Tracking and Optimization), and By Region (North America, Europe, Asia Pacific, South America, Middle East, and Africa)

Description

Global Smart Fleet Management Market Overview:

The global smart fleet management market was valued at USD 369.7 Billion in 2021, and it is expected to reach USD 598.9 Billion in 2028 with a CAGR of 8.7% during the forecast period of 2022-2028.

Smart Fleet Solution, a fully integrated system for automobiles that simplifies the creation of effective maintenance plans. The smart fleet management services use software based on AI, IoT, and data analysis to reduce costs, improve supply-chain visibility, maintain efficiency & safety standards, and provide compliance with government regulations. Smart Fleet management provides solutions for organizations to organize and coordinate their fleet operations to improve efficiency, reduce costs, increase vehicle budgets, driver management, fuel management, and vehicle telematics for aircraft and ships.

The smart Fleet management system provides enterprises with powerful data analysis support to help fleets achieve better efficiency and economy. The smart fleet management solutions help in business organizations to quickly understand the vehicle’s operating mileage, operating conditions, fuel consumption, and driver scheduling and include a detailed evaluation and analysis of the driver’s driving behavior.

Global Smart Fleet Management Market Insights

Global Smart Fleet Management Market anticipated growing with a noteworthy CAGR during the estimated period, 2019-2027. The rising demand for fleet monitoring and real-time tracking and increasing demand for automation of fleet operations to improve cost efficiency expected to drive the global smart fleet management market. The smart fleet management system helps in the use of GPS tracking to determine the location of employees at specific moments, route optimization, remote diagnostics, automated management, and improved driving safety leads to the adoption of smart fleet management solutions. Additionally, the upsurge in the integration of IoT & information in transportation industries, along with the rise in international trade, expected to fuel the global smart fleet management market.

Various governments across the globe are regulating their transport act for smart transport systems and mandating the use of intelligent technologies for all vehicles to improve driver and road safety, reduce carbon emissions, and efficiently manage traffic congestions. The smart fleet systems connect each truck, cargo owner, capacity owner, and driver to improve the efficiency of transportation services expected to contribute to the growth of the smart fleet management market. Also, growing demand for smart fleet management solutions for fuel efficiency in vehicle operations additionally to the need for high-speed networks are factors expected to drive the global smart fleet management.

Growth Driver

Real-Time Monitoring of fleet Vehicles

The fleet management system helpful for operators to real-time monitoring of operating mileage, operating conditions, fuel consumption, and driver scheduling, which includes a detailed evaluation and analysis of the driver’s driving behavior. These powerful features allow fleet managers to clearly understand the causes of high fuel consumption and use this data to develop targeted driver training plans and performance allocation standards. Additionally, fleet managers can get current maintenance and maintenance information of the vehicle at any time to improve the efficiency of vehicle maintenance work and reduce downtime.

Growing demand for AI and IoT based Technology for Smart Fleet Management Solutions

Through AI and IoT based technology, the fleet owners’ use data to connect each truck, cargo owner, capacity owner, and driver to improve the efficiency of transportation services. AI and IoT based technology helpful in providing cost-effective products and high-quality services for fleet users. It enhances driver driving behavior, improves efficiency, and reduces costs. Additionally, surging demand for cloud-based and IoT based connected and fleet solutions among fleet owners owing to its application for tracking of assets, driver monitoring, fleet optimization, route planning, and fuel analytics.

Provide better driver and vehicle safety

Rising demand for smart fleet management systems in rail, marine, and automotive, fleet safety & security across cargo and passenger transportation, real-time surveillance, geo-fencing, advanced driver assistance systems (ADAS), and diagnostic functions expected to fuel the growth of the market. Further, the smart fleet provides the use of GPS tracking to determine the location of employees at specific moments, route optimization, remote diagnostics, automated management, and improved driving safety.

Helpful in decision making of fleet operations

The growing adoption of IoT and AI-based technologies provide tremendous growth opportunities for fleet management business. The smart fleet management solutions help fleet owners to achieve better efficiency and economy. The smart fleet management solution solves the problem by using autonomous vehicles on-demand, and fleet operations, fuel, and insurance are expensive. It is also minimizing environmental impact.

Transportation Segmental Analysis

Based on Transportation, the global Smart Fleet Management Market categorized into Automotive, Rolling Stock, and Marine. The Automotive segment anticipated to lead the market on account of rising demand for connected technologies which help enable remote monitoring and management of various operations such as fuel management, remote diagnostics, route optimization, and predictive maintenance. The smart fleet management system in rolling stock helps in maintenance processes, maintenance equipment, and depot planning.

Hardware Segmental Analysis

Based on the hardware, the Global Smart Fleet Management Market classified into Tracking, Optimization, ADAS, Remote Diagnostic and Others. The Advanced Driver Assistance Systems (ADAS) segment is projected to exhibit the highest market due to the advantage of using ADAS such as cruise control, automated lighting, automated brakes, GPS navigation, and integration with smart devices to deliver alerts.

Remote Diagnostic system expected to propel by the real-time remote diagnosis service allows maintenance stations to query the fault code online, remotely check the control unit and quickly identify the electronic system Failure.

Connectivity Segmental Analysis

Based on Connectivity, the Global Smart Fleet Management Market segregated into Short, Long, and Cloud. The Long-range segment will dominate the market due to the advent of IoT and AI-based smart fleet management solutions provides real-time information concerning traffic, position, routing, mapping, and navigation.

Solution Segmental Analysis

Based on solution, the Global Smart Fleet Management market bifurcated into Tracking and Optimization. The tracking segment anticipated to gain maximum over the forecast period due to the growing demand for real-time monitoring of vehicle position, speed, driving routes, fuel consumption, driver driving behavior, cargo temperature. The optimization segment will boost by the smart fleet helpful in saving money on fuel, optimizing productivity through efficient time management software, improving customer service quality.

Region Segmental Analysis

Based on geography, global smart fleet management market segmented into North America, Europe, Asia Pacific, and Middle East & Africa. The Asia Pacific is witnessed to gain maximum share in the market owing to the growth in international trade in developing countries such as Japan, China, and India and stringent safety regulations for commercial vehicles across Asia. Recently, the Indian government announced that it will make the feature of Advanced Driver Assistance System (ADAS) mandatory by 2022. North American market will drive by the rise in trade activities across the globe along with the upsurge in demand for real monitoring system on commercial vehicles by fleet owners.

Competitor Analysis

Companies such as Continental AG, Denso Corporation, Robert Bosch GmbH, IBM Corporation, Harman International Industries, Inc., Siemens AG, Cisco Systems, Inc., Sierra Wireless, Inc., Calamp Corp., OTTO Marine Ltd, Globecomm Systems, Inc. and Precious Shipping Company Public Limited are the key players in the Global Smart Fleet Management Market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Smart Fleet Management service providers
Research organizations and consulting companies
Organizations, associations, and alliances related to Smart Fleet Management
Regulatory bodies

Recent Development

In June 2021, Siemens declared plans to establish a new fleet management model and app for the company cars operated by its executives. This initiative has been taken to deliver employees greater access to vehicles equipped with eco-friendly drive systems and offer more motivation to use EVs.

In October 2020, Geotab partnered with SAP to authorize businesses operating SAP solutions that also operate Geotab’s fleet management offering to achieve visibility into their company’s telematics data from the SAP Cloud Platform.
In November 2020, Athene Holding Ltd. got into a stock and asset acquisition agreement with Hertz Global Holdings, a leading financial services company, to acquire Donlen.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 369.7 Billion
The revenue forecast in 2028	USD 598.9 Billion
Growth Rate	CAGR of 8.7 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Continental AG, Denso Corporation, Robert Bosch GmbH, IBM Corporation, Harman International Industries, Inc., Siemens AG, Cisco Systems, Inc., Sierra, wireless, Inc., Calamp Corp., OTTO Marine Ltd., Globecomm Systems, Inc. and Precious shipping company Public Limited the key players.

The objective of the Research

Market Modelling Market modelling starts with identifying a target market where historical data exists A Market can include prediction problems, economic factors, analysing of customer behaviour and identifying new patterns from past events, which helps our client to a have deep dive into the market.
Product Analysis Product analysis involves steps such as examining product features, costs, availability, quality and other aspects Product analysis is conducted to understand potential buyers and measure competition in the market.
Market Trend and Economic Factors Analysis This analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have major effect on the target market.
Market Segmental Analysis Segmental analysis defines in depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
Geographical Mapping Geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can be specifically targeted.

Market Modelling By Transportation

Automotive
Rolling Stock
Marine

By Hardware

Tracking
Optimization
ADAS
Remote Diagnostic
Others

By Connectivity

Short
Long
Cloud

By Solution

Tracking
Optimization

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is smart fleet management?

The smart fleet management services use software based on AI, IoT, and data analysis to reduce costs, improve supply-chain visibility, maintain efficiency & safety standards, and provide compliance with government regulations. Smart Fleet management provides solutions for organizations to organize and coordinate their fleet operations to improve efficiency, reduce costs, increase vehicle budgets, driver management, fuel management, and vehicle telematics for aircraft and ships.

What is the CAGR of Global Smart Fleet Management?

The global smart fleet management market was valued at USD 369.7 Billion in 2021, and it is expected to reach USD 598.9 Billion in 2028 with a CAGR of 8.7% during the forecast period of 2022-2028.

What are the growth drivers of global smart fleet management?

The rising demand for fleet monitoring and real-time tracking and increasing demand for automation of fleet operations to improve cost efficiency are expected to drive the global smart fleet management market. The smart fleet management system helps use GPS tracking to determine the location of employees at specific moments, route optimization, remote diagnostics, automated management, and improved driving safety lead to the adoption of smart fleet management solutions.

Which region has the highest market share in the global smart fleet management market?

North America has the largest market share in the global smart fleet management market.

Who are the major players in global smart fleet management?

The Companies include Continental AG, Denso Corporation, Robert Bosch GmbH, IBM Corporation, Harman International Industries, Inc., Siemens AG, Cisco Systems, Inc., Sierra, wireless, Inc., Calamp Corp., OTTO Marine Ltd., Globecomm Systems, Inc. and Precious shipping company Public Limited the key players.

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