According to AlliedMarketreSearch, the international fleet business industry was prized at $19.47 billion in 2020 and is forecasted to rise to an incredible $52.50 billion by the year 2030. It’s understandable to get overwhelmed by these numbers and about managing fleets of vehicles, tracking their movements, and understanding the best way for your business to closely monitor its operation.
Everyone has heard about tech and innovation being used in business operations but if you are working within fleet management, using technology is a must. That is why it’s important to discuss some of these updates in-depth so that hopefully you are able to incorporate them into your fleet business.
The last decade has seen incredible advancements in technology specifically geared toward fleet businesses with autonomous vehicles, telematics, and the Internet of things popping up on the market – offering everything from simpler maintenance procedures to improved driver behavior.
Implementing Autonomous Vehicles in Fleet Businesses
Autonomous vehicles are seriously revolutionizing fleet businesses. It’s a high-tech innovation that brings numerous opportunities for higher efficiency and less risk exposure. Sure, it might seem too futuristic today, but according to the stats from McKinsey, they could become an integral part of journeys by 2035 creating billions in revenue in the long run. That’s mind-blowing!
Here comes the best part though – autonomous vehicles make roads safer because they reduce human errors on roads which had led to tragic consequences in many cases before them. The smartest thing about these self-driving cars and trucks is that their sensors can detect potential dangers on their way allowing them to navigate accordingly avoiding collisions with other automobiles as well as animals or objects around them.
Technology keeps advancing every day thus impressing us even further mile after mile leading to better outcomes compared to conventional travel nowadays and one day you may find yourself strolling your neighborhood via an autonomous vehicle that you have never interacted with before.
The Power of Telematics
It’s a technology solution combining hardware (collected data on vehicle speed, fuel consumption, location, etc. With applications such as navigation systems and asset monitoring.
The gathered data can then be used by managers to monitor fleet performance without having vehicles physically inspected or minimizing trip duration deviation through wireless communication from field-to-base personnel. These actions allow for more efficient routing of cars, better utilization of resources, improved safety results, and cost savings!
But don’t just take anyone’s word for it – research backs up these claims: Geotab highlights that fleets utilizing this kind of technological advancement experience a 20% cutback when it comes to accident-related costs! So you’re seeing both short-term financial benefits and long-term increased efficiency gains here too! So if you think your fleet could benefit from this kind of technological innovation, then don’t delay – take active steps today to get ahead of the game and send out more comprehensive fleet operations with telematics!
Integrating Smart Technology into Fleet Operations
You’ve heard the term “Internet of Things” (IoT) before, but what is it and how does it fit into fleet businesses? Put simply; IoT takes tasks that would normally require manual labor like inventory tracking and has automated them with sensors.
For those not familiar with factory-floor style automation, think about how amazing this is: You can just tag each part or component as soon as you receive it and use special cloud databases which store the data on items and where they have come from or where they are going. Such a granular level of analysis has never been available for fleets until now!
All this means an incredible saving in manpower and time, while also freeing up a host of other resources that can be used in areas such as increasing customer service or development of existing products and services. The applications within the transportation industry become even more impressive when one considers potential improvements regarding security, and vehicle safety technology investments across both public and private firms alike.
According to Intuz, the global IoT fleet management market revenue is expected to touch $15,500 million by 2024 which is a huge uptick considering that it was only $3,250 million just a few years ago in 2016. As this technology evolves out of the factory floors and into our everyday lives, you can rest assured that IoT technologies are here to stay – enabling fleets to improve performance, quality assurance, resource efficiency, safety, and cost-effectiveness like never before!
Also Read: The Technology Behind Electric Vehicles: How are EVs More Efficient?
The Tech Investments of Arizona, New York, and California
From Arizona to New York City to sunny California, fleet businesses are reaping the rewards of smart initiatives. Here’s a closer look at how different states in the US are taking their game up a notch with innovative approaches designed to empower them—and ensure they stay ahead of the curve.
Starting off in Arizona. The AZTrucking states that the Arizona Trucking Association has been leading this charge—literally! Working towards safe and efficient transportation also means supporting the trucking industry which impacts so many lives directly and indirectly throughout Arizona, right?
Even if you get into an accident amidst trucking operations within AZ state, an Arizona truck accident lawyer could help along with modern innovations, which would allow notifications such as roadside assistance requests or cargo updates to be sent quickly, so drivers can get back rolling again ASAP!
In terms of big cities turning green before our eyes; NYC is making waves with a $900-million investment plan expanding its EV fleet capabilities and boosting charge port spots drastically.
Following the Southwest region, California has been killing it when it comes to supporting its environment—specifically in regards to transportation electrification—like how multiple organizations are utilizing financial incentives and other approaches working towards advancing ZEV adoption and building charging stations that are easily accessible.
By this point you should be beginning to understand just how powerful adopting new technologies can be for your fleet business whilst simultaneously improving safety standards and cutting costs all at once. Introducing innovative technology such as autonomous vehicles alongside telematics and IoT systems pays dividends both immediately and in the future.