Fleets, Fleet Management Continues to Grow
BY AsphaltPro Staff
As we step into spring of 2024 and gear up for construction season startup in many parts of North America, equipment purchases and management of the fleets those machines join, reach a frenzied state. It’s time to fish or cut bait, as my grandfather would say.
With tradeshows like the National Pavement Expo (NPE), the American Rental Association (ARA) show and World of Asphalt (WOA) offering members of our industry education as well as a look at original equipment manufacturer (OEM) and distributor offerings, options can get overwhelming. The smart fleet management market is growing right alongside the iron. In fact, Sudeep Kedar of Global Market Insights Inc. prepared the following article about that growth for us before we dive into this month’s quick look at paving and pavement maintenance products.
The smart fleet management market is set to grow from its current market value of more than $65.8 billion to over $141.1 billion by 2032; as reported in the latest study by Global Market Insights Inc.
Businesses seek operational efficiency and cost savings, fostering a growing reliance on smart solutions. The integration of advanced connectivity technologies, including Internat of Things (IoT) and telematics, will propel real-time monitoring and analytics, shaping a dynamic landscape for the smart fleet management industry. This synergy of intelligent solutions and connectivity advancements aligns with the industry’s evolving needs and significantly contributes to market expansion.
For instance, in 2023, JLG Industries, unveiled a preview of its ClearSky Smart Fleet™. This advanced IoT platform offers two-way fleet management and machine interactivity.
The overall smart fleet management market is segregated based on type of component, transport mode, and region.
The software segment will achieve a remarkable market share by 2032, attributed to the increasing importance of data-driven insights and connectivity. As the demand for real-time monitoring and analytics surges, fleet operators are inclined toward advanced software solutions. These enable efficient route planning, maintenance scheduling, and overall performance optimization. With a focus on leveraging technology for streamlined operations, the software segment will stand out as a leading contributor to the ever-evolving landscape of the smart fleet management industry.
The industry size of the airways segment will garner substantial gains through 2032, owing to the aviation industry’s emphasis on operational efficiency and safety.
Asia-Pacific smart fleet management market will expand at a notable CAGR during 2023 and 2032, driven by a convergence of factors such as rapid urbanization, increasing commercial activities and technological adoption. The dynamic business landscape and a growing emphasis on operational efficiency fuel the demand for smart fleet solutions across APAC. With a burgeoning fleet ecosystem and a keen focus on advanced technologies, Asia-Pacific will emerge as a pivotal force in shaping the smart fleet management market, reflecting the region’s commitment to harnessing innovative solutions for enhanced transportation and logistics efficiency.
For more information, visit, https://www.gminsights.com/industry-analysis/smart-fleet-management-market
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