Europe Smart Fleet Management Market
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Europe Smart Fleet Management Market is expected to reach US$ XX Bn by 2026 from US$ XX Bn in 2018 at a CAGR of XX%
Fleet management in other words is the management of commercial motor vehicles like cars, vans, or trucks. It further includes private vehicles required for work purposes or the aviation machinery like planes and helicopters among others. Fleet management include a range of different functions, such as vehicle financing, vehicle tracking and diagnostics, vehicle maintenance. The driver, speed, fuel and management are also included within the fleet management. Smart fleet management include managing fleet through smart devices or wireless connectivity. The smart fleet management has seen immense growth also due to the rise in demand for autonomous vehicles.
Europe Smart Fleet Management Market is classified into transportation, hardware, connectivity, solution and geography. Based on hardware, the market is divided into tracking optimization, ADAS and remote diagnostics. The ADAS or advanced driver assistance systems held the largest market share owing to its high usage in monitoring and delivering real-time data to the drivers for safely driving the car to maintain the security of both the vehicle and the driver. By connectivity, the short-range communication system is the largest segment followed by long-range communication system. Increase in traffic growth along with rise in demand for monitoring shorter distances and getting real-time data to manage traffic jams have led the short-range segment to hold the largest market share in Europe Smart Fleet Management Market.
Commercial vehicle fleets play a crucial role in the European economy. According to official statistics of Europe, there were around 36.2 million commercial vehicles that were used in EU23+2 in 2014. It includes the 5.8 million medium and heavy trucks that accounted for more than 75% of all inland transports contributing to the formation of a € 250 billion industry. All the major truck manufacturers within Europe Smart Fleet Management Market offer the OEM telematics solutions as a part of their product portfolio and has incorporated smart solutions for fleet management as well. A major trend in Europe over the past few years has been announcements related to standard line fitment of the fleet management solutions.
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