Smart Fleet Management Global Market Report 2024

The global smart fleet management market has grown strongly in recent years. It will grow from $419.10 billion in 2023 to $455.32 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. In the historical period, the growth of smart fleet management can be associated with increased attention to fuel efficiency, prioritization of safety measures and driver monitoring, globalization of supply chains, regulatory interventions by governments, emphasis on environmental sustainability, and the expansion and complexity of fleet sizes.

The global smart fleet management market is expected to see strong growth in the next few years. It will grow to $641.00 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. In the forecast period, the expansion of smart fleet management can be attributed to factors such as urbanization trends and the development of smart cities, the increased need for real-time visibility in fleet operations, heightened focus on cybersecurity measures, initiatives to reduce insurance premiums, and the adoption of remote diagnostics. Key trends in this period include the integration of telematics and IoT technologies, the implementation of predictive analytics, incorporation with advanced driver assistance systems, integration with cloud-based platforms, and the adoption of eco-friendly and sustainable practices.

The smart fleet management market is anticipated to experience growth, driven by the increasing sales and production of passenger cars. As a self-propelled motor vehicle designed for land passenger transportation, automobiles benefit from smart fleet management systems that enhance road safety. According to data from the European Automobile Manufacturers Association in October 2021, car registrations across the European Union saw a notable increase of 6.6% in the first three-quarters, reaching 7.5 million units. This surge in passenger car sales and production contributes to the expansion of the smart fleet management market.

The smart fleet management market is poised for growth due to the rising issue of traffic congestion. Traffic congestion occurs when the demand for road usage exceeds capacity, leading to slowed traffic speeds and increased queues. Smart fleet management systems play a crucial role in optimizing vehicle routes and traffic flow, addressing congestion, and improving overall transportation efficiency. A 2022 report by US-based software company INRIX revealed a significant increase in time lost to traffic congestion for the average US driver, reaching 51 hours in the year. This marked rise from the 31 hours lost in 2021 highlights the impact of increasing traffic congestion on the smart fleet management market.

The smart fleet management market is witnessing a trend of innovative solutions that strengthen companies' positions in the market. In this context, Farnek Services LLC, a UAE-based smart and green facilities management company, introduced an in-house smart fleet management solution. Launched in February 2021, this custom system utilizes cloud and mobility-based platforms, incorporating IoT telematic sensors linked to Google Maps for route optimization. This technology enhances the performance of the transport fleet, contributing to improved service delivery and showcasing the trend of innovative smart fleet management solutions in the market.

Key players in the smart fleet management market are introducing cutting-edge technologies, particularly AI-powered fleet management systems, to optimize electric two-wheeler mobility platforms. An AI-powered fleet management system utilizes artificial intelligence to comprehensively enhance the management and operations of vehicle fleets. For example, in August 2021, eBikeGo, an Indian electric two-wheeler mobility platform, launched EBG-Matics, an AI-powered fleet management system. This IoT system employs artificial intelligence and machine learning to analyze rider and vehicle behavior, with features like position tracking, orientation monitoring, speed analysis, and range estimation. EBG-Matics, standardized across all eBikeGo fleets, provides insights into vehicle quality, driver behavior, and terrain, ultimately reducing maintenance costs, extending vehicle life, and improving safety.

In August 2022, Semtech Corporation, a US-based semiconductor company, acquired Sierra Wireless for USD 1.2 billion. This strategic acquisition combines LoRa and cellular technologies, essential components of the Internet of Things (IoT), to create a robust chip-to-Cloud platform for digitizing the industrial sector. Sierra Wireless, a Canada-based multinational wireless communication equipment designer, contributes to fleet management and asset tracking solutions. The acquisition reflects the industry's commitment to integrating IoT technologies and fostering advancements in smart fleet management systems.

Major companies operating in the smart fleet management market report are Continental Aktiengesellschaft, Denso Corporation, Robert Bosch GmbH, Precious Shipping Public Company Limited, Otto Marine Limited, 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.

Asia-Pacific was the largest region in the smart fleet management market share in 2023. The regions covered in the smart fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart fleet management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary solutions within smart fleet management encompass vehicle tracking and fleet optimization. Short-range communication denotes wireless technology utilized within smaller coverage areas. Connectivity aspects include short-range and long-range communication, alongside cloud-based systems, extensively applied in transportation sectors such as automotive, rolling stock, and marine. These technologies serve various purposes, including tracking, advanced driver assistance systems (ADAS), optimization, and more, serving industries like transportation and logistics, automotive, government, and oil and gas.

This report provides smart fleet management market statistics, including smart fleet management industry global market size, regional shares, competitors with a smart fleet management market share, detailed smart fleet management market segments, market trends and opportunities, and any further data you may need to thrive in the smart fleet management industry. This smart fleet management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart fleet management market includes revenues earned by entities by vehicle leasing, acquisition and remarketing, supply chain management, fuel management, maintenance services, safety programs, collision response, tolls, and compliance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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