GLOBAL SMART FLEET MANAGEMENT MARKET 2021-2028
Triton, in its report on the global smart fleet management market, estimates the industry to grow with a CAGR of 7.36% in the forecast years from 2021 to 2028.
The market is primarily driven by the rising demand for streamlining fleet operations along with the rapid development in network infrastructure and decreasing hardware costs. Further, proactive initiatives for vehicle safety and emission also support industry growth. However, the high costs and security concerns are hampering this growth.
On the bright side, the introduction of connected technologies in vehicles and the incorporation of real-time fleet monitoring systems in automobiles are expected to create lucrative opportunities for the development of this market in the coming years.
The global market for smart fleet management covers the regions of North America, Europe, the Middle East and Africa, Latin America, and the Asia-Pacific.
In 2020, the Asia-Pacific occupied a major share of the global market. The growth of this region can be attributed to the rising population, rapid urbanization, the need to manage large fleets, a robust rail network, large-scale international trade, and favorable government initiatives in developing nations like India, China, and Indonesia.
Further, the increasing demand for smart transportation, along with the rising concerns regarding driver & vehicle safety, the implementation of stringent regulations by the government for vehicle tracking & maintenance, are also majorly responsible for the growth of the market studied.
Sierra Wireless Inc, I D Systems Inc (Powerfleet Inc), Siemens AG, Robert Bosch GmbH, Zonar Systems Inc, Cisco Systems Inc, Denso Corporation, Omnitracs LLC, International Business Machines Corporation, Tech Mahindra Limited, Continental AG, and Orbcomm Inc are some of the established names operating in the smart fleet management market.
Sierra Wireless Inc (Sierra) is a provider of cloud services and machine-to-machine (M2M) devices. The company provides standards-based wireless technologies and support to its OEM customers across multiple industries, including automotive, energy, mobile computing, transportation, enterprise networking, and healthcare.
Its portfolio consists of vehicle monitoring and tracking technology, which helps improve driver safety and track fuel usage, which enables fleet owners to reduce their own costs. It also offers FASTrack, which is a cost-effective application for small- to mid-sized fleets, enabled with GPS vehicle tracking. Sierra Wireless’ operations are spread across Europe, North America, and the Asia-Pacific.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook