By GlobeNewswire – Press Releases
Selbyville, Delaware, June 03, 2024 (GLOBE NEWSWIRE) —
The smart fleet management market valuation is predicted to reach USD 141 billion in revenue by 2032, as reported in a research study by Global Market Insights Inc.
The increasing adoption of advanced telematics and fleet monitoring technologies is fueling the market growth. These technologies provide real-time data analytics and insights to help fleet operators optimize routes, improve fuel efficiency, and reduce operating costs. The integration of GPS tracking systems, vehicle analytics and driver behavior monitoring are also improving vehicle productivity and safety. Lately, the emergence of the Internet of Things (IoT) and rapid advancements in wireless communication technologies have enhanced the connectivity of traffic management systems, enabling better coordination and control of traffic over time. To illustrate, in December 2023, Taabi Mobility, a division of RPG Group, introduced the Control Tower solution to its range of integrated SaaS platforms by utilizing advanced technologies to optimize fleet performance in various industries.
Governments worldwide are enforcing laws related to vehicle emissions, further driving hours and general vehicle safety standards. Fleet management solutions provide comprehensive reporting and tracking to help businesses comply with these regulations. Growing awareness of the environmental impact of fleet management is leading companies to adopt green practices, including the use of electric vehicles and eco- friendly strategies. These trends, along with the need to improve operational efficiency and reduce costs are propelling the market growth.
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The marine transportation mode segment in the smart fleet management market may exhibit a decent growth rate over 2023-2032, due to the increasing need for efficient vessel tracking, fuel management, and regulatory compliance. Maritime operations involve complex software and high operating costs, further increasing the demand for fleet management solutions that can optimize routes, control fuel consumption, and ensure precision care. The integration of smart technologies in the maritime industry is also enhancing safety, security, and operational efficiency by offering real-time data on ship health, crew performance, and environmental sustainability compliance with global regulations.
Smart fleet management market from the cloud-based connectivity segment will register a noteworthy CAGR between 2023 and 2032, owing to its ability to offer scalable, cost-effective, and accessible solutions to fleet operators. Cloud-based fleet management systems provide data processing and analysis, allowing fleet managers to monitor fleets, track routes and optimize operations from anywhere with Internet access. This flexibility and opportunity is improving operational efficiency and decision-making, especially for companies managing large, distributed fleets. Cloud-based solutions also eliminate the need for expensive hardware installation and maintenance, making them cheaper and easier to implement for small and medium-sized fleet operators.
Asia Pacific smart fleet management market will register a robust CAGR from 2023 to 2032, attributed to rapid urbanization, burgeoning e-commerce sector, and stringent regulatory standards. With the urban population continuing to grow, the demand for transportation solutions is increasing, prompting companies to adopt advanced traffic management technologies to optimize routes, reduce congestion, and improve delivery efficiency.
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Some of the prominent smart fleet management market providers include Avnet, General Motors, Robert Bosch GmbH, Denso Corporation, Siemens, and Cisco Systems are some of the prominent smart fleet management industry players. These companies are actively investing in R&D activities and focusing on product development & launches, collaborations as well as mergers & acquisitions to widen their global presence. To illustrate, in September 2023, Denso, a Japanese automotive company, tackled logistics challenges by improving working conditions for truck drivers and developing an advanced cooling system for commercial vehicles to enhance energy efficiency.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Smart fleet management market 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.5 Transport mode trends
2.6 Connectivity trends
Chapter 3 Smart Fleet Management Market Insights
3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Vendor matrix
3.4 Profit margin analysis
3.5 Transport mode & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Rising investments in fleet management startups
3.9.1.2 Increasing need for real-time fleet tracking
3.9.1.3 Proliferation of Internet of Things (IoT)
3.9.1.4 Growing demand for proactive maintenance scheduling
3.9.2 Industry pitfalls & challenges
3.9.2.1 High initial setup costs to implement smart fleet management market systems
3.9.2.2 Data security concerns
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 General Motors
4.3.2 Robert Bosch GmbH
4.3.3 Siemens
4.3.4 Cisco Systems
4.3.5 Continental AG
4.3.6 Denso Corporation
4.3.7 Avnet
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Source: GlobeNewswire – Press Releases