The size of the worldwide Smart Fleet Management market amounts to USD 492.9 billion in 2023, which is expected to grow at an annual growth rate of 8.2% from 2024 to 2030, to reach it by 2030. By 2030, it will reach USD 849.1 billion.
This growth of the market can be credited to the increasing utilization of cloud-based solutions, execution of government guidelines to lessen carbon emissions, and growing per-capita income. Furthermore, the increasing requirement for cost-effectiveness and real-time monitoring and the increasing safety worries will lead to market growth.
A smart fleet is a collection of cars that use cloud-based software to mechanize their management procedure. Such a system streamlines the procedure of handling commercial vehicles by making them more connected, therefore resulting in decreased overall prices and better fleet usage.
Furthermore, cloud-based management solutions deal with driver screening, fleet optimization, and other features vital to entities that press several vehicles into passenger transport or freight/logistics facilities. Additionally, the cloud allows the backup and recovery of information and applications on a lesser storage or infrastructure.
Carbon dioxide (CO2) releases are decreased by EVs, mainly when the energy they use comes from renewable sources. The need for EVs has been increasing progressively for years now in all vehicle classes, such as vans, cars, buses, and trucks. Manufacturers’ emphasis on decreasing CO2 releases has been robust ever since the EU executed its rules and the Vehicle Energy Consumption calculation tool was introduced.
Based on the mode of transport, the road transport category has the largest share and is expected to grow at the fastest rate in the coming years. This is mainly due to an increasing number of vehicles, as well as the fact that government regulations are progressively more stringent to ensure road safety.
Through the well-timed car monitoring and optimization of routes, in turn, main to reduced fuel intake and emissions, fleet management on road delivery can help enhance protection. Moreover, making use of records to make knowledgeable choices that lead to an efficient operation and increasing client pleasure whilst handing over on time and as it should be, will increase operating efficiency.
In 2023, based on applications, the ADAS category grips the largest share, as the key purpose of the ADAS tech is making driving better, by decreasing the danger of road accidents. Up to 27% fewer occurrences on the roads are expected when ADAS collects data regarding the surroundings of the vehicle.
In 2023, the APAC region is dominating the market with the largest share, of 55%, and it is estimated to advance at the highest CAGR. This is primarily because of the increasing urbanization rate, growing populace, and quickly rising economy of Japan, China, and India.
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