Increase in adoption of information technology enabled solutions in vehicles, including artificial technologies, IoT (internet of things), and data analytics coupled with a rise in use of ADAS (Advanced Drive Assistance Systems) technologies in vehicles is expected to drive the global autonomous vehicle management services market
Autonomous vehicle management uses a fully integrated system to create maintenance schedules for vehicle fleets, and the companies operating in the autonomous vehicle management service market provide these fleet management solutions to vehicle fleet companies.
Key Drivers of Autonomous Vehicle Management Services Market
Rise in trend of real-time monitoring of vehicles by fleet operators is expected to drive the autonomous vehicle management services market. Fleet operators can check if vehicle drivers are using the designated routes or following diversions. Moreover, fleet operators can monitor the consumption of fuel of their vehicles through autonomous vehicle management services. This data can be used by insurance companies in case of vehicle accidents to recover financial losses and receive full reimbursement from the concerned insurance companies.
The autonomous vehicle management services coupled with vehicle tracking and application global positioning systems (GPS) enables the vehicle AI to predict congested routes, and suggest a different route for the vehicle. This, in turn reduces the probability of vehicle crashes and thereby, reduces fatality rate.
Increase in adoption of artificial intelligence in autonomous vehicles is expected to reduce human errors in operation and enhance the efficiency of assigned task. Enabling AI in autonomous vehicles is expected to help vehicle operators to perform other tasks including booking the next fare, communicating with clients, or planning vehicle maintenance. Moreover, vehicle drivers/ operators would be better able to manage the fleet and dispatch tasks while being assisted by AI on the road.
Autonomous vehicles (AVs) are outfitted with a significant amount of computing ability and sensing equipment, including LiDAR and powerful GPS systems. This additional equipment may cost up to $100,000 on top of the base cost of the autonomous vehicle. Furthermore, the cost of an autonomous vehicle is much higher than that of a traditional vehicle. The high initial cost is expected to hinder the autonomous vehicle management services market.
Asia Pacific to hold prominent share of global autonomous vehicle management services market
In terms of region, the global autonomous vehicle management services market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Increase in trend of integration of AI, rise in investments toward AI developments, rise in disposable income, and high demand for autonomous vehicles in Europe are key factors leading the region to account for a significant share of the global autonomous vehicle management services market. Moreover, baby boomer effect, sophisticated technology centers, and high consumer awareness about autonomous mobility are boosting the autonomous vehicle management services market in Europe.
Key Players Operating in Autonomous Vehicle Management Services Market
The global autonomous vehicle management services market is highly concentrated due to the presence of top manufacturers. A few key players operating in the autonomous vehicle management services market are:
ARI Fleet Management
Global Autonomous Vehicle Management Services Market: Research Scope
Global Autonomous Vehicle Management Services Market, by Solution
Vehicle Maintenance and Diagnostics
Fleet Analytics and Reporting
Global Autonomous Vehicle Management Services Market, by Service
Global Autonomous Vehicle Management Services Market, by Region