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.
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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.
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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