NEW YORK, April 4, 2023 /PRNewswire/ -- As per Facts and Factors study, the global smart fleet management market size was worth around USD 360.1 billion in 2022 and is predicted to grow to around USD 600.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.1% between 2023 and 2030.
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Smart Fleet Management Market: Overview
The industry is home to advanced solutions and technologies that are used for the management and subsequent optimization of vehicle fleets including trucks, cars, buses, ships, and automobiles. This process is conducted using new systems and technologies like artificial intelligence (AI), the Internet of Things (IoT), and data analytics. In the coming years, the market is projected to grow at a rapid rate since there is a growing demand for more cost-effective and efficient solution programs required for managing a fleet of vehicles along with growing concerns over security, safety, and sustainability.
These solutions assist in helping fleet operators optimize various factors in the fleet industry including the reduction in fuel consumption, optimizing vehicle routes, and improving driver safety along with other advantages. Some key technologies that may act as significant contributors in the industry are global positioning system (GPS) tracking, telematics, fuel management, driver behavior monitoring, and predictive maintenance. However, it may also come across various challenges and restraints that may work against the growth trajectory.
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Key Insights:
- As per the analysis shared by our research analyst, the global smart fleet management market is estimated to grow annually at a CAGR of around 9.1% over the forecast period (2022-2030)
- In terms of revenue, the global smart fleet management market size was valued at around USD 360.1 billion in 2022 and is projected to reach USD 600.8 billion, by 2030.
- The market is projected to grow at a significant rate due to the growing demand for cost-effective fleet management solutions
- Based on operation segmentation, the commercial was predicted to show maximum market share in the year 2022
- Based on application segmentation, optimization was the leading application in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Facts and Factors published the latest report titled "Smart Fleet Management Market Size, Share, Growth Analysis Report By Application (Fuel Cards, Tracking, ADAS, Optimization, and Automatic Vehicle Identification), By Mode of Transport (Railways, Roadways, Airways, and Marine), By Operation (Commercial and Private), By Connectivity (Long Range and Short Range), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 - 2030" into their research database.
Industry Dynamics:
Global Smart Fleet Management Market: Growth Drivers
- Growing demand for cost-effective fleet management solutions to propel market growth.
The global smart fleet management market is projected to grow owing to the increasing demand for cost-effective solutions. The world is currently struggling with the constant rise in fuel prices influenced by several socio-political factors.
Alongside, there is a growing demand for optimizing the performance and application of available resources including monetary and non-monetary aspects. This has led fleet management companies to look for solutions that are not only efficient and meet business needs but are also cost-effective since these solutions can improve the overall performance in the sector by assisting in making smart decisions that can lead to reduced fuel consumption along with other factors. Furthermore, the demand for electric and autonomous vehicles is growing rapidly which may lead to higher adoption of solutions that provide remote diagnostics and battery management response.
Global Smart Fleet Management Market: Restraints
- High initial cost of investment to restrict the market growth.
These systems can lead to significantly high initial investments since they require proper and advanced software, hardware, and supporting infrastructure to function as per expectations. The high expense associated with the adoption of the systems and services is a major barrier to global industry growth, especially for businesses that are just starting out or small players. Additionally, the companies may not have the right set of skilled employees that can assist them in navigating easily through the technology integration process and technical issues.
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Global Smart Fleet Management Market: Opportunities
- Growing demand for connected vehicles to provide excellent growth opportunities.
There is a significantly rising trend of demand for vehicles that are technically connected and share information. Such vehicles generate tremendous amounts of data which can further be used using data analytics and AI to improve industry efficiency and optimize the use of available resources.
Moreover, the increasing investments in the adoption of advanced systems like AI and machine learning could open more doors for growth as these technologies become essential in providing insights that can be used to improve operational performance.
Global Smart Fleet Management Market: Challenges
- Regulatory concerns pose a major threat.
The industry is subject to complex and dynamic regulatory measures which is a major challenge for the players. Some of these issues concern import/export regulations, transportation laws, health & safety concerns, cybersecurity, and data privacy.
For instance, the solutions sometimes involve the export or import of software and hardware across borders leading to coming across regulations like International Traffic in Arms Regulations. Furthermore, these solutions are highly prone to cyber-attacks leading to loss of information.
Global Smart Fleet Management Market: Segmentation
- The global smart fleet management market is segmented based on application, mode of transport, operation, connectivity, and region.
Based on application, the global market segments are fuel cards, tracking, ADAS, optimization, and automatic vehicle identification.
- One of the largest applications of smart fleet management solutions is the optimization
- This includes the use of data analytics and advanced algorithm that work together to reduce cost and improve fleet efficiency by minimizing idle time, optimizing routes, reducing fuel consumption, and improving the behavior of the driver
- ADAS refers to advanced driver assistance systems and alongside automatic vehicle identification, it is a significant contributor to the world market
- Fuel cards are required to track and manage expenses related to fuel whereas ADAS systems assist in reducing accidents
- On average, smart fleet management solutions can achieve an optimization rate between 10% to 20%
Based on the mode of transport, the global industry players are railways, roadways, airways, and marine.
Based on operation, the global market divisions are commercial and private.
- Commercial grew with the highest CAGR in 2022 and the market is significantly huge as compared to the private segment
- Commercial fleets are generally managed by government organizations or businesses and include a range of vehicles like service vans, delivery trucks, or company cars
- They are used for the transport of people, equipment, and goods
- Private fleets are owned by individuals and include private cars or pickup trucks
- As of 2021, Amazon US owned more than 30,000 delivery vans
Based on connectivity, the global industry players are long-range and short-range.
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List of Key Players in Smart Fleet Management Market:
- Samsara
- Geotab
- Donlen
- Zonar Systems
- Azuga
- Teletrac Navman
- Verizon Connect
- WABCO
- Fleetmatics
- Omnitracs
- LeasePlan
- Ryder System
- KeepTruckin
- Trimble
- TomTom Telematics
Key questions answered in this report:
- What are the growth rate forecast and market size for SMART FLEET MANAGEMENT Market?
- What are the key driving factors propelling the SMART FLEET MANAGEMENT Market forward?
- What are the most important companies in the SMART FLEET MANAGEMENT Market Industry?
- What segments does the SMART FLEET MANAGEMENT Market cover?
- How can I receive a free copy of the SMART FLEET MANAGEMENT Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 360.1 Billion |
Revenue forecast in 2030 | USD 600.8 Billion |
Growth Rate | CAGR of almost 9.1 % 2023-2030 |
Base Year | 2020 |
Historic Years | 2016 - 2022 |
Forecast Years | 2023 - 2030 |
Segments Covered | By Application, Mode of Transport, Operation, Connectivity, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Samsara, Geotab, Donlen, Zonar Systems, Azuga, Teletrac Navman, Verizon Connect, WABCO, Fleetmatics, Omnitracs, LeasePlan, Ryder System, KeepTruckin, Trimble, TomTom Telematics, and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- In May 2020, Aeris Communications, a growing IoT technology partner for enterprises, announced the launch of a new smart fleet management solution which was termed the industry's first telematics solution and end-to-end connected platform for fleet owners of the fleet. Some of the features of the platform include an alert on over-speeding, love remote tracking, single view dashboard, and mobile app access to name a few.
- In February 2021, Farnek, a leading UAE-based provider of green and smart facilities management, launched a new and in-house fleet management tool that will help the company optimize its fleet of vehicles while improving service delivery to clients. The solution will cover the company's fleet of 300 buses, cars, and vans across the country
- In June 2022, Amazon launched the Fleet Edge platform, which is a smart fleet management tool aiming at improving the safety of delivery drivers. The company invested over USD 1 billion for this service toward Amazon drivers
Regional Dominance:
- North America to dominate the market growth.
The global smart fleet management market is projected to be dominated by North America in the coming years due to the increasing adoption of the technology and the associated systems in the logistics and transportation industry. Furthermore, the US is home to some of the largest solution providers that are regularly updating systems, incorporating new technologies, and using strategic partnerships to enter new and emerging markets.
The growing emphasis on driver safety in the logistic segment as well as intense pressure on optimizing fuel efficiency in the sector is the leading cause of the higher adoption rate. The already existing world-class information technology (IT) infrastructure across small, medium, or large companies allows them to easily integrate new systems into existing architecture. Europe and Asia-Pacific are projected to emerge as significant contributors to the global market.
Global Smart Fleet Management Market is segmented as follows:
Smart Fleet Management Market: By Application Outlook (2023-2030)
- Fuel Cards
- Tracking
- ADAS
- Optimization
- Automatic Vehicle Identification
Smart Fleet Management Market: By Mode of Transport Outlook (2023-2030)
- Railways
- Roadways
- Airways
- Marine
Smart Fleet Management Market: By Operation Outlook (2023-2030)
- Commercial
- Private
Smart Fleet Management Market: By Connectivity Outlook (2023-2030)
- Long Range
- Short Range
Smart Fleet Management Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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