Commercial Vehicle Telematics Market Size Hit USD 57.40 Billion at a CAGR of 18.4% in 2028 |Trimble Inc., Verizon Telematics Inc.
Increasing concern for safety and security among commercial vehicle consumers is one of the significant factors influencing market growth.
Market Size – USD 14.72 Billion in 2020, Market Growth – CAGR of 18.4%, Market Trends – Proliferation of smart devices
The global commercial vehicle telematics market is expected to reach USD 57.40 Billion by 2028, according to a new report by Reports and Data. Vehicle telematics systems, composed of telecommunication and informatics, provide crucial information for drivers, such as information about live traffic status and weather forecast. Essentially, it is vehicle monitoring systems that empower the drivers to stay updated with real-time performance and safety of the vehicle. Information collected by the telematics system is beneficial in critical circumstances, for instance, to communicate instantaneously with the police or respective authorities for prompt actions in case of an accident. Telematics systems assist automotive companies, insurers, and drivers with the highest safety feature.
The safety and security services of vehicle telematics comprise the automatic crash notification, emergency, and medical assistance, which is anticipated to stimulate market growth in the forecast period. As a component of the Automatic Crash Notification service, the telematics control unit (TCU) monitors several crash sensors of the automotive and in the occurrence of a crash it directs the details of the vehicular location and crash intensity as well as sends a voice call to the telematics call center so that emergency services are dispatched to the accident spot.
Legislative norms and regulations introduced by the governments across the globe pertaining to the increased usage of telematics in the automotive to improve road safety. These government initiatives are projected to propel the market growth in the upcoming years.
Key participants include Trimble Inc., Verizon Telematics Inc., PTC Inc., OCTO telematics Ltd., TomTom Telematics Bv, Omnitracs LLC, Volkswagen Commercial Vehicle, Inseego Corporation, Masternaut Ltd., and Zonar Systems Inc., among others.
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The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Commercial Vehicle Telematics Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Commercial Vehicle Telematics Market.
Further key findings from the report suggest
- By offering, fleet tracking and monitoring held the largest market share in the market in 2018 and is likely to grow at a rate of 18.1% in the forecast period. By utilizing fleet tracking and monitoring, businesses can gain full control of their fleet, thereby considerably reducing costs and improving productivity.
- By product type, retrofitted products contributed to a larger market share in 2018.
- By provider type, aftermarket providers dominated the market in 2018 and is estimated to grow at a rate of 17.8% in the forecast period.
- By vehicle type, medium & heavy commercial vehicles contributed to a larger market share in 2018 and is likely to grow at a rate of 17.9% in the forecast period.
- By industrial vertical, transportation & logistics contributed to the largest market share in 2018 and is expected to grow at a rate of 18.6% in the forecast period. Real-time fleet management is helpful in diverting drivers away from road delays and toward high-priority loads.
- North America dominated the market in 2018 and is expected to have a CAGR of 18.4% in the forecast period. The market dominance of North America is owing to rapid technological adoption and increasing demand for commercial vehicles with in-vehicle telematics.
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For the purpose of this report, Reports and Data have segmented the global commercial vehicle telematics market on the basis of offering, product type, provider type, vehicle type, industry vertical, and region:
Offering Outlook (Revenue, USD Million; 2018-2028)
- Fleet Tracking & Monitoring
- Safety & Security
- Driver Management
- Insurance Telematics
Product Type Outlook (Revenue, USD Million; 2018-2028)
Provider Type Outlook (Revenue, USD Million; 2018-2028)
Vehicle Type Outlook (Revenue, USD Million; 2018-2028)
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
Industry Vertical Outlook (Revenue, USD Million; 2018-2028)
- Transportation & Logistics
- Travel & Tourism
- Media & Entertainment
- Government & Utilities
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Commercial Vehicle Telematics Market Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Commercial Vehicle Telematics industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Commercial Vehicle Telematics Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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