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 drivers of the commercial vehicle telematics market include growing government mandate for deploying vehicle tracking in commercial vehicles and rising demand for smartphones supplements the adoption of telematics solutions and services.
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The scope of the report covers the commercial vehicle telematics market analysis by type (solutions and services), provider type, vertical, and region. The safety and compliance solutions segment is expected to grow at the highest CAGR during the forecast period owing to increasing concerns of governments across the globe for safety and compliance to avoid theft protection, accident communications and others. Various governments across the globe have passed regulations to define the driver work hours, fuel efficiency and consumption, safety policies, laws and others.
The professional services segment is expected to have the largest market share during the forecast period owing to the need of technological consulting, and continuous support and maintenance activities for the deployment of smart technologies.
- Increasing adoption of NGTP protocol would enhance the telematics service delivery
- Proliferation of telematics technology due to decreasing sensor and connectivity cost
- Growing government mandate for deploying vehicle tracking in commercial vehicles
- Rising demand for smartphones supplements the adoption of telematics solutions and services
- Increased communication, leading to security and privacy concerns
- ELD mandate offers a new revenue stream opportunity for the existing vendors
- Telematics data can be harnessed to make better-informed business decisions
- Legacy telematics hardware capabilities hinder the efficiency of data communication with advanced computing processing units
- Complete network coverage and elimination of blind spots
- Lack of a standardized system
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As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period. This is due to the major market share is early adoption of telematics technology for commercial vehicle in the region. North America constitutes of developed economies such as US and Canada. These countries are significantly advanced in terms of technology and its application deployments. The commercial automobile industry in US is more than a decade old. Moreover, government regulations, policies and mandates for the different application of commercial vehicle telematics is expected to drive the market growth in North America.
The major vendors covered in the commercial vehicle telematics market include PTC, Inc. (US), Trimble Inc. (US), TomTom Telematics BV (Netherlands), Verizon Telematics, Inc. (US), MiX Telematics International (Pty) Ltd (South Africa), Zonar Systems, Inc. (US), Octo Telematics Ltd. (UK), Omnitracs, LLC (US), Masternaut Limited (UK), Microlise Limited (UK), Inseego Corporation (US), and Volkwagen Commercial Vehicles (UK).
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