Overview and Scope
Commercial vehicle telematics refers to integrating telecommunications and information technology with commercial vehicles. It involves using various technologies to collect, transmit, and analyze data related to the operation and performance of commercial vehicles.
Sizing and Forecast
The commercial vehicle telematics market size has grown rapidly in recent years. It will grow from $50.64 billion in 2023 to $59.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to regulatory mandates, fleet management optimization, cost reduction and operational efficiency, rise in e-commerce and logistics, demand for real-time data and analytics.
The commercial vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $97.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to growth in connected vehicles, rising demand for last-mile delivery services, focus on green and sustainable fleets, expansion of autonomous vehicles, demand for predictive maintenance. Major trends in the forecast period include enhanced cybersecurity measures, telematics-as-a-service (taas) model, telematics for ev optimization, real-time traffic management solutions, integration with cloud-based platforms.
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Segmentation & Regional Insights
The commercial vehicle telematics market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Provider Type: Original Equipment Manufacturer (OEM), Aftermarket
3) By Vertical: Transportation And Logistics, Government And Utilities, Travel And Tourism, Construction, Education, Healthcare, Other Verticals
Asia-Pacific was the largest region in the commercial vehicle telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial vehicle telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for electric vehicles is expected to propel the growth of the commercial vehicle telematics market going forward. Electric vehicles (EVs) refer to vehicles that are powered by one or more electric motors using electrical energy stored in rechargeable batteries or obtained from an external source. Telematics is used in electric vehicles (EVs) to collect and transmit data about the vehicle’s performance, location, and other factors, improving EVs’ efficiency and safety. For instance, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the growing demand for electric vehicles is driving the growth of the commercial vehicle telematics market.
Key Industry Players
Major companies operating in the commercial vehicle telematics market report are Verizon Communications Inc., Cisco Systems Inc., Continental AG, Navistar International Corporation, Garmin Ltd., Trimble Inc., Tata Motors Limited, PTC Inc., Element Fleet Management Corp, Solera Inc., Samsara Inc., TomTom International BV, Omnitracs LLC, Geotab Inc., CalAmp Corp, Inseego Corporation, Mix Telematics International (Pty) Ltd., Lytx Inc., Zonar Systems Inc., Motive Technologies Inc., Platform Science Inc., Microlise Group PLC, Azuga Inc., Masternaut Limited, Spireon Inc., GPS Insight LLC, NexTraq LLC, Cetaris Co, Telemax Telematics Pty Ltd., AirIQ Inc.
The commercial vehicle telematics market report table of contents includes:
1. Executive Summary
2. Commercial Vehicle Telematics Market Characteristics
3. Commercial Vehicle Telematics Market Trends And Strategies
4. Commercial Vehicle Telematics Market – Macro Economic Scenario
5. Global Commercial Vehicle Telematics Market Size and Growth
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31. Commercial Vehicle Telematics Market Other Major And Innovative Companies
32. Global Commercial Vehicle Telematics Market Competitive Benchmarking
33. Global Commercial Vehicle Telematics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Commercial Vehicle Telematics Market
35. Commercial Vehicle Telematics Market Future Outlook and Potential Analysis
36.Appendix
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