Global Smart Fleet Management Market to Grow At 7.36% CAGR Through 2028

November 22, 2021


According to the report titled ‘Global Smart Fleet Management Market 2021-2028’, available with MarketStudyReport, global smart fleet management market is expected to grow at 7.36% CAGR during the forecast period 2021-2028.

 

Rising demand for smooth-running of fleet operations, as well as rapid advancements in network infrastructure, combined with reduced hardware costs are driving the growth of global smart fleet management market.

 

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Additionally, proactive approaches for vehicle safety and emissions will boost the industry share. As per the report, incorporation of connected technologies in vehicles and real-time fleet monitoring systems in automobiles is poised to create lucrative opportunities for the business landscape in the forthcoming years.

 

However, high costs of technology integration and associated security concerns are anticipated to impede the growth of the market during the forecast period. 

 

Based on connectivity, the industry is classified into cloud, short-range, and long-range. Concerning transport type, global smart fleet management market segregates into railways, airways, roadways, and marine. In terms of application, the market is segmented into fuel cards, ADAS, optimization, automatic vehicle identification, and tracking. 

 

From the regional standpoint, the industry trends are studied for North America, Europe, Middle East & Africa, Latin America, and Asia-Pacific. Of these, Asia Pacific market is anticipated to hold a major revenue share during the forecast period, due to large-scale international trade, focus on maintaining large fleets, a robust rail network, increasing population, rapid urbanization, and favorable government initiatives in developing nations such as India, China, and Indonesia.

 

Furthermore, burgeoning demand for smart transportation solution, as well as implementation of stringent regulations for vehicle tracking & maintenance, coupled with raised awareness about driver & vehicle safety are projected to accelerate the development of the regional market during 2021-2028.

 

The competitive landscape of worldwide smart fleet management market is defined by companies like ORBCOMM Inc., Denso Corporation, Sierra Wireless Inc, Continental AG, Robert Bosch GmbH, Cisco Systems Inc., Siemens AG, Omnitracs LLC, International Business Machines Corporation, Zonar Systems Inc., Tech Mahindra Limited, and Powerfleet Inc., among others.

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