Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Global Smart Fleet Management Market is valued at US$ 190.5 billion in 2023 and is expected to grow at a significant CAGR of over 7.8% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
Smart fleet management offers multiple benefits including operational efficiency, cost savings, and enhanced safety, among others. Smart fleet management solutions help optimize route planning, reduce idle time, minimize fuel consumption, and improve overall operational efficiency. By streamlining operations, companies can achieve substantial cost savings over time. Smart fleet management technologies enable real-time monitoring of driver behavior, such as harsh braking, speeding, and rapid acceleration. By identifying and addressing unsafe driving practices, companies can reduce accidents, lower insurance premiums, and improve driver safety.
A growing automotive industry leads to an increased number of vehicles on the road, including those used for commercial purposes. This higher vehicle volume directly contributes to the demand for fleet management services to efficiently manage and monitor these vehicles. In addition, the proliferation of connected vehicles and telematics technology allows for real-time data exchange between vehicles and fleet management systems. This enables more precise tracking, better route optimization, and proactive maintenance scheduling.
- According to a deep-dive market assessment by RationalStat, the global smart fleet management market has been analyzed on the basis of market segments, including hardware type, application, software & services, connectivity type, transportation type, enterprise size and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global smart fleet management market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global smart fleet management market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Smart Fleet Management Market: Segmental and Market Share Analysis
- On the basis of hardware type, tracking is anticipated to dominate the smart fleet management market, principally due to the ubiquitous nature of tracking devices.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 190.5 billion |
| Market Size Forecast | US$ 321.2 billion |
| Growth Rate | 7.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global smart fleet management market include,
- In May 2023, Cisco and NTT together launched IoT as-a-Service intended for their enterprise clients. The new service leverages NTT's Edge as a Service product offerings and Cisco's IoT capabilities to support enterprises in realising benefits across multiple industries across the globe.
- In August 2022, Continental partnered with Singtel. The partnership involves leveraging Singtel's MEC solutions to further enhance situational awareness of Continental's vehicle systems and support in enhancing overall safety.
Some of the prominent players and suppliers operating and contributing significantly to the global smart fleet management market growth include Robert Bosch GmbH, DENSO CORPORATION, Continental AG, HARMAN International (Samsung Electronics Co., Ltd.), Siemens AG, IBM Corporation, Sierra Wireless (Semtech Corporation), Cisco Systems, Inc., CalAmp Corp., Otto Motors (Clearpath Robotics, Inc.), Verizon, and Trimble, among others.
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RationalStat has segmented the global smart fleet management market based on hardware type, application, software & services, connectivity type, transportation type, enterprise size, and region
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Hardware Type
- Tracking
- ADAS
- Remote Diagnostics
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Fleet Tracking & Vehicle Management
- Logistics Management
- Fleet Subscription Services
- Airport Ground Fleet Management
- Theft Detection
- Others
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Software & Services
- Software
- Vehicle Tracking
- Condition Monitoring
- Trip Management
- Custom
- Others (Fuel Consumption Analysis, etc.)
- Services
- Operations
- Maintenance
- Risk Management
- Procurement
- Others
- Software
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Connectivity Type
- Short Range
- Long Range
- Cloud
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Transportation Type
- Rolling Stock
- Marine
- Automotive
- Aviation
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Enterprise Size
- Small and Medium
- Large
- Global Smart Fleet Management Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Smart Fleet Management Market
- US
- Canada
- Latin America Smart Fleet Management Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Smart Fleet Management Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Smart Fleet Management Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Smart Fleet Management Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Smart Fleet Management Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Smart Fleet Management Market
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Key Questions Answered in the Smart Fleet Management Report:
- What will be the market value of the global smart fleet management market by 2030?
- What is the market size of the global smart fleet management market?
- What are the market drivers of the global smart fleet management market?
- What are the key trends in the global smart fleet management market?
- Which is the leading region in the global smart fleet management market?
- What are the major companies operating in the global smart fleet management market?
- What are the market shares by key segments in the global smart fleet management market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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