Global $10.3 Bn Commercial Vehicle Telematics Markets 2023-2024 and 2028 with Verizon, Geotab, Trimble, PTC, TomTom, Omnitracs, Masternaut , Microlise, Inseego, and Samsara Dominating
Global Commercial Vehicle Telematics Market
Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Global Commercial Vehicle Telematics Market by Offering (Software (Fleet Management, Telematics Productivity), Services), Vehicle Type (LCV, MHCV), Propulsion Type (IC Engine, Electric, Hybrid), Sales Channel, End-user and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The commercial vehicle telematics market is projected to grow from USD 5.2 billion in 2023 to USD 10.3 billion by 2028, at a compound annual growth rate (CAGR) of 14.3% during the forecast period
The report offers valuable insights into the commercial vehicle telematics market, providing market leaders and new entrants with revenue approximations for both the overall market and its subsegments. This information aids stakeholders in understanding the competitive landscape, enabling them to better position their businesses and devise suitable go-to-market strategies. Additionally, stakeholders can gain a deeper understanding of market dynamics, including key drivers, restraints, challenges, and opportunities.
The growth of the commercial vehicle telematics market is primarily attributed to the pressing need for streamlined fleet management, the increasing demand to reduce vehicle fuel consumption and downtime, as well as stricter regulations emphasizing passenger and vehicle safety.
A competitive assessment is conducted, offering an in-depth analysis of market shares, growth strategies, and service offerings of leading players such as Verizon Connect (US), Geotab (Canada), Trimble (US), PTC (US), TomTom (Netherlands), Omnitracs (US), Masternaut Limited (United Kingdom), Microlise (United Kingdom), Inseego Corporation (US), and Samsara (US), among others.
By offering, telematics compliance software segment is expected to register the fastest market growth rate during the forecast period
Telematics compliance software in the commercial vehicle telematics sector is expected to experience the fastest growth rate during the forecast period due to increasing regulatory requirements. Governments worldwide are implementing stringent standards related to driver safety, emissions, and operational protocols.
Telematics compliance software offers fleet operators a comprehensive solution to efficiently manage and adhere to these regulations, ensuring both legal compliance and operational optimization. As the regulatory landscape evolves, the demand for telematics compliance solutions is anticipated to surge, driving rapid growth in this segment.
By sales channel, aftermarket segment is expected to account for the largest market share during the forecast period
The aftermarket segment of the commercial vehicle telematics market is poised to capture the largest market share during the forecast period primarily due to the increasing trend of retrofitting existing fleets with telematics solutions. Fleet operators are recognizing the benefits of post-purchase installations, such as cost-effectiveness and flexibility, enabling them to upgrade vehicles with the latest telematics technologies without the need for significant upfront investments. This trend is expected to drive substantial growth in the aftermarket segment as businesses seek to enhance operational efficiency and stay competitive in the evolving landscape.
By Region, Asia Pacific is slated to grow at the fastest rate and North America to have the largest market share during the forecast period
The Asia Pacific region is anticipated to experience accelerated growth in the commercial vehicle telematics market due to factors such as rising urbanization, increased e-commerce activities, and stringent regulatory measures promoting road safety and environmental sustainability. Meanwhile, North America is projected to hold the largest market share, driven by the region's advanced infrastructure, widespread adoption of telematics solutions, and a matured transportation industry. The combination of these factors positions North America as a dominant market player, while Asia Pacific showcases significant potential for rapid expansion.
Key Attributes:
Report Attribute | Details |
No. of Pages | 393 |
Forecast Period | 2023 - 2028 |
Estimated Market Value (USD) in 2023 | $5.2 Billion |
Forecasted Market Value (USD) by 2028 | $10.3 Billion |
Compound Annual Growth Rate | 14.3% |
Regions Covered | Global |
Premium Insights
Amplified Demand for Fleet Optimization and Real-Time Asset Monitoring to Drive Market Growth
Electric Vehicle Propulsion Segment to Account for Highest Growth Rate During Forecast Period
Software and Fleet Operators to be Largest Shareholders in Market in North America in 2023
North America to Hold Largest Market Share in 2023
Case Study Analysis
Krp Rentals and Trucking Improves Productivity and Safety with Verizon Connect
Shaziman Transport Improves Performance, Saves Money, and Reduces Environmental Footprint with Data
Middlesboro Coca-Cola's Move to Tmt SaaS for Fleet Maintenance Generates Measurable Savings
Vestergaard Company Leverages IoT to Optimize Efficiency of Its Mission-Critical Aircraft Equipment
Merchants Foodservice Applying Advanced Technologies to Ensure Drivers and Products Arrive Safely, on Time, and Intact
Jaga Brothers Optimized Management of Trucks & Trailers, Generating Fuel Savings and Reducing Downtime Across Entire Fleet
Market Overview and Industry Trends
Drivers
Increasing Need for Efficient Fleet Management
Rising Demand for Reduced Fuel Consumption and Vehicle Downtime
Increasing Regulatory Mandates to Improve Safety & Security of Vehicles and Passengers
Growing Awareness of Predictive Maintenance
Restraints
Dependence on Fluctuating Vehicle Demand
Integration Complexity of Telematic Solutions
High Initial Cost of Implementing Telematics Systems
Opportunities
Potential of V2X Communication and Autonomous Driving Integration
Integration of Advanced Analytics & AI-Powered Insights with Telematics Software
Expansion of Transportation and Logistics Industry
New Revenue Stream Offered by Eld Mandate for Existing Vendors
Challenges
Reduced Efficiency of Data Communication with Advanced Computing Processing Units due to Legacy Telematics Hardware
Complete Network Coverage and Elimination of Blind Spots
Lack of Standardized Systems
Evolution of Commercial Vehicle Telematics
Types of Telematics Systems
Obd II Telematics Systems
Bluetooth-Powered Telematics Systems
Smartphone-based Telematics Systems
Blackbox Telematics Systems
OEM Hard-Wired Telematics Systems
12V Plug-In Self Installation Telematics Systems
Ecosystem/Market Map
Telematics Software Providers
Telematics Service Providers
Original Equipment Manufacturers (OEMs)
System Integrators
End-users
Government & Regulatory Bodies
Technology Analysis
Key Technology
Global Positioning System (Gps)
Telematics Control Unit (Tcu)
IoT Connectivity
Advanced Driver Assistance Systems (Adas)
Complementary Technologies
Edge Computing
Cloud Computing
Machine Learning and Artificial Intelligence
Mobile App Integration
Adjacent Technologies
Blockchain
5G Connectivity
Augmented Reality (Ar)
Cybersecurity
Regulations: Commercial Vehicle Telematics Market
North America
Electronic Logging Device (Eld) Mandate
California Consumer Privacy Act (Ccpa)
Transportation of Dangerous Goods (Tdg) Regulations
Europe
General Data Protection Regulation
Ecall Regulation
Eu Regulation 2019/2144 on Co2 Emission Performance Standards for New Heavy-Duty Vehicles
Asia-Pacific
India: Ais-140 (Automotive Industry Standard 140)
China: Gb/T 32960
Australia: Telematics Data Privacy Guidelines
Middle East & Africa
South Africa: Road Traffic Management System (Rtms) Act 2008
Nigeria: National Road Traffic Regulations
United Arab Emirates (UAE): Federal Law on Road Transport and Traffic
Latin America
Brazil: Contran Resolution 245/2007
Mexico: General Law of National Public Security
Argentina: Resolution 39/2017 - Ansv
Commercial Vehicle Telematics Business Models
Software Vendor Model
Consulting Services Model
OEM Collaboration Model
Data Monetization Model
Fleet Management-As-A-Service Model
Company Profiles
Key Players
Verizon Connect
Geotab
Ptc
Trimble
Tomtom
Omnitracs
Masternaut Limited
Microlise
Inseego Corporation
Samsara
Octo Telematics
Mix Telematics
Zonar Systems
Teletrac Navman
Spireon
Lytx
Volkswagen Commercial Vehicles
Startup/SME Profiles
Motive
Nauto
Greenroad Technologies
Otonomo Technologies
Fleetx.Io
Onfleet
Vontier
Tangerine
Mojio
Gurtam
Fleetable
Avrios
Platform Science
For more information about this report visit https://www.researchandmarkets.com/r/h99qu5
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