Smart Fleet Management Market Shows Meaningful Growth in Near Future

According to the new market research 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", published by MarketsandMarkets™, The global 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. The major factors responsible for the growth of the market include the introduction of advanced technologies such as fleet optimization and real-time monitoring systems in rolling stock, automotive, and marine transport as well as raising awareness about fleet tracking, driver monitoring, and enhanced safety.

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"Asia-Pacific: High growth potential market"

The Asia-Pacific market is projected to witness the highest CAGR from 2017 to 2022. The major factors responsible for this region’s growth include increasing demand for fleet tracking systems and government laws favoring the implementation of marine transport. Additionally, the adoption of telematics application to reduce transportation cost and enhance safety along with growing demand for tracking of fleets has resulted in the growth of demand for rolling stock segment, which in turn has boosted the market for smart fleet management in this region.

"Real-Time Monitoring: Technology for present and future"

Smart fleet management with tracking system uses vehicle tracking system to track the vehicles in real time. The purpose of this system is to provide effective fleet tracking, real-time online monitoring, a dedicated remote server for fleet data, and security features in a single system. This is a money-saving tool for any size business because this helps to reduce fleet idle time, measure maintenance cost, and improve driver’s behavior. The fleet management reports can also be downloaded to understand the data better or used for important decision making. For instance, managers can get reports 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 planning to mandate 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 Asian region is focused on to mandate safety feature for ADAS systems. These factors make the ADAS systems one of the most prominent technologies in the smart fleet management market.

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