The global smart fleet management market was estimated at $276.78 billion at 2018 and is expected to hit $537.89 billion in 2026, garnering a CAGR of 8.7% during the forecast period. The report provides a detailed analysis of key market segments, top investment pockets, top winning strategies, market dynamics, key market trends, and market size & forecast.
Integration of real-time fleet monitoring systems in vehicles, rise in use of cloud based technology for smart fleet management solutions and enhanced vehicle monitoring as well as fuel management have fueled the growth of global smart fleet management market. On the other hand, different security & privacy concerns have happened to check the market growth to some extent. Nevertheless, the intervention of automatic data capture and transfer have created multiple opportunities in the segment.
The report divides the market into transportation, hardware, connectivity, solution, and geography. By transportation type, it is segmented into automotive, rolling stone, and marine. Based on hardware, it is categorized into tracking, optimization, ADAS, and diagnostics. By connectivity, it is classified into short, long, and cloud. By solution, it is carved up into tracking and optimization. By geography, it is analyzed across North-America, Europe, Asia-Pacific, and LAMEA.
Roadways to dominate the market during the forecast period-
Based on transportation, the roadways segment accounted for nearly three-fifth of the total market in 2019 and is anticipated to dominate throughout 2019-2026. The rising number of roadways vehicle and government facilities to improve the safety standards have driven the growth.
ADAS to grab the lion share –
By application, ADAS contributed to nearly three-fifth of the total market and is expected to maintain its top status during the forecast period. Top-end innovation & research in advancement of ADAS system have augmented the demand for smart fleet management market.
Asia-Pacific to remain the largest shareholder-
By region, Asia-Pacific held the share of more than one-third of the total market in 2019 and turned out to be the largest shareholder during the forecast period.
Short Range to retain its dominance till 2026-
By connectivity, the short-range segment accounted for nearly two-third of the total market 2019, growing at a CAGR of 7.8% during the period 2019-2026. On the other hand, the tracking segment showcased a CAGR of 9.7% throughout the period, thereby coming out as the highest shareholder in the market.
Key market players-
The key players analyzed in the report include ChainwayTSP Co., Ltd., CarTrack Technologies Co. Ltd., Hyundai Motors, General Motors, BMW, Precious Shipping Company Private Limited, Infineon Technologies AG, Zonar Systems, Denso Corporation, Magellan and Trimble Navigation Ltd., and Workwave LLC.
The report analyzes and forecasts the smart fleet management market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global smart fleet management market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the smart fleet management market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of smart fleet management market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
By Modes of Transportation
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: