Market Size of Europe Commercial Vehicle Telematics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 15.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Commercial Vehicle Telematics Market Analysis
The European Commercial Vehicle Telematics Market is expected to grow with a CAGR of 15.1% over the forecast period (2021-2027). The Europe automotive industry is disrupted by rapid demand for autonomous, connected, electric, and shared driving in the current market, causing unprecedented technology and business transformation. Moreover, amid the COVID-19 crisis, it is causing additional stress on the industry due to disruptions in supply and manufacturing, followed by a demand surge with uncertainty concerning the recovery timeline.
- Most connected vehicles nowadays are provided with sensors that generate valuable data used by fleet managers for smooth operations and supporting automakers in delivering personalized customer experiences. With more advanced features and technologies, commercial vehicles are now utilizing advanced technologies, resulting in the entry of more technology and software giants into the automotive industry.
- 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 commercial vehicle telematics market in the region.
- Further, the vehicle telematics solutions provide drivers with a sense of responsibility. The performance is regularly examined and monitored with these solutions. In addition, vehicle telematics systems include detecting sensors. Several safety features are alerted to the car owner by these sensors. Vehicle owners are becoming aware of various safety hazards, including exceeding speed limits, detecting stop sign breaches, having lane-drifting warnings, warnings on forwarding collisions, and more, which is driving the market growth.
- The leading players in the market are looking forward to leveraging the opportunities presented by the introduction of electric vehicles (EVs) in the market.
