Commercial Vehicle Telematics Market

2021-2030 Analysis and Review Commercial Vehicle Telematics Market

Commercial Vehicle Telematics Market

Commercial Vehicle Telematics Market By Services (Professional Services, Managed Services), By Service Provider (Aftermarket, OEM), By Vertical (Construction, Government and Utilities, Healthcare, Media and entertainment, Transportation and logistics, Travel and Tourism) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

10-11-2021 REP-HC-139305 111 pages Format

Global commercial vehicle telematics market is estimated to grow at a CAGR of 20.2% during forecast period (2022-2030). Global commercial vehicle telematics market is primarily driven by rising demand for smartphones and government initiatives for deployment of vehicle tracking. In addition, factor such as increasing demand for fleet management services coupled with increasing adoption of next generation telematics protocols (NGTP) are also propelling the global commercial vehicle telematics market growth. Governments across the globe have identified the advantages offered by vehicle telematics and thus they are encouraging the adoption of telematics in commercial vehicles. This technology ensures public and road safety, optimizes the government work, improves the fuel efficiency and others. Government initiatives tend to justify the adoption of telematics across commercial vehicles that acts as a key driver for the growth of global commercial vehicle telematics market.

Commercial Vehicle Telematics Market

After Market Holds the Largest Market, However OEM Segment Promises Opportunities

Global commercial vehicle telematics market has been segmented on the basis of type, provider, and verticals. The provider segment is further sub-segmented into aftermarket and OEM (original equipment manufacturer). Aftermarket lead the provider segment in terms of revenue in global commercial vehicle telematics market with around 60.12% market share in 2020. The dominance of the after-market commercial vehicle telematics market is primarily attributed to presence of large number of commercial vehicle telematics globally. OEM in the provider segment is anticipated to grow at highest CAGR of around 20.6% during the forecast period. The major growth attributor of the market is growing trend of providing OEM-embedded telematics solutions coupled with the government mandates worldwide for the installation of telematics devices in commercial vehicles. 

Construction Segments offers Significant Potential Owing to Acceptance of Novel Technologies

Construction in the vertical segment is expected to grow at CAGR of 20.5% during forecast period. The entire construction industry is undergoing a radical change. Adoption of new advanced technologies that include IoT and robotics, efficiency within supply chain network, operational efficiency, and costs are the factors driving the changes. The construction industry is increasingly seeking to reduce the overhead cost and hence adopting new advanced technologies. Substantial occurrence of the theft of heavy construction equipment drives the adoption of advanced commercial vehicle telematics solutions by the construction business owners and thereby, boost the global commercial vehicle telematics market growth by construction vertical segment. There has been significant impact on this industry due to Covid 19 spread. However, the stalled projects are now being taken up as a fast pace and the industry is already in recovery mode.

North America Leads, Yet APAC Remains Attractive Destination for Investments

Geographically, the global commercial vehicle telematics market has been segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America leads the global commercial vehicle telematics market by capturing largest market share in terms of revenue of 31.96 % million in 2020. The commercial vehicle telematics market in North America is primarily driven by established ICT infrastructure in the region amid high smartphone penetration coupled with supportive government stance for vehicle telematics. Moreover, dominance of North America is also attributed due to the presence of majority of key players that include Trimble Inc. (U.S.), Verizon Telematics Inc. (U.S.), Zonar Systems Inc. (U.S.), Inseego Corporation (U.S.), PTC Inc. (U.S.) and others. Moreover, Asia Pacific is anticipated to be the fastest-growing region with a CAGR of 21.1% during forecast period. The highest growth rate of Asia Pacific commercial vehicle market is due to the government initiatives for deployment of vehicle tracking systems. Further, the trend of high commercial vehicle production is expected to continue over the forecast period that creates a promising adoption base for Asia Pacific commercial vehicle telematics market growth. Hence, assessing the above facts, Asia Pacific remains as the most preferable region for investment over the forecast period. 

Innovation to Enhance Market Shares Among Competitors

Product launch is the primary strategy adopted by companies in global commercial vehicle telematics market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors in the market. Partnership and collaboration is the secondary strategy adopted by companies in global commercial vehicle telematics market. Strategic partnership allows the companies to share their resources to serve their respective self-interest. The key companies in the market include Trimble Inc, Tom Tom Telematics BV, Verizon Telematics, Mix Telematics International Ltd, Omnitracs LLC.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Services (2020-2030; US$ Mn)

  • Professional Services
  • Managed Services

By Service Provider(2020-2030; US$ Mn)

  • Aftermarket
  • OEM

By Vertical (2020-2030; US$ Mn)

  • Construction
  • Government and Utilities
  • Healthcare
  • Media and entertainment
  • Transportation and logistics
  • Travel and Tourism
  • Others

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global commercial vehicle telematics market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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