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.
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). After market in the provider segment leads the global commercial vehicle telematics market by capturing largest market share of approximately 60% in terms of revenue in 2020. After market segment is expected to grow at CAGR of 19.9% during forecast period. The dominance of the after-market commercial vehicle telematics market is primarily attributed to the presence of large number of commercial vehicle telematics adopted globally.
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.
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Logistics and Transportation market in the vertical segment leads the global commercial vehicle telematics market by capturing largest market share of approximately 23% in terms of revenue in 2020. Logistics and Transportation market is expected to grow at CAGR of 20.8% during the forecast period. The ability of the telematics to improve operational efficiency, fuel efficiency, enhanced public & road safety and work time optimization have attracted the interest of the logistics and transport companies.
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.
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.
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, TomTom Telematics BV, Verizon Telematics, Mix Telematics International Ltd, Omnitracs LLC.
KEY MARKET MOVEMENTS
- 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.
- Aftermarket in the provider segment leads the global commercial vehicle telematics market by capturing largest market share of approximately 60% in terms of revenue in 2020.
- Construction in the vertical segment is expected to grow at CAGR of 20.5% during forecast period.
- Logistics and Transportation market in the vertical segment leads the global commercial vehicle telematics market by capturing largest market share of approximately 23% in terms of revenue in 2020.
- 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 highest growth rate of Asia Pacific commercial vehicle market is due to the government initiatives for deployment of vehicle tracking systems.
- Product launch is the primary strategy adopted by companies in global commercial vehicle telematics market.
- The key companies in the market include Trimble Inc, Tom Tom Telematics BV, Verizon Telematics, Mix Telematics International Ltd, Omnitracs LLC.
