ID: MRFR/AM/8967-HCR | March 2021 | Region: Global | 100 pages
Telematics is methodology of monitoring the location and movement of vehicle by combination of Global Positioning System (GPS) and on-boards diagnostics systems. With the help of GPS and 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 the 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.
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.
The increasing number of road accidents is one of the major factors accelerating the growth of the global market. Furthermore, the use of smartphones and 4G technology is likely to act as a major opportunity for the market players. The rapid development of the logistics and transportation industries is expected to enhance the growth of the global commercial vehicle telematics market throughout the forecast period.
With the advancement of V2V and V2I communication technology, and self-driven vehicles, the number of vehicles that can communicate with each other is increasing, thereby raising privacy and security concerns related to GPS location, braking patterns, and speed, and how users are going to handle this data. The connected systems have access to information, such as medical details, family details, addresses, and routes traversed. Data privacy infringement is one of the major reasons hindering the end-customers to use telematics solutions, especially in countries, such as North America and China, where regulations are highly strict.
Some of the players are expanding their businesses by merger & acquisition, and partnership strategies. For instance, In May 2017, TomTom Telematics and OBS Logistics, a transport management software specialist, entered into a partnership to create a new vehicle checking solution for haulage and logistics operators. The new solution would help capture accurate information for Driver and Vehicle Standards Agency (DVSA) and Fleet Operator Recognition Scheme (FORS) compliance records. Moreover, In February 2017, Octo Telematics entered into a strategic alliance with Guidewire Software Inc., a US-based software provider for general insurers. Octo Telematics joined Guidewire PartnerConnect, a global network of Guidewire products, as a solution partner.
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.
Global Commercial Vehicle Telematics Market size is anticipated to register a significant CAGR of 9% between 2020 and 2026.
Global Commercial Vehicle Telematics Market is expected to witness moderate growth during the forecast period owing to the increasing number of road accidents and rising privacy and security concerns in a vehicle. These factors are expected to drive the demand for Commercial Vehicle Telematics in the coming years.
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 a 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 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 America market for commercial vehicle telematics is likely to witness significant growth in the next few years.
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.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Provider Type, Vertical, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||The use of smartphones and 4G technology|
|Key Market Drivers||