Pune, India, July 14, 2021 (GLOBE NEWSWIRE) -- According to the report, Global Smart Fleet Management market size will witness high growth rates in the forthcoming years on account of the rise in government initiatives to encourage the use of smart transport systems. Smart fleet management is a vehicular service offering the latest technology in the form of features such as vehicle history and documents, trip data maintenance and analytics, real-time tracking, and API integration, among others.
An upcoming report by Fortune Business Insights™ titled, “Smart Fleet Management Market Size, Share & Industry Analysis, By Hardware Type (Tracking, ADAS, Remote Diagnostics), By Connectivity Type (Short Range, Long Range, Cloud) Others and Regional Forecast, 2019-2026,” provides a 360-degree analysis on the market and upcoming growth opportunities.
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The report presents a detailed analysis of the market, based on factors such as growth drivers, restraints, challenges, and upcoming opportunities. It also focuses on the competitive landscape of the market, list of players, and the key strategies adopted by them to earn the lion’s share in the market. Besides this, the report discusses the table of market segmentation based on factors such as hardware type, connectivity type, and geography. The report discusses the significant industry developments, current smart fleet management market trends, and other interesting insights. A list of key players and the strategies adopted by them to gain a competitive edge in the market is presented in the report. For more information on the market or for purchasing the report, log on to the company website.
Growing Efforts to Improve Operational Efficiency Will Attract High Revenue
The increasing production and sales of passenger cars worldwide is a significant factor in promoting the smart fleet management market growth. Besides this, the rising level of pollution caused by automobiles has propelled the government to take initiatives. Smart fleet management solutions are encouraged by governments to reduce the level of traffic congestion and control carbon emissions, thereby driving the market. Additionally, innovations and the latest features of smart fleet such as real-time tracking, and others are also attracting a large number of consumers. This is further anticipated to aid in the expansion of the market during the forecast period.
On the contrary, factors such as the increasing concern about data theft and cybercrime may pose a significant challenge to the growth of the market. However, the growing efforts of manufacturers to provide improved operational efficiency at reasonable prices will create lucrative growth opportunities for the market in the long run.
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Asia Pacific Holding Dominant Position owing to Stringent Rules Imposed on Improving Transportation Sector
Based on segmentation by region, the global smart fleet management market is categorized into the regions of Asia Pacific, North America, Europe, and the Rest of the World. These regions are further segmented into nations. As per the current trends, the market is dominated by Asia Pacific due to the strict rules imposed by governments to improve transportation and infrastructure in its developing nations.
On the other side, North America is holding the second largest smart fleet management market share on account of the increasing popularity of fleet management services in the region. Furthermore, the European market is likely to witness substantial growth in the coming years owing to the adoption of this management system for tracking stock levels and vehicles in inventory.
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Players engaging in Innovative Features for Gaining Competitive Edge
Major smart fleet management market manufacturers are investing in research and development of cloud-based technology to incorporate innovative features in their products. This will not only help them stand out in the crowd but also help attract high smart fleet management market revenue in the coming years. Apart from this, players are entering into strategic partnerships. Company collaborations, contracts and agreements, mergers and acquisitions, and other strategies adopted by players are anticipated to intensify the market competition in the forecast period.
List of Key Companies Covered in the Smart Fleet Management Market Report:
- Magellan and Trimble Navigation Ltd.
- General Motors
- CarTrack Technologies Co. Ltd
- Workwave LLC.
- Denso Corporation
- Infineon Technologies AG
- ChainwayTSP Co., Ltd
- Zonar Systems
- Other vendors
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Global Smart Fleet Management Market Segmentation:
By Hardware Type:
- Tracking,
- ADAS
- Remote Diagnostics
By Connectivity Type:
- Short Range
- Long Range
- Cloud
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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