Smart Fleet Management Market Size On The Rise: USD 960 Billion Revenue Targeted by 2030, Driven by 10.0% CAGR Growth

Houston, TX, June 16, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Smart Fleet Management Market By Operation (Private And Commercial), By Connectivity (Cloud, Long, And Short-Range), By Application (Automatic Vehicle Identification, Fuel Cards, Optimization, ADAS, Tracking, And Others), By Mode Of Transportation (Railways, Airways, Marine, Roadways, And Others) And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030.” in its research database.

“According to the latest research study, the demand of global Smart Fleet Management Market size & share in terms of revenue was valued at USD 365 billion in 2022 and it is expected to surpass around USD 960 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 10.0% during the forecast period 2023 to 2030.”

What is Smart Fleet Management? How big is the Smart Fleet Management Industry?

Smart fleet management is important to contemporary transportation and logistics operations. It comprises the incorporation of new technologies and intelligent solutions in order to efficiently manage and optimise many aspects of a fleet, such as the vehicles, the drivers, the routes, the fuel consumption, the maintenance, and the overall performance of the fleet.

Report Overview:

The global smart fleet management market size was valued at USD 365 billion in 2022 and is anticipated to reach USD 960 billion between 2023-2030. The smart fleet management market is expected to grow with a CAGR of 10.0% during the forecast period. The global smart fleet management market report offers a holistic evaluation of the market. Furthermore, the report provides a comprehensive analysis of market drivers, restraints, and the competitive landscape expected to play a substantial role in the market.

Smart fleet management utilizes advanced technologies to maintain and manage effective fleet operations. It ensures driver safety, intelligent surveillance, and several other digital applications vital for fleet management. The fleet management system encourages safe driving habits and offers continuous feedback regarding vehicle movements.

Fleet operators pose a requirement for tracking their vehicles in real-time. Therefore, smart fleet management systems utilize advanced technologies like AI, big data, and IoT to collect all the vital data using the cloud solutions needed by owners. Additionally, the launch of innovative products integrated with smart fleet management systems helps vendors enhance their productivity and efficiency. Also, it offers cost reduction, wide area coverage, quick access, etc., which in turn will boost the growth of the global smart fleet management market. Such a landscape significantly lowers downtime, thereby lowering repair expenses and liabilities. There is a growing demand for shared mobility services in developed countries like the US. Therefore, there is a surge in the trend of vehicle subscription, ride-sharing, rental, vehicle leasing, etc.

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Global Smart Fleet Management Market: Growth Factors

Increasing awareness among the consumer regarding the economical shared mobility services is also likely to propel the growth of the global smart fleet management industry. Also, the growth in the market revenue is attributed to the wide adoption of remote sensing capabilities. New frontiers are using drones, satellites, etc., for remote data. Also, the fast-developing healthcare, transportation, and defense industries will further widen the scope of the global market during the forecast period.

Growing urbanization and industrialization all across the globe, particularly in developing and underdeveloped countries, is likely to positively impact the growth trajectory of the global smart fleet management market. These services are being highly integrated with various tech options like geo-fencing and automated cellular tracking to offer drivers a convenient driving experience. The high deployment cost of fleet management is anticipated to hamper the growth of the global market. Additionally, there are increasing cases of data theft and cyber-attacks, which are expected to slow down the growth trajectory of the global market.

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Report Scope

Importance of Smart Fleet Management Market:

The capacity of smart fleet management to increase operational efficiency, improve safety, lower costs, and provide useful information that can be used for informed decision-making is the primary reason for its importance. The following is a list of the primary reasons why the market for smart fleet management is of critical importance:

Enhanced Operational Efficiency: Intelligent fleet management solutions use real-time data, GPS tracking, and advanced analytics to streamline fleet operations, which results in increased operational efficiency. This involves things like boosting equipment utilisation, reducing idle time, and optimising routes to cut down on delivery delays as much as possible. Fleet managers are able to deploy resources more effectively when manual operations are automated, which leads to an increase in productivity and a reduction in operational costs.

Improved Safety and Compliance: Smart fleet management systems incorporate features such as driver behaviour monitoring, real-time vehicle tracking, and geofencing capabilities. These instruments assist in ensuring that drivers comply with traffic regulations, preventing unauthorised usage of vehicles, and monitoring driver performance. Smart fleet management helps to reduce the number of accidents that occur, improves both the safety of the drivers and the general public, and reduces the amount of liability that an organisation faces.

Cost Reduction and Enhanced Fuel Efficiency: An essential component of effective fleet management is fuel management that maximises efficiency. Fleet managers are able to discover inefficiencies and put plans in place to save fuel costs if they monitor the amount of fuel consumed, the amount of time the engine is allowed to idle, and the performance of the engine. The ability to do remote diagnostics and proactive maintenance is another benefit of using a smart fleet management system. These features help reduce the cost of vehicle maintenance and help avoid costly breakdowns.

Environmental Sustainability: Smart fleet management is an essential component in advancing sustainability, which is especially important in light of rising concerns regarding carbon emissions and other negative effects of human activity on the environment. Fleet managers can lessen their environmental impact by minimising their carbon footprint, which can be accomplished by optimising routes, cutting fuel use, and discovering environmentally friendly driving practises. This not only makes a positive contribution to the conservation of the natural world, but it also strengthens the organization's standing in the community as one that is ecologically conscientious.

Real-time Monitoring and Analytics: Smart fleet management enables fleet managers to acquire useful insights into a variety of performance parameters by providing real-time monitoring and analytics capabilities. Fleet managers are able to make decisions based on the data gleaned through analysing data relating to fuel usage, driver behaviour, vehicle health, and operational efficiency. This allows fleet managers to identify areas for improvement and put strategies into place that will optimise fleet performance.

Regulatory Compliance and Reporting: The market for smart fleet management offers features that enable organisations in fulfilling their obligations to comply with regulatory requirements as well as report on those requirements. This involves complying with standards that are specific to the industry, keeping accurate records of driver logs and vehicle maintenance, and preserving accurate records. Fleet managers can alleviate the strain of administrative work and guarantee compliance with regulatory requirements by automating the processes involved in compliance.

The smart fleet management industry is absolutely necessary for the smooth operation of contemporary transportation and logistics.

Packaging Design and Simulation Technology Market: Opportunities

Numerous businesses heavily employ simulation technology because it reduces production costs. The programme facilitates the development and simulation testing of multiple prototypes. In addition, it aids in achieving error-free output throughout the production process, thereby preventing the production of defective products and the costs associated with them. In addition, it facilitates the reduction of time spent on R&D activities. All of these factors are anticipated to contribute to the growth of the packaging design and simulation technology industry. In the past, manufacturers had to invest a great deal of money in the creation of complex apparatus for their products. Prototypes were easily accessible, but failure rates were high, necessitating additional R&D expenditures to reduce such product failures.

Smart Fleet Management Market: Restraints

Fleet proprietors are increasingly concerned about pricing, which is likely to hinder the expansion of the global smart fleet management industry. The low return on investment (ROI) has a negative impact on the local fleet management companies, as they can scarcely afford to operate with these costs. For example, the installation fee, which is approximately $100, is prohibitively expensive for small enterprises. Expenses associated with telecom service fees, connectivity solutions, hardware, etc. are also anticipated to impede the growth trajectory of the global market.

Smart Fleet Management Market: Challenges

Cybercrime is growing at an alarming rate alongside the advancements in technology. Because of this, there is rising anxiety over the safety of sensitive information and vehicles using the smart fleet management system. However, it is expected to slow the expansion of the worldwide smart fleet management market over the next few years.

Smart Fleet Management Market: Segmentation Analysis

The global smart fleet management industry can be segmented into operation, connectivity, application, mode of transportation, and region.

By operation, the market can be segmented into private and commercial. The commercial segment leads the global market due to the growing requirement for transportation vehicles for the purpose of moving equipment, goods, and people. The fleets are majorly supervised by the government or the big enterprises.

By connectivity, the market can be segmented into cloud, long, and short-range. The short-range segment accounts for the largest share of the global smart fleet management industry due to the need for vital information required by drivers. However, the cloud segment is the fastest-growing segment owing to the high demand for connectivity and fleet management solutions.

By application, the market can be segmented into automatic vehicle identification, fuel cards, optimization, ADAS, tracking, and others. The tracking segment is the fastest-growing segment of the global smart fleet management industry due to the increasing demand from end-users and companies to navigate and keep their eyes rolling on their vehicles. However, the ADAS segment is also anticipated to witness extensive growth in the forthcoming years owing to the requirement for monitoring the in-vehicle performance. Also, it supports the driver while being on roads by guiding various landscapes like lane departure, collision, etc.

By mode of transportation, the market can be segmented into railways, airways, marine, roadways, and others. The roadways segment swipes the largest share of the global market due to the growing initiatives by the government to upgrade the road infrastructure. Also, the railway segment is expected to grow significantly in the global smart fleet management industry due to the growing demand for railway transport globally, particularly from underdeveloped and developing nations.

The global Smart Fleet Management market is segmented as follows:

By Operation

• Private
• Commercial

By Connectivity

• Cloud
• Long
• Short-Range

By Application

• Automatic Vehicle Identification
• Fuel Cards
• Optimization
• ADAS
• Tracking
• Others

By Mode Of Transportation

• Railways
• Airways
• Marine
• Roadways
• Others

Browse the full “Smart Fleet Management Market By Operation (Private And Commercial), By Connectivity (Cloud, Long, And Short-Range), By Application (Automatic Vehicle Identification, Fuel Cards, Optimization, ADAS, Tracking, And Others), By Mode Of Transportation (Railways, Airways, Marine, Roadways, And Others) And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030."- Report at https://www.zionmarketresearch.com/report/smart-fleet-management-market-size

Competitive Landscape

Some of the main competitors dominating the global Smart Fleet Management market include - 

• TomTom Telematics
• Trimble
• KeepTruckin
• Ryder System
• LeasePlan
• Omnitracs
• Fleetmatics
• WABCO
• Verizon Connect
• Teletrac Navman
• Azuga
• Zonar Systems
• Donlen
• Geotab
• Samsara, Others.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Smart Fleet Management market is likely to expand at a CAGR of around 10.0% during the forecast period (2023-2030).                  
• In terms of revenue, the Smart Fleet Management market size was valued at around US$ 365 billion in 2022 and is projected to reach US$ 960 billion by 2030.
• The growing digitalization of vehicles is likely to boost the global smart fleet management market growth.
• Based on the operation, the commercial operation accounts for the largest share of the global market.
• Based on the connectivity, the short-range segment is anticipated to hold the largest share of the global market.
• Based on the application, the tracking segment is expected to dominate the global market
• Based on the mode of transportation, the roadways segment swipes the largest share of the global market.
• Based on region, Asia Pacific is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Smart Fleet Management industry?
• What are the main driving factors propelling the Smart Fleet Management Market forward?
• What are the leading companies in the Smart Fleet Management Industry?
• What segments does the Smart Fleet Management Market cover?
• How can I receive a free copy of the Smart Fleet Management Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Operation, By Connectivity, By Application, By Mode Of Transportation, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America accounts for the second-largest share of the global smart fleet management market. The increasing concerns regarding driver and vehicle safety are further expected to propel the growth of the regional market. There is an increasing need for tracking and monitoring of vehicles, thereby boosting the demand for the smart fleet management system.

Europe is also expected to witness steady growth in the forthcoming years due to the presence of strong market players in the region. Also, the increasing use of telematics and GNSS is further likely to positively impact the growth trajectory of the regional market in the forthcoming years.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• LILEE Systems, in January 2022 at CES 2022, launched its innovative autonomous vehicle and fleet management software. LILEE Systems is the leading company offering autonomous driving systems and transportation safety solutions.
• Siemens AG, in June 2022, launched Siemens Xcelerator, an open digital business platform to accelerate the digital revolution.
• Cisco System Inc launched App Dynamics Cloud in June 2021 to offer an outstanding digital experience.

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