Market Size of Global Commercial Vehicle Telematics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.65 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Vehicle Telematics Market Analysis
The global commercial vehicle telematics market is expected to grow at a CAGR of 14.65% over the forecast period (2022-2027). Commercial vehicle telematics underlines the usage of two technologies, namely global positioning systems (GPS) and on-board diagnostics (OBD). GPS as a satellite-based navigation system provides geo-spatial positioning, and OBD enables telematics systems to access information about various systems in an individual vehicle. The market is expected to be driven further by the growing need for connected vehicles for better safety management, as well as the deployment of navigation systems and fleet tracking and monitoring solutions.
- With the significant research and development in the connected automotive sector, the majority of demand is from North America. The use of commercial vehicles for logistics, construction, and other applications has expanded in regions such as Europe and APAC, which is driving the commercial vehicle market and, as a result, the Telematics market in these regions is analyzed to grow.
- As the telematics sector is dependent on vehicle demand, increased demand for mall trucks, pick-up vans, and other light commercial vehicles alongside the growing demand for safety management solutions, insurance telematics, and fleet tracking systems is set to boost the market growth rate.
- Due to the ease of commute, commercial vehicles such as pick-up vans, small trucks, and other light commercial vehicles are rapidly increasing. For instance, the rise in logistic industries and e-commerce businesses has resulted in an increase in commercial vehicle production, which is expected to boost the growth of the Telematics market.
- Smartphones and tablets have become an integral part of everyday lives; these devices are now being combined with vehicles to allow for the transfer of onboard data to smartphones for quick examination of real-time data. This allows vehicle owners to keep track of speed-related accidents, control maintenance expenses, and save money on gas, among other things.
- The transportation and logistics business faces a number of challenges, including a competitive market, rising customer demands, and environmental pressures.
