Smart Fleet Management Market Worth $537.53 Billion by 2025 | CAGR: 8.9%
The global smart fleet management market was estimated at $276.56 billion at 2017 and is expected to hit $537.53 billion in 2025, garnering a CAGR of 8.9% during the forecast period.
Integration of real-time fleet monitoring systems in vehicles, rise in use of cloud based technology for smart fleet management solutions and enhanced vehicle monitoring as well as fuel management have fueled the growth of global smart fleet management market. On the other hand, different security & privacy concerns have happened to check the market growth to some extent. Nevertheless, the intervention of automatic data capture and transfer have created multiple opportunities in the segment.
The report divides the market into transportation, hardware, connectivity, solution, and geography. By transportation type, it is segmented into automotive, rolling stone, and marine. Based on hardware, it is categorized into tracking, optimization, ADAS, and diagnostics. By connectivity, it is classified into short, long, and cloud. By solution, it is carved up into tracking and optimization. By geography, it is analyzed across North-America, Europe, Asia-Pacific, and LAMEA.
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Based on transportation, the roadways segment accounted for nearly three-fifth of the total market in 2017 and is anticipated to dominate throughout 2017-2025. The rising number of roadways vehicle and government facilities to improve the safety standards have driven the growth.
By application, ADAS contributed to nearly three-fifth of the total market and is expected to maintain its top status during the forecast period. Top-end innovation & research in advancement of ADAS system have augmented the demand for smart fleet management market.
By connectivity, the short-range segment accounted for nearly two-third of the total market 2017, growing at a CAGR of 7.8% during the period 2017-2025. On the other hand, the tracking segment showcased a CAGR of 9.7% throughout the period, thereby coming out as the highest shareholder in the market.
By region, Asia-Pacific held the share of more than one-third of the total market in 2017 and turned out to be the largest shareholder during the forecast period.
The key players analyzed in the report include ChainwayTSP Co., Ltd., CarTrack Technologies Co. Ltd., Hyundai Motors, General Motors, BMW, Precious Shipping Company Private Limited, Infineon Technologies AG, Zonar Systems, Denso Corporation, Magellan and Trimble Navigation Ltd., and Workwave LLC.