Commercial Vehicle Telematics Market by Application, Type, and Geography - Global Forecast and Analysis 2019-2023
Global Commercial Vehicle Telematics Market: About this market
Technavio’s commercial vehicle telematics market analysis considers sales from both embedded telematics, portable telematics, and smartphone-based telematics. Our analysis also considers the sales of commercial vehicle telematics in APAC, Europe, North America, South America, and MEA. In 2018, the embedded telematics segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing connectivity features in vehicles will play a significant role in the LCVs segment to maintain its market position. Also, our global commercial vehicle telematics market report looks at factors such as mounting cost pressure on fleet operators, the focus of traditional automotive suppliers on offering telematics, and favorable regulations driving the adoption of telematics. However, uncertainties in high cost associated with telematics services, dependence on many individual entities for offering telematics services, and privacy and hacking concerns associated with telematics systems may hamper the growth of the commercial vehicle telematics industry over the forecast period.
Global Commercial Vehicle Telematics Market: Overview
Focus of traditional automotive suppliers on offering telematic
The growing popularity of telematics services in the automotive industry is leading to the development of telematics solutions by traditional automotive suppliers. Traditional automotive suppliers are leveraging on benefits such as optimize fuel consumption, enhance fleet efficiency, and remotely monitor vehicle components along with focusing on offering advanced telematics solutions themselves to facilitate business expansion. Traditional players are actively involved in the development of advanced telematics solutions, such as prognostics systems, in the automotive industry. This will lead to the expansion of the global commercial vehicle telematics market at a CAGR of almost 21% during the forecast period.
Adoption of video-based telematics to precisely track driver behavior
Advanced automotive telematics solutions include video-based telematics, which has become essential in fleet management. Cameras have become an essential component in modern vehicles with automated systems. Video-based telematics will help fleet operators in mitigating human errors, reducing the chances of accidents. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global commercial vehicle telematics market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global commercial vehicle telematics market is moderately concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading commercial vehicle telematics manufacturers, that include Bridgestone Corp., Continental AG, Geotab Inc., Omnitracs LLC, Trimble Inc., Verizon Communications Inc.
Also, the commercial vehicle telematics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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