The Commercial Vehicle Telematics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Vehicle Telematics Global Market Report 2024, The commercial vehicle telematics market size has grown rapidly in recent years. It will grow from $50.64 billion in 2023 to $59.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to regulatory mandates, fleet management optimization, cost reduction and operational efficiency, rise in e-commerce and logistics, demand for real-time data and analytics.
The commercial vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $97.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to growth in connected vehicles, rising demand for last-mile delivery services, focus on green and sustainable fleets, expansion of autonomous vehicles, demand for predictive maintenance. Major trends in the forecast period include enhanced cybersecurity measures, telematics-as-a-service (taas) model, telematics for ev optimization, real-time traffic management solutions, integration with cloud-based platforms.
The growing demand for electric vehicles is expected to propel the growth of the commercial vehicle telematics market going forward. Electric vehicles (EVs) refer to vehicles that are powered by one or more electric motors using electrical energy stored in rechargeable batteries or obtained from an external source. Telematics is used in electric vehicles (EVs) to collect and transmit data about the vehicle's performance, location, and other factors, improving EVs' efficiency and safety. For instance, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the growing demand for electric vehicles is driving the growth of the commercial vehicle telematics market.
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The commercial vehicle telematics market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Provider Type: Original Equipment Manufacturer (OEM), Aftermarket
3) By Vertical: Transportation And Logistics, Government And Utilities, Travel And Tourism, Construction, Education, Healthcare, Other Verticals
Major companies operating in the commercial vehicle telematics market are developing advanced technologies, such as fleet management software, to meet larger customer bases, increase sales, and increase revenue. Fleet management software is a specialized type of technology designed to assist businesses and organizations in managing and optimizing their fleet of vehicles. For instance, in September 2022, Ford Motor Company, a US-based automobile manufacturer, launched the Ford Pro Fleet Management Software. The distinctive feature of the Ford Pro Fleet Management Software lies in its ability to streamline administrative processes, replacing cumbersome paperwork with an ever-accessible and user-friendly digital program. Developed on Fleetio software, it is compatible with both Ford and non-Ford vehicles, accommodating unlimited fuel payment cards, providing versatile maintenance program choices, and seamlessly integrating into the comprehensive suite of Ford Pro fleet solutions. This innovation facilitates real-time tracking of the total cost of ownership and digitizes comprehensive fleet vehicle reports, offering an efficient and integrated solution for fleet management.
The commercial vehicle telematics market report table of contents includes:
1. Executive Summary
2.Commercial Vehicle Telematics Market Characteristics
3. Commercial Vehicle Telematics Market Trends And Strategies
4.Commercial Vehicle Telematics Market analysis
5. Commercial Vehicle Telematics Market Size And Growth
6.Commercial Vehicle Telematics Segmentation
7.Commercial Vehicle Telematics Regional And Country Analysis
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27.Commercial Vehicle Telematics Competitive Landscape And Company Profiles
28.Commercial Vehicle Telematics Key Mergers And Acquisitions
29.Commercial Vehicle Telematics Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Verizon Communications Inc.
- Cisco Systems Inc.
- Continental AG
- Navistar International Corporation, Garmin Ltd.
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According to a new report "Commercial Vehicle Telematics Market by Solution (Fleet Tracking and Monitoring, Driver Management, Insurance Telematics, Safety and Compliance, and V2X Solutions), Service, Provider Type, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, the Commercial Vehicle Telematics Market size is expected to grow from USD 7.31 Billion in 2017 to USD 18.43 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3%.
Browse 81 Market Data Tables and 34 Figures spread through 148 Pages and in-depth TOC on "Commercial Vehicle Telematics Market”Ask for Report Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=22050839The major driver of the Commercial Vehicle Telematics Market is the increasing adoption for the Next-Generation Telematics Protocol (NGTP) enhancing telematics service delivery, proliferation of telematics technology due to decreasing sensor and connectivity cost, growing government mandate for deploying vehicle tracking in commercial vehicles, and rising demand for smartphones supplements the adoption of telematics solutions and services.Safety and compliance solutions are expected to grow at the fastest rate in the Commercial Vehicle Telematics Market during the forecast period.Safety and compliance solutions are expected to drive the market growth since the safety and security aspect has been one of the initial functionalities of the commercial vehicle telematics.
Solution providers offer solutions which integrate the compliance aspect into solutions to facilitate speed control, timeline reporting, laws and regulation control and others to incorporate government mandates and regulations of commercial vehicle telematics technology.Professional services segment is expected to have the largest market share during the forecast period.The professional services segment is expected to have the largest market share during the forecast period owing to the increased deployment of smart solutions which requires technological consulting, and continuous support and maintenance activities.
Moreover, government bodies normally prefer professional services vendors over managed services vendors to keep a tight control over the business operations, such as deployment and support and maintenance.North America is expected to hold the largest market share in the Commercial Vehicle Telematics Market during the forecast period.As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period.
North America constitutes of developed economies such as US and Canada.
Moreover, government regulations, policies and mandates for the different application of commercial vehicle telematics is expected to drive the market growth in North America.Request Sample Pages of this report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=22050839The major vendors covered in the Commercial Vehicle Telematics Market include PTC, Inc. (US), Trimble Inc. (US), TomTom Telematics BV (Netherlands), Verizon Telematics, Inc. (US), MiX Telematics International (Pty) Ltd (South Africa), Zonar Systems, Inc. (US), Octo Telematics Ltd. (UK), Omnitracs, LLC (US), Masternaut Limited (UK), Microlise Limited (UK), Inseego Corporation (US), and Volkwagen Commercial Vehicles (UK).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
