Smart Fleet Management Market in the Asia Pacific region is expected to grow at a remarkable pace owing to increasing stringency in regulations and rising transportation facilities in countries including India, China, and Japan. The governments in these countries are compelling the OEMs to implement these systems in vehicles owing to the changing approach toward the safety of drivers, passengers, fleet operators, and goods. Improving trade and socio-economic conditions in Thailand, Indonesia, and Malaysia have increased the demand for premium fleets with high safety features, thus positively impacting the market growth.
Based on hardware, the smart fleet management market is segmented as tracking, ADAS, optimization, and remote diagnostics. ADAS systems are expected to grow at a significant rate, owing to the high adoption of these systems in passenger cars, particularly in North America and Europe. Governments of countries in the Asia Pacific region, including India and China are focused on mandating these systems to enhance passenger safety.
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Smart Fleet Management Market is segmented based on hardware, transportation, connectivity, and solutions. Based on transportation, the market is segmented into automotive, marine, and rolling stock. The automotive segment is expected to grow during the forecast timeframe owing to the increasing adoption of roadways for domestic and international transportation.
Increased emphasis on energy/fuel efficiency in vehicle operations in addition to the need for high-speed networks is encouraging the adoption of these systems. Advancements in Internet of Things (IoT) and wireless technology are expected to bring new capabilities to these systems, thus fueling the demand. An increase in the mobile connectivity to deliver safer, cost-effective, and greener services is expected to augment the smart fleet management market over the forecast period.
Telematics service providers and OEMs in the smart fleet management market are developing solutions to ensure compatibility with future standards to increase ease-of-maintenance and scalability. Telematics providers are developing integrated modules and SIMs to connect to cellular networks as vehicles travel between urban & rural areas, network provider boundaries, and cellular network boundaries from 2G to 3G and 4G. These modules are intended to achieve scalability and optimum coverage that remain compatible with the changing technology.
Smart Fleet Management Market is expected to gain momentum during the forecast timeframe owing to the rise in demand for fleet monitoring and real-time tracking to reduce the transportation cost. The increase in stringent government regulations pertaining to safety is expected to propel the demand for these systems.
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