Global Smart Fleet-on-board Devices Market - Segmented by Devices (AVL, APC, Ticketing Solution), Technology (GPS, GSM/GPRS), Solution (Vehicle Tracking, Vehicle Diagnostics, Vehicle Performance), Application (Buses, Trains), and Region - Growth, Trends, and Forecast (2018 - 2023)
The smart fleet-on-board devices market is expected to register a CAGR of 8.10% during the forecast period (2018 - 2023). The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
The efficient transportation system needs route scheduling, timetable and data analysis of fleet systems to uplift the market growth. The use of smart phones and smart devices provides great growth opportunity to the fleet on-board devices for the coming years. Using GPS and GSM/GPRS location technology vehicles can be tracked and managed securely in real-time through a computer, tablet, or smartphone. In terms of analysis, data collected through AVL, APC, and ticketing solution is crucial. Rising number of transportation and technology advancements in ticketing devices are the major factors boosting the global smart fleet on-board devices market. At the same time, smart technology usage in logistics worldwide is helping the market to grow. However, data security is an issue, which shows up as a market difficulty.
Technological Advancements in the Ticketing Systems will drive the Market Growth
Owing to smart technologies and intelligent transport systems, the fleet on-board devices market has achieved significant growth. Transit fare collection or ticketing technology has evolved tremendously from manual-based system to automated system with computer aided hardware and software. The technical enhancement of smart ticketing devices leads to a shift from cash to smart payment, as well as from mono application to multi-application system. The advancements in fare collection is possible due to the changes in design media, use of microprocessor and software in fare collection equipment, and the development of sophisticated control, and data communications systems. Emergence of the smart ticketing system has continued to benefit the transportation industry significantly. Adoption of smart ticketing system for the public transit system, such as buses, trains, and airplanes will continue to gain momentum attributed to quick access and robust security features.
GPS Technology to witness increased use in Smart Fleet-on-board Devices
Though the technologies of GPS and GPRS are available for a long time, their usage/adoption into public transport systems has been very nominal and the trend is changing rapidly with the advancements and improved coverage of the GPS systems. The adoption of the on-board devices made it easier for the central station to track the whereabouts of the buses, and the passengers get real-time information about the exact time for the next stop, current location and so on for them to plan better. Deploying public transport with enabled devices leads to optimization of routes based on time taken and reduces emissions, improves fuel efficiency and betters occupancy rates. Currently, all flight and air cargo are monitored centrally through their respective ATC by employing GPS, and radar technologies, and if the technology is adopted widely then road and rail transport may see fewer/no delays due to congestion. The trend is currently on high in the developed nations, like United States, United Kingdom, Australia, and Japan, where transportation, specifically public transport, has developed rapidly and is catching up.
North America to account for a Major Share
North American fleet management has developed over the past few years due to adoption of various techniques, of which the on-board devices played a pivotal role. Due to the benefits of these on-board devices, they are able to schedule maintenance of the fleet in time for maximum life and efficient performance of the fleet, along with better returns and cost savings from breakdowns and other maintenance related issues. Moreover, increased spending in smart transportation solutions in the region, specifically in the US, will also result in growth of the market.
Furthermore, the region is also a prominent player in smart ticketing solutions, which has led to the growth of the market in the region. This is primarily attributed to factors such as the presence of a large number of technology companies with expertise in smart ticketing solution, such as Xerox Corporation, Cubic Corporation, and Gemalto NV, and growing demand for solutions that can streamline ticketing procedures.
Key Developments in the Market