Smart Fleet Management Market Inflates at a CAGR of 16.3%

Introduction

Smart fleet management handles vehicle tracking and maintenance quickly, easily, and affordably. In addition, it handles other things like funding and driver management. Additionally, it helps fleet owners with various issues, such as reducing risks associated with staffing and operational matters. Numerous sectors can reduce their total costs and fuel expenditures, increase fleet safety, and enhance fleet operations through real-time tracking and monitoring. The primary factors propelling the growth of the worldwide smart fleet management market are greater usage of cloud-based technology for smart fleet management solutions, real-time fleet monitoring systems integration into vehicles, and improved vehicle monitoring and fuel management.

IoT and the increased use of information, communications, and technology (ICT) in sectors including transportation, logistics, and autos contribute to the market's expansion. The industry expanded significantly due toseveral additional causes, including ongoing driver behavior monitoring, vehicle tracking, real-time visibility, driver management, and others. The market is expanding due to the development of 4G, 5G, and other wireless technologies that facilitate communication, the expansion of the market for auto replacements, and the expansion of global trade.

Market Dynamics

Demand for Vehicles with Integrated Real-Time Fleet Monitoring Systems and utilization of Cloud-based Technology Propel the Market

Real-time vehicle tracking enables fleet managers to monitor if drivers are following the suggested route or if there are deviations. Cloud-based tools like AI, IoT, and big data are used to gather the initial fleet management data. As an illustration, Techwave Consulting Inc. tracks expensive products using embedded sensors in cars connected to the cloud and broadcasts data in real time. Smart fleet management also includes jobs like tracking cars and drivers, managing assets, keeping two-way communication open, controlling driver safety & time, rescheduling the delivery assignment, and other duties.

Traditional tools have been supplanted by smart devices and software as fleet operators' needs for connection and fleet management solutions have grown. The tracking of assets, monitoring of drivers, fleet optimization, and other associated issues are all dealt with via cloud management solutions. The cloud also enables the backup and recovery of data and applications on a secondary storage system or infrastructure. Several firms are also employing new cloud models to get past the restrictions of traditional fleet management platforms. This has a significant impact on the market demand.

Regional Insights

Asia-Pacific holds the most considerable market share and is expected to grow at a CAGR of 17.91% during the forecast period. The primary drivers of this expansion are the population increase and the need for extensive fleet management, rapid urbanization, a robust rail infrastructure, major international trade, and supportive government initiatives in developing countries like India, China, and Indonesia. The increase in demand for smart transportation, the rise in driver and vehicle safety concerns, and the adoption of stringent government regulations for vehicle maintenance and tracking are the main factors driving the market expansion.

Europe holds the second-largest market share and is expected to reach a market value of USD 44,866 million by 2030, growing at a CAGR of 14.64%. Market expansion is predicted to be aided by population growth and increased telematics and GNSS adoption in fleet management services. For a better driving experience, top manufacturers are also releasing brand-new autonomous linked automobiles. These factors have resulted in sizable market demand for European smart fleet management services. Additionally, market participants from the Europe fleet management market are deciding to hold long-term business opportunities and negotiate long-term contracts.

The North American smart fleet management market is predicted to increase quickly throughout the forecast period due to the rising need for more efficient fleet management, technological advancements, and growing driver and vehicle safety concerns. Important industry players are using a range of strategies to strengthen their position in the market. They also cooperate and develop alliances with domestic players to get a competitive edge and create long-term business prospects.

Key Highlights

• The global smart fleet management market was worth USD 51,730 million in 2021. It is expected to reach USD 201,353 million by 2030, growing at a CAGR of 16.3% during the forecast period (2022–2030).
• Based on modes of transportation, the global smart fleet market is segmented into Roadways, Railways, Marine, and Airways. The Roadways segment holds the largest market share and is estimated to grow at a CAGR of 17.32% during the forecast period.
• Based on connectivity, the global smart fleet market is bifurcated into Short-Range and Long-Range.The Short-Range segment holds the largest market share and is anticipated to grow at a CAGR of 15.36% during the forecast period.
• Based on operation, the global smart fleet market is categorized into Private and Commercial.The Commercial segment dominates the market and is expected to grow at a CAGR of 16.71% during the forecast period.
• Based on application, the global smart fleet market is classified into Tracking, ADAS, Optimization, Fuel Cards, and Automatic Vehicle Identification. The ADAS holds the largest market share and is estimated to grow at a CAGR of 16.62% during the forecast period.

Competitive Players

1. Cisco Systems Inc.
2. Continental AG
3. Denso Corporation
4. Globecomm Systems Inc.
5. International Business Machines Corporation
6. Robert Bosch GmbH
7. Samsung Electronics Co. Ltd.
8. Simmens
9. Sierra Wireless
10. Tech Mahindra Limited

Recent Developments

Recent Developments

• January 2024 - 500,000 commercial vehicles have been connected to Fleet Edge, Tata Motors' dedicated connected vehicle infrastructure, marking a significant milestone. Owners and fleet managers are empowered to make informed decisions, improve profits, reduce logistics costs, and enhance operational efficiency by utilizing Fleet Edge, which offers real-time actionable insights on vehicle status, health, location, and driver behavior for every connected vehicle.
• April 2024 - Seaward Services, Inc., a full-service vessel management company, has chosen Spinergie, a maritime technology company, to implement its comprehensive Smart Fleet Management solution across its fleet of offshore vessels. A fleet of Jones Act-compliant multipurpose service vessels (MPSVs) and crew transfer vessels (CTVs) is operated by Seaward Services, Inc., a subsidiary of Hornblower Group, a global maritime transportation leader. The CTV fleet is currently involved in offshore wind operations along the East Coast of the United States.

Segmentation

1. By Modes of Transportation
   1. Roadways
   2. Marine
   3. Railway
   4. Airways
2. By Connectivity
   1. Short-Range
   2. Long-Range
3. By Operation
   1. Private
   2. Commercial
4. By Application
   1. Tracking
   2. ADAS
   3. Optimization
   4. Fuel Cards
   5. Automatic Vehicle Identification