Increasing adoption for the Next-Generation Telematics Protocol (NGTP) for enhanced telematics delivery is expected to drive the growth of the commercial vehicle telematics market.
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%. The major driver for the upsurge in demand in the commercial vehicle telematics market includes growing government mandate for deploying vehicle tracking in commercial vehicles. The restraining factors include increased communication leading to security and privacy concern which affects and halts the growth of the commercial vehicle telematics market.
Fleet tracking and monitoring solutions are expected to have the largest market share during the forecast period.
The fleet tracking and monitoring solution also enables instant access to important vehicle information encompassing location tracking, remote diagnostics, engine predictive maintenance, and fuel management. The growth of this solution is attributed to its increased adoption by the fleet managers to optimize the operations of their commercial fleets. The solution also saves time and increase safety and security of the commercial fleet.
Asia Pacific (APAC) is expected to grow at the fastest rate in the commercial vehicle telematics market during the forecast period.
As per the geographic analysis, the APAC region is expected to witness the fastest growth in the commercial vehicle telematics market due to untapped potential markets, high penetration for advanced technology, growing commercial vehicles’ usage in various industries, economic developments and government regulations.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.
The break-up profiles of the primary discussion participants are given below:
- By Company Type: Tier 1 (45%), Tier 2 (35%), Tier 3 (20%)
- By Designation: C-Level (60%), Manager Level (25%) and Director Level (15%)
- By Region: North America (35%), Europe (30%), APAC (20%) and RoW (15%)
The key commercial vehicle telematics market vendors profiled in the report are as follows:
1. PTC, Inc. (US)
2. Trimble Inc. (US)
3. TomTom Telematics BV (Netherlands)
4. Verizon Telematics, Inc. (US)
5. MiX Telematics (Pty) Ltd (South Africa)
6. Zonar Systems, Inc. (US)
7. Octo Telematics Ltd. (UK)
8. Omnitracs, LLC (US)
9. Masternaut Limited (UK)
10. Microlise Limited (UK)
11. Inseego Corporation (US)
12. Volkwagen Commercial Vehicles (UK)
The global commercial vehicle telematics market has been segmented on the basis of type (solutions and services), provider type, vertical, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the product portfolio analysis and business strategy analysis are the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help the market leaders/new entrants in the commercial vehicle telematics market in the following ways:
- The report segments the commercial vehicle telematics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps the stakeholders to understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps the stakeholders to understand the competitors and gain more insights to better their position in the market.