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How Has the Smart Fleet Management Market Size Changed, over the years?

The size of the smart fleet management market has seen substantial growth in recent years. The market is projected to increase from $445.01 billion in 2024 to $478.21 billion in 2025, representing a compound annual growth rate (CAGR) of 7.5%. The expansion during the historic period can be linked to factors such as fuel efficiency concerns, safety and driver monitoring, globalization of supply chains, government regulations, focus on environmental sustainability, and the size and complexity of the fleet.

How Much Will the Smart Fleet Management Market Be Worth in 2029?

In the ensuing years, the smart fleet management market size is forecasted to undergo speedy augmentation and reach a staggering total of $713.91 billion in 2029 with a compound annual growth rate (CAGR) of 10.5%. The upward trajectory during the forecast period can be linked to factors such as, the rise of urbanization and smart cities, growing demand for real-time visibility, cyber security adaptations, reduction in insurance premiums and remote diagnostics. Prevailing trends during the forecast period consist of embracing telematics and IoT, execution of predictive analytics, amalgamation with advanced driver assistance systems, association with cloud-based frameworks, and the incorporation of eco-friendly and sustainable practices.

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Major companies operating in the smart fleet management market are Continental AG, Denso Corporation, Robert Bosch GmbH, Cisco Systems Inc., Globecomm Systems Inc., International Business Machines Corporation, Samsung Electronics Co. Ltd., Tech Mahindra Limited, Siemens Aktiengesellschaft, CalAmp Corp., General Motors Company, Infineon Technologies AG, WorkWave LLC, Trimble Inc., Verizon Connect, Geotab Inc., Teletrac Navman US Ltd., Samsara Networks Inc., Omnitracs LLC, Fleet Complete Holdings Ltd., Spireon Inc., Gurtam JLLC, MiX Telematics Limited, Inseego Corp., ORBCOMM Inc., Zonar Systems Inc., GPS Insight LLC, KeepTruckin Inc.

What Are the Main Market Drivers in the Smart Fleet Management Industry?

The growth of the smart fleet management market is anticipated to be driven by the rising sales and production of passenger vehicles. Smart fleet management, which enhances road safety for these passenger vehicles, essentially involves a self-propelled motor vehicle designed for land-based passenger transportation. In November 2023, Statistics Canada, a Canada-based governmental agency, noted a marginal increase in the total count of registered road motor vehicles in 2022. The count climbed to 26.3 million, showcasing a 0.3% increase from the previous year, which means an incremental addition of 78,655 units on the roads. As a result, the escalating sales and production of passenger vehicles are fuelling the expansion of the smart fleet management market.

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How Is the Smart Fleet Management Market Segments Structured?

The smart fleet management market covered in this report is segmented –

1) By Solutions: Vehicle Tracking, Fleet Optimization

2) By Connectivity: Short Range Communication, Long Range Communication, Cloud

3) By Transportation: Automotive, Rolling Stock, Marine

4) By Application: Tracking, ADAS, Optimization, Other Applications

5) By Industry Vertical: Transportation And Logistics, Automotive Industry, Government, Oil And Gas, Other Verticals

Subsegments:

1) By Vehicle Tracking: GPS Tracking Solutions, Telematics Systems, Real-Time Monitoring

2) By Fleet Optimization: Route Planning And Optimization, Maintenance Management, Fuel Management Solutions, Driver Behavior Monitoring

Major businesses in the smart fleet management market are concentrating on introducing inventive concepts such as two-way communication, which enables real-time diagnosis and machine status updates. This form of communication entails an information exchange where both parties can send and receive messages, facilitating feedback and discussions. For example, JLG Industries, Inc., a machinery manufacturing company based in the US, introduced ClearSky Smart Fleet in February 2024. This marked a shift from conventional one-way telematics to a more comprehensive two-way Internet of Things (IoT) solution. This new fleet management platform includes two-way machine interaction and advanced IoT capabilities. It improves efficiency through digital procedures, accurate equipment monitoring, and enhanced service capacity. The system also enhances logistics by utilizing automated networks and provides real-time, practical insights for improved operational performance.

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Which Global Regions Offer the Highest Growth in the Smart Fleet Management Market?

Asia-Pacific was the largest region in the smart fleet management market share in 2024. The regions covered in the smart fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This Report Delivers Insight On:

1. How big is the smart fleet management market, and how is it changing globally?

2. Who are the major companies in the smart fleet management market, and how are they performing?

3. What are the key opportunities and risks in the smart fleet management market right now?

4. Which products or customer segments are growing the most in the smart fleet management market?

5. What factors are helping or slowing down the growth of the smart fleet management market?

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