Press release
Global Smart Fleet Management Market to Reach $713.91 Billion by 2029, Growing at 11% CAGR
Smart Sensor Market Share
The smart fleet management market is expected to expand due to the augmented production and sales of passenger cars. An automobile, a self-propelled vehicle designed for the transportation of passengers on land, benefits from smart fleet management through improved road safety. As an illustration, in November 2023, Statistics Canada, a government agency in Canada, reported a minor increase in the total registration of road motor vehicles for the year 2022. The figure reached 26.3 million, a 0.3% uptick from the previous year, equivalent to an additional 78,655 units on the roads. Thus, the rise in passenger car production and sales is propelling the growth of the smart fleet management market.
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What Is the projected market size and growth rate for the smart fleet management market?
Recent years have witnessed a robust growth in the smart fleet management market size. The market, currently valued at $445.01 billion in 2024, is projected to grow to $478.21 billion in 2025, registering a compound annual growth rate (CAGR) of 7.5%. The remarkable growth during the historical period is credited to various factors such as concerns about fuel efficiency, safety and driver surveillance, globalization of supply chains, government rules, emphasis on environmental sustainability, and the size and complexity of the fleet.
Over the coming years, the smart fleet management market is projected to undergo swift expansion. By 2029, it is set to reach a value of $713.91 billion with a compound annual growth rate (CAGR) of 10.5%. The projected growth during this period can be linked to factors such as the rise of urbanization and smart cities, the need for real-time visibility, implementation of cybersecurity measures, reduction in insurance premiums, and remote diagnostics. Key trends anticipated to emerge during this forecast period encompass the adoption of telematics and Internet of Things(IoT), the application of predictive analytics, integration with sophisticated driver assistance systems, the convergence with cloud-based platforms, and the initiation of eco-friendly and sustainable practices.
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What new trends are reshaping the smart fleet management market and its opportunities?
Leading businesses within the smart fleet management market are making strides towards the creation of pioneering technology, such as bidirectional communication permitting immediate diagnostics and updates on equipment condition. This kind of communication encourages the reciprocal exchange of information and provides a platform for discussion and feedback. To illustrate, in February 2024, JLG Industries, Inc., a company manufacturing machines based in the United States, introduced the ClearSky Smart Fleet. This transitioned it from conventional one-way telematics to a more integrated bidirectional Internet of Things (IoT) solution. Their innovative fleet management platform facilitates bidirectional interaction between machines and adopts advanced IoT features. It improvises efficiency by digitising processes, ensures meticulous equipment monitoring and broadens service abilities. This system optimises logistics through automated networks and provides real-time insights that can be acted upon for improved operational performance.
What major market segments define the scope and growth of the smart fleet management market?
The smart fleet management market covered in this report is segmented -
1) By Solutions: Vehicle Tracking, Fleet Optimization
2) By Connectivity: Short Range Communication, Long Range Communication, Cloud
3) By Transportation: Automotive, Rolling Stock, Marine
4) By Application: Tracking, ADAS, Optimization, Other Applications
5) By Industry Vertical: Transportation And Logistics, Automotive Industry, Government, Oil And Gas, Other Verticals
Subsegments:
1) By Vehicle Tracking: GPS Tracking Solutions, Telematics Systems, Real-Time Monitoring
2) By Fleet Optimization: Route Planning And Optimization, Maintenance Management, Fuel Management Solutions, Driver Behavior Monitoring
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Which region dominates the smart fleet management market?
Asia-Pacific was the largest region in the smart fleet management market share in 2024. The regions covered in the smart fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the smart fleet management industry growth?
Major companies operating in the smart fleet management market are Continental AG, Denso Corporation, Robert Bosch GmbH, Cisco Systems Inc., Globecomm Systems Inc., International Business Machines Corporation, Samsung Electronics Co. Ltd., Tech Mahindra Limited, Siemens Aktiengesellschaft, CalAmp Corp., General Motors Company, Infineon Technologies AG, WorkWave LLC, Trimble Inc., Verizon Connect, Geotab Inc., Teletrac Navman US Ltd., Samsara Networks Inc., Omnitracs LLC, Fleet Complete Holdings Ltd., Spireon Inc., Gurtam JLLC, MiX Telematics Limited, Inseego Corp., ORBCOMM Inc., Zonar Systems Inc., GPS Insight LLC, KeepTruckin Inc.
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What Is Covered In The Smart Fleet Management Global Market Report?
• Market Size Forecast: Examine the smart fleet management market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the smart fleet management market for a structured understanding.
• Key Players Overview: Analyze major players in the smart fleet management market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart fleet management market.
• Segment Contributions: Evaluate how different segments drive overall growth in the smart fleet management market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart fleet management market.
• Industry Challenges: Identify potential risks and obstacles affecting the smart fleet management market.
• Competitive Landscape: Review strategic developments in the smart fleet management market, including expansions, agreements, and new product launches.
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