Growth Boost by Proliferation of Internet and Digitization in Transport Industry
New York, US, Oct. 20, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR),“Commercial Vehicle Telematics Market Research Report: By Type, By Provider Type, By Vertical and Region – Forecast till 2030″, The global market will reach USD 181 billion at an 18.5% CAGR by 2030.
Commercial Vehicle Telematics Market Analysis
The proliferation of the internet as well as digitization in the transport & logistics industry will boost market growth over the forecast period.
Implementation of Favorable Government Policies to offer Robust Opportunities
The implementation of favorable government policies for mandating commercial vehicle tracking as well the creation of video-based telematics will offer robust opportunities for the market over the forecast period.
Eminent market players profiled in the global commercial vehicle telematics market report are,
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Restraints and Challenges
Lack of Awareness of the Perks of Vehicle Telematics to act as Market Restraint
The lack of awareness of the perks of vehicle telematics, the growing threat of data hacking, high installation costs, privacy concerns, a lack of telematics awareness, and the inaccessibility of constant and continuous connectivity are just a few of the reasons impeding the growth of the commercial vehicle telematics industry.
The global commercial vehicle telematics market is bifurcated based on vertical, provider type, and type.
By type, services will lead the market over the forecast period.
By provider type, OEM will dominate the market over the forecast period.
By vertical, government and utilities will spearhead the market over the forecast period.
Market Size by 2030
2030: USD: 181 billion
CAGR during 2022-2030
Key Market Opportunities
The use of smartphones and 4G technology
Key Market Drivers
The increasing number of road accidents
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The advent of the COVID-19 epidemic had a significant impact on the commercial vehicle telematics market. Logistics issues caused by pandemics offered significant obstacles to industry players, such as procuring raw components and recruiting workforces from quarantine to develop vehicle telematics to deliver finished products. The commercial vehicle telematics market, on the other hand, is steadily gaining up and is expected to grow exponentially further in the assessment period. The market is also expected to see numerous innovative product debuts in 2021 and the years ahead.
Market Regional Analysis
APAC to Lead Commercial Vehicle Telematics Market
Due to untapped market strength, increasing awareness about driver safety and accident prevention, upcoming regulations to improve road safety, the presence of leading OEM players, growing transportation and logistics industries, and the introduction of 4G LTE technology and smartphones, Asia Pacific is expected to witness the highest growth in the market in the forecast period. Furthermore, favorable government rules & regulations are expected to promote the growth of the Asia Pacific commercial vehicle telematics market over the research period. This region’s rapid growth can be linked to increased consumer knowledge about driver safety and accident prevention. Furthermore, unexplored markets are expected to provide market participants with significant growth possibilities. Furthermore, favorable government rules and regulations are expected to promote the growth of the Asia Pacific commercial vehicle telematics market over the research period.
North America to Have Admirable Growth in Commercial Vehicle Telematics Market
The North American commercial vehicle telematics industry is the largest in the world. Major commercial vehicle telematics market trends include increased demand for commercial vehicles equipped with the strong presence of major telematics providers, advanced telematics in this region, and high system investment. Furthermore, the presence of significant OEM companies as well as the expanding transportation and logistics industries drives the region’s commercial vehicle telematics market share. Other significant trends supporting the commercial vehicle telematics market size include increased awareness about driver safety and accident prevention, government legislation to improve road safety, and the development of 5G and LTE technologies and smartphones in the region.
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The rising number of vehicle thefts is a primary driver for the US commercial vehicle telematics industry, increasing the demand for the installation and adoption of telematics systems with features such as vehicle tracking, driver support systems, and remote theft alarms. Such advanced car telematics is also becoming more popular in Canada. Enabling example, in Canada, the Mojio Organization provides a combined software and hardware system that operates as a Wi-Fi hotspot for commercial vehicle drivers to remotely identify their vehicle position and deliver information about the vehicle’s ongoing mechanical difficulties. This is owing to the region’s quick adoption of telematics technology for commercial vehicles, which accounts for a significant market share. North America comprises industrialized economies like the United States and Canada. These countries are far ahead in terms of technology and application adoption. The commercial automotive sector in the United States has been around for more than a decade. Furthermore, government rules, policies, and requirements for various commercial vehicle telematics applications are likely to boost market expansion in North America.
Europe to Have Significant Growth in Commercial Vehicle Telematics Market
Technological improvements and government legislation relating to vehicle and passenger safety are likely to increase demand for vehicle telematics systems in the country. Furthermore, the presence of numerous businesses offering telematics goods and services, together with expanding consumer awareness of road safety and increasing telematics adoption by fleet owners, is driving demand for telematics solutions in the country’s industry. Safety and security solutions drive the country’s automotive vehicle telematics. The demand for automobile passenger safety will increase as intelligent transportation systems and automated driving technologies advance. Furthermore, the government has mandated an increase in the number of passenger safety features in automobiles. The increasing implementation of telematics systems in off-highway vehicles is a market trend in Germany.
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The increasing use of telematics solutions in these vehicles is due to greater productivity and efficiency, rising demand for off-highway vehicle data analysis, and the desire to reduce operational expenses associated with their repair and maintenance. Furthermore, various automotive associations around the country have standardized the key telematics solutions available for off-highway vehicles, encouraging their use in these vehicles.
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