Wednesday, August, 21, 2019 07:09:12

Smart Fleet Management Market: What are the major product segment to drive market growth?

Smart Fleet Management Market is segmented based on hardware, transportation, connectivity, and solutions. Based on transportation, the smart fleet managements market is segmented into automotive, marine, and rolling stock. The automotive segment is expected to grow during the forecast timeframe owing to the increasing adoption of roadways for domestic and international transportation.

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Based on connectivity, the smart fleet management market is classified as long-range communication, short-range communications, and cloud. With advancements in the cloud technology, the smart fleet systems vendors are focused on providing cloud solutions to the customers, owing to its reliability and better performance, compared to other connectivity modes. Based on solutions, the industry is segmented as vehicle tracking and fleet optimization. Fleet operators are increasingly leveraging the advent of Internet of Things by equipping vehicles with wireless technology to improve connectivity and scalability. This is anticipated to favor the growth of fleet optimization solutions, thus boosting the smart fleet managements market.

Based on hardware, the smart fleet management market is segmented as tracking, ADAS, optimization, and remote diagnostics. ADAS systems are expected to grow at a significant rate, owing to the high adoption of these systems in passenger cars, particularly in North America and Europe. Governments of countries in the Asia Pacific region, including India and China are focused on mandating these systems to enhance passenger safety.

Smart Fleet Management Market size is expected to gain momentum during the forecast timeframe owing to the rise in demand for fleet monitoring and real-time tracking to reduce the transportation cost. The increase in stringent government regulations pertaining to safety is expected to propel the demand for these systems. Increased emphasis on energy/fuel efficiency in vehicle operations in addition to the need for high-speed networks is encouraging the adoption of these systems. Advancements in Internet of Things (IoT) and wireless technology are expected to bring new capabilities to these systems, thus fueling the demand. An increase in the mobile connectivity to deliver safer, cost-effective, and greener services is expected to augment the smart fleet managements market over the forecast period.

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The smart fleet management market in the Asia Pacific region is expected to grow at a remarkable pace owing to increasing stringency in regulations and rising transportation facilities in countries including India, China, and Japan. The governments in these countries are compelling the OEMs to implement these systems in vehicles owing to the changing approach toward the safety of drivers, passengers, fleet operators, and goods. Improving trade and socio-economic conditions in Thailand, Indonesia, and Malaysia have increased the demand for premium fleets with high safety features, thus positively impacting the smart fleet managements market growth.

Smart fleet management systems market enables operators to keep a check on factors such as route management, fuel consumption, vehicle maintenance, and driver performance. These systems provide a dedicated server for fleet data and security in a single system, which is anticipated to increase the customer inclination toward these solutions. The adoption of this technology allows operators to monitor the driver behavior and measure maintenance costs. Furthermore, these systems ease the downloading of fleet data to analyze, measure, and make cost-effective decisions or enhance safety. For instance, managers can analyze the fuel efficiency of a vehicle based on the route opted. These factors are expected to drive the smart fleet management market during the forecast timeframe.

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