Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Fleet Management Market - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific fleet management market is projected to reach $2.43 billion by 2031 from $0.34 billion in 2022, growing at a CAGR of 24.45% during the forecast period 2022-2031. Technological advancements are driving an accelerated growth in commercial vehicle fleet management tools over the predicted period. It is projected that significant market development activities will be enhanced by the advent of connected vehicles. 
The fleet management market in Asia-Pacific is expanding significantly. Growing awareness of the advantages these systems offer the commercial vehicle sector is driving the growth of the fleet management market. Furthermore, the adoption of new technologies by the industrial revolution has led to a growth in fleet management in the APAC market.
Market Introduction
The APAC fleet management industry is evolving significantly due to technological advancements in commercial vehicle management technologies. Throughout the course of the forecast period, these tools are anticipated to grow fast, and the widespread usage of linked cars is anticipated to greatly boost crucial market development efforts. Due to fleet firms' increasing awareness of the many benefits offered by state-of-the-art management systems, the APAC fleet management industry is now expanding. This greater awareness is one of the primary factors propelling the market's growth, which is also being helped by the ongoing industrial revolution and the APAC commercial vehicle industry's growing use of cutting-edge technologies.
Market Segmentation
Segmentation 1: by Application Type
- Real Time Location Monitoring
- Fuel Management
- Maintenance Management
- Driver Management
- Weight/Volume Tracking
- Accounting and Insurance
Segmentation 2: by Vehicle Type
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Segmentation 3: by Component
- Hardware
- Software
- Service
Segmentation 4: by Deployment
- On-Premises
- Cloud
Segmentation 5: by Country
- Japan
- South Korea
- India
- Rest-of-Asia-Pacific and Japan
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- Embitel
- Queclink Wireless Solutions Co. Ltd.
- Fleetx
- Wonder Wagen
Analyst's Perspective on Fleet Management Market
Due to the growing strategic significance of shifting mobility, there is an increase in demand for fleet management on a global scale. As a result, it is anticipated that the worldwide fleet management market will expand considerably throughout the forecast period. It is crucial for fleet businesses wishing to expand their enterprises to adopt fleet management. Its benefits include enhancing client happiness, boosting productivity, reducing gasoline expenses, and offering real-time visibility. The e-commerce, insurance, construction, and mining industries' rising need for commercial vehicles is anticipated to fuel the market for fleet management. Additionally, the industry is expanding faster because of the utilization of artificial intelligence (AI) solutions in fleet management software and hardware.
Key Questions Answered in the Report
- What are the major market drivers, challenges, and opportunities in the Asia-Pacific fleet management market?
- What are the key development strategies deployed by the key players to sustain in the market, and what are some of the initiatives taken by new entrants within this ecosystem?
- What are the views of key industry participants within the fleet management companies operating in the space with respect to the latest trends and developments pertinent to fleet management?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2022-2031 |
| Estimated Market Value (USD) in 2022 | $0.34 Billion |
| Forecasted Market Value (USD) by 2031 | $2.43 Billion |
| Compound Annual Growth Rate | 24.4% |
| Regions Covered | Asia Pacific |
Business Dynamics
- Business Drivers
- Growing Number of Vehicle and Asset Thefts
- Increase in Road Accidents
- Volatility in Fuel Prices
- Augmented Demand for Fleet Management Solutions from Transportation and Logistics Industry
- Business Challenges
- Connecting Information Together from a Variety of Sources
- Risk of Cyber Attacks
- Business Strategies
- Product Developments
- Market Developments
- Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Joint Ventures, Collaborations, and Alliances
- Business Opportunities
- Surging Demand for Connected and Autonomous Vehicles
- Emergence of the Internet of Things (IoT)
For more information about this report visit https://www.researchandmarkets.com/r/f098iu
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