Regulatory Mandates Induce Smart Fleet Management Market Demand 2021

Smart fleet management systems are used by operators to keep track of variable factor affecting fleets such as fuel consumption, route management, and maintenance. These systems provide security and dedicated server for fleet data, which helps in making an informed decision through proper analysis. Market Research Future (MRFR) has recently published an in-depth report on the global smart fleet management market; covering essential accruals based on pertinent trends and factors impacting the market growth over the forecast period of 2016-2023. As per MRFR's study, the global smart fleet management market is likely to capture a steady CAGR over the forecast period.

 

Stringent regulations across the globe have propelled the growth of the smart fleet management market. Various developed countries have mandated the use of safety features such as ADAS in vehicles to ensure driver safety, which is boosting the growth of the market. Influenced by developed countries, various developing countries are on the path to introduce such regulatory mandates which would induce further demand within the demand. A tendency among automotive OEMs has been to incorporate various advanced features in vehicles to remain compliant with safety regulations. Deployment of smart fleet management systems facilitates the reduction of operating and transportation cost, which acts as a key motivator for the growth of the market.

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IoT was previously limited to rudimentary applications, but with progressing technology, IoT has made its way in the automotive industry. IoT, along with sensing and detection, data processing, wireless network transmission, and cloud

computing has laid down the groundwork for smart transportation. Thus, further advancements in IoT is likely to fuel the growth of the smart fleet management market.

 

On the other hand, the growth of the market might be hindered by high costs associated with the technology. Other deterring factors include continued expansion of fleet sizes and travel routes and subsequent rise in complexity of the system.

 

Segmentation

The global smart fleet management market has been segmented based on transportation, hardware, and solution.

 

By transportation, the smart fleet management market has been segmented into automotive, roling stock, and marine.

 

By hardware, the smart fleet management market has been segmented into tracking, ADAS, diagnostics, and optimization.

 

By solution, the smart fleet management market has been segmented into optimization and tracking.

 

Regional Analysis

Region-wise, the smart fleet management market has been segmented into North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

 

The APAC market is likely to demonstrate remarkable growth over the forecast period. The e-commerce industry is booming in the region which has provided attractive opportunities for the growth of the smart fleet management market. In addition, stringent government regulations are expected to propel the growth of the market. Regulatory authorities in the emerging countries encourage automotive OEMs to integrate such systems in vehicles to improve driver safety. The economic upturn in countries such as India, Thailand, and Indonesia have raised the demand for premium fleet segment, which further strengthens the growth of the market.

 

North America and Europe market are also anticipated to exhibit noteworthy growth over the forecast period. The established automotive industry and the availability of sophisticated technology in the region is driving the growth of the market. Moreover, the rising number of commercials fleets in Europe is poised to resonate solid growth within the smart fleet management market. These regions have deep pockets along with the presence of leading market players, which has led to vigorous R&D activities, which are expected to augment the growth of the smart fleet management market.

 

Competitive Landscape

Cisco Systems, Inc., Continental AG, Globecomm Systems, Inc., IBM Corporation, Denso Corporation, Sierra Wireless, Inc., Robert Bosch GmbH., Harman International Industries, Inc., Precious Shipping Co. Ltd., Calamp Corp., OTTO Marine Ltd., and Siemens AG are the key players in the smart fleet management market.

 

Industry Updates

June 2019 - Zonar, a leader in smart fleet management technology, has introduced printable checklist which would assist schools, organizations, and businesses that are involved in students' transportation to ensure compliance to the Paul Lee School Bus Safety Law before the September 2019 deadline. The law is intended to prevent passengers from being left behind, and as per the law, it is mandatory for schools to adopt safety alert system and child-safety training for drivers.

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Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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