The latest market research report by Technavio on the global smart fleet management market predicts a CAGR of above 7% during the period 2018-2022.
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Technavio has published a new market research report on the global smart fleet management market 2018-2022 under their transportation and logistics library. (Photo: Business Wire)
The report segments the global smart fleet management market by type of transportation (roadways, railroad, marine, and aviation), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global smart fleet management market, according to Technavio transportation and logistics researchers:
- Real-time fleet monitoring: a major market driver
- In 2017, the roadways segment dominated the market by occupying almost 43% share
- EMEA dominated the global smart fleet management market with 44% share in 2017
- Bosch, Cisco, Continental, Siemens, and TomTom are the leading players in the market
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Real-time fleet monitoring: a major market driver
The FMS stays connected to the vehicle’s onboard computer and gathers the required data for the user. Vehicle mileage and fuel consumption data is gathered into a global statistics scheme. Vehicle tracking component is the major function of FMS. Even though it is a GPS-based system but can also be based on cellular triangulation platform or GLONASS. When the vehicle speed, location, and direction are established from the GPS components, other tracking capabilities transmit the required information to a fleet management software application.
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EMEA: largest smart fleet management market
Commercial vehicle fleet plays an important role in the European economy. Active commercial vehicles in Europe in 2016 is estimated to be 38 million. Medium and heavy trucks account for more than 6 million, with 73% of all inland transportation. Due to a surge in the number of fleet management systems in the region, the fleet management market in Europe is expected to grow during the forecast period.
According to a senior analyst at Technavio for research on logistics, “The number of active fleet management systems installed by 2016 in South Africa is more than 1.23 million and is anticipated to reach 1.95 million by 2022. Similarly, in Saudi Arabia, companies are focusing on the maintenance of the fleet. The demand for fleet management services will increase in Saudi Arabia due to the growth of various trading companies that operate in a large fleet.”
Competitive vendor landscape
The global smart fleet management market is highly competitive and is characterized by rapid technological transformation. It consists of well-diversified global and regional players. Regional players are finding it difficult to compete with global players on parameters such as features and price. The competition in the market is expected to intensify due to the increase in product extensions, technological innovations, and mergers and acquisitions. By acquiring regional or local players, the global players are expected to grow inorganically.
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