Commercial vehicle telematics is a combination of telecommunication and informatics which is used to monitor and control a commercial vehicle. The global commercial vehicle telematics market is expected to have a CAGR of about 21% during the forecast period of 2016-2023. Adoption of Next Generation Telematics Protocol (NGTP) in commercial vehicles is adding growth in the global commercial vehicle telematics market. However, concerns regarding security and privacy and lack of standardization are the factors restraining the growth of the global commercial vehicle telematics market during the forecast period.
Geographically, North America accounted for the largest market share in terms of revenue for commercial vehicle telematics market in 2016 and is expected to dominate the market during the forecast period. The dominance of the region is due to the early adoption of telematics technology for commercial vehicle in countries of North America. Furthermore, Asia Pacific is expected to be the fastest growing region for commercial vehicle telematics market during the forecast period. The highest growth rate in the region is due to the contribution of developing countries such as China, Japan, India, South Korea etc. which are the largest producers and manufacturers of automobiles.
The growth in global commercial vehicle telematics market is also influenced by the contribution of major players such as PTC Inc. (U.S.), Verizon Telematics Inc. (U.S.), Mix Telematics International (South Africa), Tomtom Telematics B.V. (Netherlands), Trimble Inc. (U.S.) etc. The major players adopt strategies such as mergers & acquisitions, product launch etc. to gain competitive advantage.
Global commercial vehicle telematics market report covers segmentation analysis of type, provider and vertical. Report further covers segments of type which includes service and solution. Sub segments of solution include fleet tracking and monitoring, driver management, insurance telematics, safety and compliance, V2X solutions and other solutions. Safety and compliance solution is expected to dominate the segment during the forecast period owing to concerns regarding safety and security of commercial vehicle telematics. Sub segments of service include professional services and managed services. Professional service is expected to dominate the segment during the forecast period owing to deployment of smart solutions. Provider segment of commercial vehicle telematics is divided as aftermarket and OEMs. OEM is expected to dominate the segment during the forecast period. Large growth in the segment is observed due to collaborations of manufacturing companies with telematics providers. Moreover, the verticals adopting commercial vehicle telematics include construction, education, government and utilities, healthcare, media and entertainment, transportation & logistics and travel & tourism.