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. The OEM telematics provider type segment is expected to grow at the highest CARG during the forecast period owing to increasing trend of providing OEM-embedded telematics solutions and due to their extensive foothold in manufacturing embedded modules and strong technological leadership.
As per the geographic analysis, Asia Pacific is expected to witness a highest growth in the commercial vehicle telematics market during the forecast period due to the untapped market strength, increasing awareness about driver safety and accident prevention, upcoming regulations to improve road safety, presence of leading OEM players, growing transportation and logistics industries, and advent of 4G LTE technology and smartphones.
The major restraining factor that is limiting the commercial vehicle telematics market growth is increased communication leading to security and privacy concern, which is affecting and halting the development of government projects midway.
Following Key Verticals Expected to Witness the Growth:
- Transportation and Logistics: Transportation and logistics is one of the leading verticals that deploys solutions on commercial vehicle telematics market on a large scale. The transportation and logistics vertical uses telematics solutions for monitoring, tracking, managing, and upgrading fleets, such as trucks and trailers, LCVs, and M&HCVs.
- Government and Utilities : Government sector fleets face various challenges, including tight budget, regulations/policies, and state and local compliances. The government sector is exploring solutions that can help meet the budget constraints and are flexible enough to tackle technological changes. Commercial vehicle telematics solutions are utilized by the utilities vertical for managing fleets, which include LCVs and M&HCVs. The telematics solutions for utilities are often aimed at improving fleet visibility through optimized routing techniques, analyzing driver behavior and vehicle performance, and enhancing operational efficiency.
- Robotics & Automation : In the robotics and automation application, reed sensors are used for various applications such as robotic arm movement (pick and place), visual indication (alarm), liquid flow and level monitoring, inventory management systems, and machinery ignition systems. Reed sensors are used as proximity sensors to control robotic motion, conveyor speed, location, and angle.
- Healthcare: The profound use of commercial telematics in the healthcare vertical has changed the dynamics of patients and healthcare providers. Some of the benefits provided by telematics in the healthcare vertical include report generation on staff hours, time analysis spent on the road between visits, location tracking of staff at emergency calls for dispatching one who is nearer, reports on staff journeys, two-way communication, and improvised efficiency and responses.
Critical questions the report answers
- What are the key developments which the OEMs and aftermarket CVT vendors have undertaken?
- Which are the key players in the market and how intense is the competition?
With the given market data, MarketsandMarkets offers customization as per the company’s specific requirements. The following customization options are available for the report:
- Further country-level breakdown of the North American market
- Further country-level breakdown of the European market
- Further country-level breakdown of the APAC commercial vehicle telematics market
- Further country-level breakdown of the MEA market
- Further country-level breakdown of the Latin American market
- Detailed analysis and profiling of additional market players
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