Press release
The Global Smart Fleet Management Market to Reap $599.18 Billion by 2028
Smart Fleet Management Market
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Triton's report predicts the global smart fleet management market to chart a CAGR of 7.36% over the forecast period 2021-2028, and generate a revenue of $599.18 billion by the year 2028.
The growing concern for vehicle safety, security, and emission, has strongly influenced the transport industry. The governments of several developed nations have therefore introduced stringent norms and developed safety programs.
Such initiatives are expected to promote a wide-scale adoption of smart technologies in the area of fleet management, thus driving the market growth.
However, events such as breaking into the in-vehicle connectivity system or unauthorized access to multiple vehicle connectivity solutions may act as restraining factors hampering the growth of the smart fleet management market.
The market for smart fleet management is segmented mainly into connectivity, transport type, and application. On the basis of connectivity, it is divided into cloud, short range, and long range. Whereas, according to transport type, the industry is categorized into airways, marine, roadways, and railways. Lastly, as per application, it is classified into ADAS, optimization, tracking, automatic vehicle identification, and fuel cards.
The smart fleet management market in the Asia-Pacific region is expected to showcase the fastest growth worldwide, over the forecast period. The development of the transportation infrastructure in several countries in the region, along with the surging adoption of security standards across various transportation modes, is fueling the market growth in the APAC.
For instance, the Asia-Pacific Economic Cooperation (APEC) is building a new Global Trade Recovery Information Platform (G-TRIP) partnering with the World Customs Organization to facilitate critical information exchange during major transportation disruption. This is propelling the market growth in this region.
Sierra Wireless Inc, Denso Corporation, Robert Bosch GmbH, I D Systems Inc (Powerfleet Inc), Continental AG, Tech Mahindra Limited, Zonar Systems Inc, International Business Machines Corporation, Siemens AG, Cisco Systems Inc, Orbcomm Inc, and Omnitracs LLC are the established players in this market.
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Question & Answer: Smart Fleet Management Market
Question 1: What factors are expected to drive the growth of the global smart fleet management market?
Answer: The growing concern for vehicle safety, security, and emission has strongly influenced the transport industry. The governments of several developed nations have therefore introduced stringent norms and developed safety programs. Such initiatives are expected to promote a wide-scale adoption of smart technologies in the area of fleet management, thus driving the market growth.
Question 2: What are the restraining factors hampering the growth of the smart fleet management market?
Answer: Events such as breaking into the in-vehicle connectivity system or unauthorized access to multiple vehicle connectivity solutions may act as restraining factors hampering the growth of the smart fleet management market.
Question 3: How is the Asia-Pacific region influencing the growth of the smart fleet management market?
Answer: The smart fleet management market in the Asia-Pacific region is expected to showcase the fastest growth worldwide, over the forecast period.
The development of the transportation infrastructure in several countries in the region, along with the surging adoption of security standards across various transportation modes, is fueling the market growth in the APAC.
For instance, the Asia-Pacific Economic Cooperation (APEC) is building a new Global Trade Recovery Information Platform (G-TRIP) partnering with the World Customs Organization to facilitate critical information exchange during major transportation disruption. This is propelling the market growth in this region.
Question 4: Which are the established players in the smart fleet management market?
Answer: Sierra Wireless Inc, Denso Corporation, Robert Bosch GmbH, I D Systems Inc (Powerfleet Inc), Continental AG, Tech Mahindra Limited, Zonar Systems Inc, International Business Machines Corporation, Siemens AG, Cisco Systems Inc, Orbcomm Inc, and Omnitracs LLC are the established players in this market.
Related Report:
Global Advanced Driver Assistance System (ADAS) Market - https://www.tritonmarketresearch.com/reports/advanced-driver-assistance-system-market
The global advanced driver assistance systems (ADAS) market is set to exhibit growth in the forecasting years from 2019 to 2027. It is expected to grow at a CAGR of 19.46% in terms of revenue, generating $80.97 billion by 2027. Whereas, it is likely to register a CAGR of 21.66% in terms of volume, amounting to 1187.78 million units by 2027.
The main factor driving the growth in the global advanced driver assistance systems (ADAS) market is its enhanced adoption by the automotive sector. Following a rise in the regulations on the need for ADAS, automakers are working towards including these features in most of their vehicles. The ADA system features, which were only available in premium cars earlier, are now being incorporated into other car segments as well.
However, the malfunctions of these systems owing to technological limitations are a major factor restraining the growth of this market. On a positive note, the introduction of insurance incentives would certainly assist in bringing ADAS even to the budget vehicles segment.
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