The
commercial vehicle telematics market 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 base year considered for the study is 2016 and the forecast period
is 2017-2022. The factors contributing to the high growth of the market are the
adoption of NGTP protocol, increased usage of smartphones, decreasing cost of
sensors, and growing government mandate for adoption of telematics in
commercial vehicles. These factors are also expected to shape up the future of
the global commercial vehicle telematics market. However, the market faces
security and privacy issues as the major hurdle.
Market Dynamics:
Drivers
- Increasing adoption of NGTP
protocol would enhance the telematics service delivery
- Proliferation of telematics
technology due to decreasing sensor and connectivity cost
- Growing government mandate for
deploying vehicle tracking in commercial vehicles
- Rising demand for smartphones
supplements the adoption of telematics solutions and services
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Restraints
- Increased communication,
leading to security and privacy concerns
Opportunities
- ELD mandate offers a new
revenue stream opportunity for the existing vendors
- Telematics data can be
harnessed to make better-informed business decisions
Challenges
- Legacy telematics hardware
capabilities hinder the efficiency of data communication with advanced
computing processing units
- Complete network coverage and
elimination of blind spots
- Lack of a standardized system
Growing government mandate for deploying vehicle tracking in
commercial vehicles
Governments
across the globe are now focusing on making the vehicles efficient. As of now,
many regional governments are focusing on deploying vehicle tracking in
commercial vehicles. For instance, in May 2016, Ministry of Road Transport
& Highways, Government of India, has issued a notification for all
transport vehicles to be equipped with vehicle location tracking device,
Closed-Circuit Television (CCTV)-based surveillance system, and one or more
panic/emergency buttons, which would be fitted by the manufacturer or their
dealer or the respective operator. The major factor behind this mandate is safety.
Since, remote tracking enables the authorities to track any vehicle that
deviates from its route, it helps the authorities to take corrective actions.
Moreover, the deployment of telematics solutions enables better fuel and route
management, which in turn saves fuel, curbs additional carbon emission, and
increases the lifecycle of vehicle parts. Governments are increasingly aware of
the need of using telematics technology in the long run, and hence, partial
deployment planning and deploying phase has been initiated and is expected to
be completed within a planned time.
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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