Market Highlights
Commercial Vehicle Telematics Market size is anticipated to register a significant CAGR of 18.5% by the Forecast Period. Telematics is a methodology of monitoring the location and movement of vehicles by a combination of Global Positioning System (GPS) and on-board diagnostics systems. With the help of GPS and the diagnostics system, it is possible to record the speed and internal behavior of the vehicle. It provides services such as safety, security, and navigation to the vehicle. Telematics systems are majorly adopted by automobile insurance companies, fleet management companies, and others to monitor the location and behavior of the vehicle.
Global Commercial Vehicle Telematics Market refers to the services and solutions that are adopted for monitoring and controlling a commercial vehicle through a telecommunication device. A Fleet Telematics System (FTS) allows the exchange of information between a commercial vehicle fleet and the central authority, which enables them to keep a track of vehicle diagnostics and location. The telematics data can be harnessed in order to make better business decisions and strategies.
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Smartphones have changed the definition of connectivity over time. People wish to stay connected with the outer world even while travelling. Now that connectivity has become the need of the hour, automobile manufacturers adopt connectivity solutions in their vehicles to boost their automobile sales. Consumers are expecting their vehicles to perform tasks similar to computers and smart phones. Implementing connectivity solutions in the vehicle has become the topmost priority for automobile manufacturers. Many connectivity solutions are integrated in modern commercial vehicles, which need internet service to perform their respective functions.
Based on region, the global Commercial Vehicle Telematics market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Asia Pacific is expected to witness the highest growth in the commercial vehicle telematics market during the forecast period due to the untapped market strength, increasing awareness about driver safety and accident prevention, upcoming regulations to improve road safety, presence of leading OEM players, growing transportation and logistics industries, and the advent of 4G LTE technology and smartphones.
Furthermore, favorable government rules and regulations are estimated to accelerate the growth of the commercial vehicle telematics market in Asia Pacific throughout the forecast period. The North American market for commercial vehicle telematics is likely to witness significant growth in the next few years.
The global Commercial Vehicle Telematics market has been segmented by type, Provider Type, Vertical, and region. Based on Type, the global Commercial Vehicle Telematics market can be bifurcated into Solutions and Services. The Services segment is anticipated to grow at a significant CAGR in the coming years. By Provider Type, the Commercial Vehicle Telematics market has been split into OEM and Aftermarket. The OEM segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By Vertical, the Commercial Vehicle Telematics market has been split into Transportation & Logistics, Government & Utilities, Travel & Tourism, Construction, Education, Healthcare, and Others. The Government & Utilities segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
Key Players
Key Players in the Global Commercial Vehicle Telematics Market are PTC, Inc., Trimble Inc., TomTom Telematics BV, Verizon Telematics, Inc., Mix Telematics International (PTY) Ltd., Zonar Systems, Inc., OCTO Telematics Ltd., Omnitracs, LLC, Masternaut Limited, and Microlise Group Ltd.
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Commercial Vehicle Telematics Market Segmentation -
This report provides an in-depth analysis of the global Commercial Vehicle Telematics market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, and the rest of the world. The report also presents a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Commercial Vehicle Telematics market by type, Provider Type, Vertical, and region.
Type
- Solutions
- Services
Provider Type
- OEM
- Aftermarket
Vertical
- Transportation & Logistics
- Government & Utilities
- Travel & Tourism
- Construction
- Education
- Healthcare
- Others
By Region
- North America
- Asia-Pacific
- Europe
- Rest of the World
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