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.
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.
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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