Commercial Vehicle Telematics Market Overview
The global Commercial Vehicle Telematics Market is expected to grow at a substantial CAGR of 18.5% in the forecast period. Telematics is a methodology for tracking the location and movement of a vehicle using a mix of GPS and onboard diagnostics technologies. It enables the system to record the vehicle's speed and internal behaviour using a GPS and diagnostics system.
Telematics offers a vehicle with services like safety, security, and navigation. There are many end-users who are implementing telematics systems to track the position and behaviour of their vehicles, such as automobile insurance firms, fleet management businesses, etc. Some of the major key players of the global market who contribute to the market growth with many innovative ways include PTC, Inc., TomTom Telematics BV, Mix Telematics International (PTY) Ltd., Trimble Inc., Verizon Telematics, etc. This global market of commercial vehicle telematics involvesservices and solutions used for monitoring and operating a commercial vehicle via a telecommunication device.
One of the primary factors driving the global market's growth is the rising number of traffic accidents. In addition, the adoption of smartphones and 4G technology is projected to present a significant opportunity for market participants. Throughout the forecast period, the worldwide commercial vehicle telematics market is likely to benefit from the rapid development of the logistics and transportation industries.One of the main barriers to end-customers using telematics systems is data privacy violations.
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Commercial Vehicle Telematics Market Segmentation
According to the global commercial vehicle telematics market report, the global market is segmented by Type, provider type, and vertical. On the basis of Type, the commercial vehicle telematics market is further segmented into solutions and services. Again, based on the provider type segment, the global market is bifurcated into the OEM and aftermarket. The vertical segment is also divided into transportation logistics, travel tourism, government utilities, healthcare education, construction, and others.
Commercial Vehicle Telematics Market Regional Analysis
On the basis of regional segmentation of the commercial vehicle telematics market, it's globally segregated into North America, Europe, Asia-Pacific, and the rest of the world. According to this report, Asia Pacific is predicted to dominate the global commercial vehicle telematics market acquiring the highest growth in the forecast period.
This is because of the untapped market strength and developing awareness regarding driving safety as well as accident prevention, the frequently upgrading regulations to develop road safety, and the dominating presence of major OEM players. Moreover, the ever-increasing transportation and logistics industry and the emergence of 4G LTE technology are contributing to the expected growth of the Asia Pacific regional market during the forecast period.
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Key Players
- 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
- Microlise Group Ltd
Commercial Vehicle Telematics Industry News
- In May 2020, Mix Telematics, prominently known as a global fleet and mobile asset management solution company, made an announcement about Post Office, which is a well known UK retailer that has renewed its contract with this major key player of the global commercial vehicle telematics market. Now MiX Telematics provides more than 170 different products and services that include financial services, postal services, broadband connection for office and home, travel insurance and foreign currency.
- In January 2020, Geotab, another major key player inthe commercial vehicle telematics market, launched Geotab Integrated solution for general motors. This launching involves engaging in helping the fleet managers to get access to their compatible vehicle data when they browse through the MyGeotab Platform via a factory-fit, GM-engineered OnStar module. This solution focus on simplifying mixed-fleet management tasks by offering businesses to oversee the respective performance of their overall fleet within one platform.
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