Global Smart Fleet Management Market Growth Propelled by Introduction of Connected Technologies in Vehicles
Inkwood Research estimates that the Global Smart Fleet Management Market is evaluated to register a CAGR of 6.47% in terms of revenue during the forecasting years of 2021-2028.
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Smart fleet solutions are fully integrated systems used in
automobiles for efficient maintenance strategies. Smart fleet management enhances
driver management, vehicle budget, fuel management, vehicle maintenance, as
well as safety. In addition, it also improves vehicle telematics of marine,
light commercial vehicles (cars and minivans), aircraft, heavy commercial
vehicles (tankers, trucks, trailers, buses, and others), and railways. Therefore,
it is advantageous for enterprises dependent on transporting goods and services,
with higher productivity.
Introduction
of Connected Technologies in Vehicles to Fuel Market Growth
The introduction of connected technologies developed to generate
high operational efficiency and utilized for logistics and transportation
purposes facilitates smart fleet management. Furthermore, the digitalization of
vehicles and the growth recorded across the transportation and logistics
industry have presented fleet management service providers with novel
opportunities. Smart fleet management services, including fleet route planning,
telematics, asset tracking, and predictive fleet maintenance, further enable
optimum utilization of resources. As a result, the demand for improved operations
and reduced cost in order to achieve increased productivity and cost-effectiveness
has been a major driver fueling the market’s growth.
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ADAS was
the Dominating Application in 2020
An advanced driver assistance system (ADAS) helps drivers during
the process of driving. Multiple advanced driver assistance systems are designed
for specific purposes like lane departure, blind spot monitoring, collision
avoidance, and others. In this regard, smart fleet management gathers data from
the ADAS system to regulate the road environment, including road signals, lane
markings, vehicles, pedestrians, objects, and speed limit signs. Additionally,
the vehicle camera examines the environment and detects dangers. Thus, ADAS
plays a crucial role in fleet management since it ensures the safety of assets
and the driver with maximum operational efficacy.
Asia-Pacific
to Capture the Highest Market Share by 2028
The market growth in the Asia-Pacific is accredited to the
mounting population base, in addition to the need for managing large fleets,
rapid rates of urbanization, significant foreign trades, the growing
requirement for smart transportation, and a robust rail network. Moreover,
supportive government initiatives introduced in emerging nations such as
Indonesia, India, China are also responsible for the regional market’s significant
growth.
The global smart fleet management market is characterized by
the increased fragmentation, the expanding presence of original equipment producers,
reduced product differentiation, and depreciating hardware and connectivity
costs. Although the general industry viewpoint is optimistic, several markets
for fleet solutions are yet to be sustained by market incumbents. Hence, the competition
is moderate and set to increase during the forecast period.
Leading firms operating in the market are I.D. Systems,
Denso Corporation, Sierra Wireless Inc, Continental AG, etc.
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relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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