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The smart fleet management is expected to gain traction over the forecast period amid growing government regulations for the smart transport system. Various governing bodies across the globe have imposed stringent norms to curb energy consumption, theft activities, and reduce road accidents. Smart fleet management allows the operator to keep track of the driver’s performance, fuel consumption, route management, and vehicle maintenance. This system gives an option to download the complete data of the fleet, which makes it easy for the operator to take cost-effective measures after analyzing the data. For example, management can keep a close check on fuel consumption on a particular route and take cost-effective steps to lower fuel consumption.
Key Market Driver -
Increasing sales and production of passenger cars globally is anticipated to drive the market.
Key Market Restraint -
Rising concern regarding data theft expected to hinder the growth of the smart fleet management market
Initiatives are taken by the government to reduce carbon emissions, and traffic congestion on the road have encouraged fleet management services to opt for smart fleet management solution. This system offers realtime information to the operator/the management which gives the advantage to make quick decisions that improve operational efficiency and help to save cost. Lack of seamless connectivity and growing concerns regarding data theft are anticipated to hinder the growth of the smart fleet management market.
Some of the major companies that are present in the Smart Fleet Management market Denso Corporation, CarTrack Technologies Co. Ltd, General Motors, ChainwayTSP Co., Ltd., Infineon Technologies AG, Magellan and Trimble Navigation Ltd., Zonar Systems, and Workwave LLC. among the other players.
The global smart fleet management market is segmented by hardware type, connectivity type, and geography. By hardware type smart fleet management is segmented into tracking, ADAS, and remote diagnostics. The tracking type segment is expected to dominate the smart fleet management market. The tracking device allows the management owner to keep track of the vehicle, its route, and the driving pattern of the driver. This device is expected to enhance fuel consumption and prove to be cost-saving. ADAS is expected to hold the second-largest position in the smart fleet management market. The government has imposed stringent norms on manufacturers to equip ADAS in the vehicles to reduce road accidents and help to increase the safety of the occupants. By connectivity type, the market is segment is into short-range, long-range, and cloud. The short-range segment is expected to dominate the market during the forecast period. Short-range connectivity offers a vehicle to infrastructure and vehicle to vehicle connectivity. This connectivity gives vital information to the driver regarding traffic, navigation, and routing. The cloud segment holds the second-largest position in the market. This connectivity is cost-effective and beneficial to small and medium fleet management as they don’t need to invest in infrastructure.
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Geographically, the smart fleet management market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific dominates the global Smart Fleet Management Market. Stringent regulations by the government to improve infrastructure and transportation in this region is expected to maintain the dominance of Asia Pacific in this market. North America holds the second-largest position in the market amid growing fleet management services in this region. Europe is anticipated to show good growth in the market. Adoption of smart fleet management by small fleet organizations to keep track of vehicles and stock levels in inventory.
By Hardware Type
By Connectivity Type
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