The global smart fleet management market size was valued at USD 359.16 bn in 2019 and expected to hit around USD 603.4 bn by 2027, with a CAGR of 6.7% from 2020 to 2027.

OTTAWA, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Smart fleet management is a system that helps in keeping track of variable factors such as maintenance, fuel consumption, and route management. Smart fleet management systems offer a dedicated server for fleet security and data in a single system that enables operators to analyze and make cost effective decisions. Such availability of integrated data through smart fleet management solution attracts customers across the globe.

Growth Factors

Need for high fuel efficiency combined with high speed networks expected to propel the market for smart fleet management. Government regulations and rising demand for connectivity predicted to augment the market growth. Furthermore, reduction of both, operating cost and transportation cost has emerged as a major trend in the automotive sector that encourages the players in the smart fleet management market.

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Report Highlights

• In 2019, the Asia Pacific occupied maximum market value share in the global smart fleet management market and encountered attractive growth during the analysis period. This is attributed to the increasing transportation facilities in the developing countries such as India, Japan, China, Singapore, Korea, and Malaysia. Furthermore, increasing number of accident cases across the region also significantly boost the requirement for vehicle safety features to curtail the number of deaths due to road accidents across the Asia Pacific, thereby propels the growth of smart fleet management in the region.
• North America and Europe are other prominent regions that contribute significantly for the revenue share in the global smart fleet management market. Technological advancement and rising demand for electric and autonomous vehicles are some of the prime factors that drive the overall market growth in the regions.
• In 2019, automotive segment captured maximum market value share in the global smart fleet management market and projected to register the fastest growth over the forecast period. Numerous advantages offered by the connected vehicles such as remote diagnostics, fuel management, remote monitoring, route optimization, vehicle idle time, and predictive maintenance contribute prominently towards the growth of the segment.
• In terms of hardware, Advanced Driver Assistance System (ADAS) expected to demonstrate the fastest growth over the analysis period. Although, governments of various regions have issued mandatory laws for the adoption of vehicle safety equipment, autonomous car technology has encountered stupendous growth in the recent past and predicted to exhibit the same trend in the coming years. This serves as one of the prime factor for the growth of ADAS segment in smart fleet management market.

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Regional Snapshots

The Asia Pacific is an eye catching region in the global smart fleet management market. The region dominated the global market in 2019 and projected the fastest growth over the analysis period. Increasing number of road accidents and numerous initiatives taken by the government pertaining to implementation of driver safety features to curb the number of increasing accidents expected to boost the demand for smart fleet management system. Japan, China, India, Singapore, Korea, Malaysia, and other developing countries in the region are prominently investing for the transformation of fleet into smarter. This will helps the region to efficiently tune the mobility traffic with the carbon emission, thereby achieving the air quality standard in the region.

Besides this, North America and Europe are the other prominent markets and cater prominent value share in the global smart fleet management market. Increasing consumer preference towards smart and battery-powered vehicles significantly drives the smart fleet management market. Furthermore, existence of favorable infrastructure to support the smart fleet management system is the other major factor propelling the market growth.

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Key Players & Strategies

The global smart fleet management market is highly competitive due to the presence of major market players. In addition, the market participants are continuously upgrading their products and offerings to sustain their competitive edge. They also invest in the research & development activity to cater the fast-changing need of the customer. Some of the players also focus towards inorganic growth strategy such as merger & acquisition, partnership, collaboration, and joint venture to extend their portfolio in the market value chain.For instance, in October 2016, Continental AG acquired Zonar Systems, Inc., fleet management vendor, to extend its presence in the United States as well as to expand its mobility service portfolio.

Some of the key players operating in the market are Continental AG; Sierra Wireless; Cisco Systems, Inc.; Siemens AG; IBM Corporation; Tech Mahindra; Robert Bosch GmbH; and Zonar Systems, Inc. among others.

Market Segmentation

By Hardware

• Remote Diagnostics
• Tracking
• Optimization
• ADAS

By Transportation

• Rolling Stock
• Automotive
• Marine
  

By Connectivity

• Long Range Communication
• Short Range Communication
• Cloud
  

By Regional

• North America
  
  
  • U.S.
  • Canada
• Europe
  
  
  • U.K.
  • Germany
  • France
• Asia Pacific
  
  
  • China
  • India
  • Japan
  • South Korea
• Rest of the World
  

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