Commercial Vehicle Telematics Market in Europe 2018-2022
About Commercial Vehicle Telematics in Europe
The telematics system is a device that deals with communication (sending, receiving, and storing information) regarding the vehicle and other parameters. The telematics system receives information through different sensors, such as air bags, vehicle speed, advanced driver assistance system, braking system, and transmission control system.
Technavio’s analysts forecast the commercial vehicle telematics market in Europe to grow at a CAGR of 13.85% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the commercial vehicle telematics market in Europe for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Commercial Vehicle Telematics Market in Europe 2018-2022
Technavio recognizes the following companies as the key players in the commercial vehicle telematics market in Europe: TomTom International, Continental, Trimble, Bosch, and Verizon Telematics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is truck platooning using telematics services. Truck platooning is linking two or more trucks in convoy. Such vehicles follow each other at a close distance with the use of connectivity technology and automated driving systems. The vehicle at the head of the platoon acts as a leader and the vehicles behind it react and adapt to the changes in the leader.”
According to the report, one driver in the market is growing need for fleet management solutions. The logistics sector has been the largest contributor to fleet management services in the telematics industry. This mainly due to increased consolidation of logistics players and growing demand for fleet tracking to mitigate transit losses. The demand for telematics in the logistics sector is driven by the need to reduce fuel expenses. As per estimates, empty runs (without any goods) account for 25%-30% of the total runs made by the fleet globally.
Further, the report states that one challenge in the market is low return on investment for small fleet owners. Telematics system provides a significant advantage to fleet owners. Large fleet owners utilize these technologies to increase efficiency and productivity, improve driver behavior and safety, along with controlling their costs. However, small fleet owners struggle to get a return on investment.
TomTom International, Continental, Trimble, Bosch, and Verizon Telematics.
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