Press release
Global Smart Fleet Management Market Growth Propelled by Introduction of Connected Technologies in Vehicles
Global Smart Fleet Management Market
"Browse 50 Market Data Tables and 45 Figures spread over 198 Pages, along with an in-depth TOC on the Global Smart Fleet Management Market Forecast 2021-2028."
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Smart fleet solutions are fully integrated systems used in automobiles for efficient maintenance strategies. Smart fleet management enhances driver management, vehicle budget, fuel management, vehicle maintenance, as well as safety. In addition, it also improves vehicle telematics of marine, light commercial vehicles (cars and minivans), aircraft, heavy commercial vehicles (tankers, trucks, trailers, buses, and others), and railways. Therefore, it is advantageous for enterprises dependent on transporting goods and services, with higher productivity.
Introduction of Connected Technologies in Vehicles to Fuel Market Growth
The introduction of connected technologies developed to generate high operational efficiency and utilized for logistics and transportation purposes facilitates smart fleet management. Furthermore, the digitalization of vehicles and the growth recorded across the transportation and logistics industry have presented fleet management service providers with novel opportunities. Smart fleet management services, including fleet route planning, telematics, asset tracking, and predictive fleet maintenance, further enable optimum utilization of resources. As a result, the demand for improved operations and reduced cost in order to achieve increased productivity and cost-effectiveness has been a major driver fueling the market's growth.
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ADAS was the Dominating Application in 2020
An advanced driver assistance system (ADAS) helps drivers during the process of driving. Multiple advanced driver assistance systems are designed for specific purposes like lane departure, blind spot monitoring, collision avoidance, and others. In this regard, smart fleet management gathers data from the ADAS system to regulate the road environment, including road signals, lane markings, vehicles, pedestrians, objects, and speed limit signs. Additionally, the vehicle camera examines the environment and detects dangers. Thus, ADAS plays a crucial role in fleet management since it ensures the safety of assets and the driver with maximum operational efficacy.
Asia-Pacific to Capture the Highest Market Share by 2028
The market growth in the Asia-Pacific is accredited to the mounting population base, in addition to the need for managing large fleets, rapid rates of urbanization, significant foreign trades, the growing requirement for smart transportation, and a robust rail network. Moreover, supportive government initiatives introduced in emerging nations such as Indonesia, India, China are also responsible for the regional market's significant growth.
The global smart fleet management market is characterized by the increased fragmentation, the expanding presence of original equipment producers, reduced product differentiation, and depreciating hardware and connectivity costs. Although the general industry viewpoint is optimistic, several markets for fleet solutions are yet to be sustained by market incumbents. Hence, the competition is moderate and set to increase during the forecast period.
Leading firms operating in the market are I.D. Systems, Denso Corporation, Sierra Wireless Inc, Continental AG, etc.
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Related Reports:
GLOBAL ADVANCED DRIVER ASSISTANCE SYSTEM MARKET (https://inkwoodresearch.com/reports/adas-advanced-driver-assistance-system-market/)
GLOBAL AUTOMOTIVE TELEMATICS MARKET (https://inkwoodresearch.com/reports/automotive-telematics-market/)
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