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 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.
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.
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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,
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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