The global smart fleet management market is expected to grow at a CAGR of 10.6%, with a value of USD 52.50 billion over the forecasting period
The rising concentration of fleet managers on operational efficiency and the introduction of remote fleet management will drive market expansion in the next years. Furthermore, rising vehicle privacy and protection issues increase the need for appropriate fleet management, pushing the market's growth throughout the projected period.In addition,
Organizations benefit from fleet management systems in various ways, including preventative auto repairs, monitoring, reduction in fuel costs, genuine updates and analytics, higher efficiency, planning, navigation, and better service quality. Such end-user advantages are driving rapid adoption, thus driving the growth of the supply chain management industry.
The volume of automobile manufacturing has been evaluated to reach the size of the market. The area-specific market volume is then multiplied by the average price of each technology in that region. It provides the region-specific smart fleet management market size for that technology in terms of value. The same method was used to estimate the market size of other technologies. The worldwide market size is calculated by adding the market sizes of each region in terms of value.
The graph below indicates the profile of industry experts who took part in primary talks. The COVID-19 epidemic has prompted the development of remote fleet management. Keeping track of many components of daily fleet activities in a remote working environment becomes challenging, requiring fleet management software. Even if the cars are distributed throughout the country, the software increases staff efficiency and communication. This is projected to boost market growth over the next several years.
Market Segmentation:
The global smart fleet management market has been segmented into three sections: hardware, connectivity type & regional type. The market is divided into three forms: tracking, remote diagnostics, & ADAS. By the connectivity type, the entire global market has been classified into three patterns short-range, long-range and cloud. It is again segmented into five sectors with a regional basis, including Asia-Pacific, South America, North America, Europe, and Middle East & Africa.
Regional Analysis:
During the study period, the Asia-Pacific region is expected to be the largest market for smart fleet management. With increased transportation facilities in emerging nations such as Japan, China, and India and rigorous safety standards, market demand is expected to expand. With the increased usage of connection technologies, the market for ADAS and telematics is likely to grow in the Asia-Pacific region.
The Indian government modified the rules governing radar-based technologies in India in 2015, which resulted in a rise in ADAS systems in the Indian market. The area also has among the world's strictest automotive safety rules, which would enhance the market for sophisticated driver aid systems and telecommunications.
Industrial News:
Siemens planned to develop a new fleet management model and app for business automobiles used by executives in June 2021. This campaign was launched to provide employees with greater availability to vehicles with efficient and environmentally drive systems and provide extra benefits to utilize electronic vehicles.
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