Researchstore.biz launched a study titled “Global Smart Fleet Management Market by Transportation (Automotive, Rolling Stock, Marine), Hardware (Tracking, Optimization, ADAS, and Diagnostic), Connectivity (Short, Long, and Cloud), Solution (Tracking and Optimization), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global smart fleet management market is expected to grow from USD 253.84 Billion in 2017 to USD 486.45 Billion by 2025 at a CAGR of 8.47% during the forecast period from 2018-2025. Major drivers that fuel the growth of smart fleet management market are:
- Government regulations
- Need of high speed network
- Rising adoption of smart fleet management in telematics and autonomous vehicles
The smart fleet management assist in vehicle tracking, monitoring, fleet analytics, fuel management, predictive preservation, remote diagnostics, as well as driver performance tracking solutions. This features enables to have efficient and enhanced productivity of the fleet. The smart fleet management are used with connected technologies with automotive to improve driver and road safety concerns. The motivation behind this is to give powerful fleet tracking, real time inspection, a devoted remote server for fleet data, and security included in a solitary framework. With the reception and the progression of innovations, one can gauge expenses and screen the driver’s conduct.
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Increasing number of smart homes and rapid explosion of multifunctional devices are anticipated to drive the Smart fleet management market:
Government regulations, rising adoption of smart fleet management in telematics and autonomous vehicles, and need of high speed network are the key driving factors for the smart fleet management Market. In addition, government agencies are investing in intelligent transport systems and mandating the use of connected technologies for all vehicles to enhance driver and road safety, this will lead to the growth of smart fleet management market in a couple of years. The complex and expensive technology and lack of adaptability in developing nations may limit the growth of market.
The global smart fleet management market is segmented on the basis of transportation, hardware, connectivity, solution, and regions.
ADAS segment is anticipated to grow with CAGR of 9.68% during the forecast period
Hardware segment includes tracking, optimization, ADAS, and diagnostic. ADAS segment is anticipated to grow with the highest CAGR over the forecast period. The ADAS systems have higher adaptability in all passenger cars which is the key factor to drive the demand of ADAS segment.
Tracking segment valued around USD 140.48 Billion in 2017
Solution segment is divided into tracking and optimization. Tracking segment is anticipated to grow with the highest CAGR over the forecast period. With the help of tracking, fleet can be easily managed and it can also help in keeping the real time track of the fleets.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific held the largest market share of 29.64% in 2017. The changing government approach towards fleet operators, driver, passenger, and goods safety imposed many regulations related to fleet management, these were some of the factors that led to the growth of smart fleet management market in this region.
The major players of smart fleet management market include Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, General Motors, BMW, Hyundai Motors, Precious Shipping Company Private Limited, Otto Marine Limited, Workwave LLC, and Zonar Systems
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