Market Size of North America Commercial Vehicle Telematics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 15.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Commercial Vehicle Telematics Market Analysis
The North American commercial vehicle telematics market is expected to grow with a CAGR of 15.3% from 2022 to 2027. The North American commercial vehicle telematics market refers to solutions and services that employ telecommunication equipment to monitor and operate a commercial vehicle. Commercial vehicle telematics uses GPS and onboard diagnostics technologies to monitor, map, and guide commercial vehicles.
- Commercial Vehicle Telematics is becoming more popular as the need for safety, security, and comfort grows. Next-generation technology enables the industry participants to provide novel solutions such as fleet/asset management telehealth solutions, navigation, and location-based systems. Government laws, regulations, and compliances for vehicle safety and security support the worldwide Commercial Telematics industry. The increasing adoption of smartphones and connectivity solutions across the North American regions enabled the growth of the Commercial Vehicle Telematics market.
- The advancement of ADAS (Advanced Driver Assistance Systems) and the increased usage of electric cars are driving up demand for the telematics industry. However, high cost, lack of awareness, and standardized systems are the growing concern for the global commercial telematics market.
- Since the sensors and capabilities are incorporated directly into the vehicle, OEM (Original Equipment Manufacturer) systems provide high data accuracy and detect vehicle health events during vehicle operation. This gives an appealing option for end users without the need to install additional hardware. It also allows access to information not typically available in aftermarket choices, such as odometer readings.
- Newmarket challenges have emerged with the increased adoption of Commercial Vehicle Telematics. Security and privacy concerns are a few primary reasons limiting North American commercial vehicle telematics market growth.
- The transportation and logistics industry was the first to be completely shut down during the COVID-19 lockdown. The most direct effect of COVID-19 on the automotive sector is the standstill of many OEM and supplier factories. However, due to the growing vaccination numbers globally coupled with considerable demand for commercial vehicles, the commercial telematics market is expected to expand significantly in the near future.
