The smart fleet management market is projected to grow at a CAGR of 8.0% during the forecast period, to reach USD 462.48 Billion by 2022. Rising concerns about vehicle safety, driver monitoring, and passenger or goods safety have fueled the growth of the global smart fleet management market.
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MarketsandMarkets published new report "Smart Fleet Management Market by Transportation (Automotive, Rolling Stock, Marine), Hardware (Tracking, Optimization, ADAS, and Diagnostic), Connectivity (Short, Long, and Cloud), Solution (Tracking and Optimization), and Region - Global Forecast to 2022"
The smart fleet management market is projected to grow at a CAGR of 8.0% from 2017 to 2022, to reach USD 462.48 Billion by 2022. Some of the major factors responsible for the growth of the market are government regulations for safety and increase in demand for real-time tracking and fleet monitoring by fleet operators to reduce transportation cost and increase operational efficiency.
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Real-Time Monitoring: Promising technology in smart fleet management market
Fleet operators track vehicles in real time to reduce idle time and transportation cost. The purpose of this is to provide effective fleet tracking, real-time monitoring, a dedicated remote server for fleet data, and security features in a single system.
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For instance, managers can get the data of fuel efficiency based on the route taken. The market for these technologies is growing rapidly, and regulatory bodies in Europe and North America are looking forward to mandating some of these technologies.
ADAS Systems: Upcoming mandates in Asia-Pacific to drive the demand
The global smart fleet management market is estimated to be dominated by the ADAS systems during the review period. ADAS systems have higher adaptability in all passenger cars in most of the advanced economies of Europe and North America.
Furthermore, the economies of Asia-Pacific region are focusing on mandating safety features for ADAS systems. These factors make the ADAS systems one of the most prominent technologies in the smart fleet management market.
Asia-Pacific: Largest market for smart fleet management market
Asia-Pacific is estimated to be the largest market for smart fleet management in 2017, owing to the increasing transport facilities in countries such as Japan, China, and India and stringent safety regulations in these countries. Changing government approach towards fleet operators, drivers, passengers, and goods safety has imposed many regulations, which mandate transportation OEMs to deliver vehicles with installed safety features.
Additionally, improving socio-economic conditions in countries such as India, Thailand, and Indonesia have resulted in the growth of demand for premium segment fleets, which in turn has boosted the market for smart fleet management in these countries.
The report covers all the major players in the global smart fleet management market such as Continental AG (Germany), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and Otto Maritime Limited (Singapore) among others.
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