According to a new market research report "Commercial Vehicle Telematics Market by Solution (Fleet Tracking and Monitoring, Driver Management, Insurance Telematics, Safety and Compliance, and V2X Solutions), Service, Provider Type, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, the commercial vehicle telematics market size is expected to grow from USD 7.3 billion in 2017 to USD 18.4 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period. The major drivers of the commercial vehicle telematics market are the increasing adoption of the Next-Generation Telematics Protocol (NGTP) enhancing telematics service delivery, the proliferation of telematics technology due to the decreasing sensor & connectivity cost, the growing government mandate for deploying vehicle tracking in commercial vehicles, and the rising demand for smartphones supplementing the adoption of telematics solutions & services.
Browse 81 Market Data Tables and 34 Figures spread through 148 Pages and in-depth TOC on "Commercial Vehicle Telematics Market by Solution (Fleet Tracking and Monitoring, Driver Management, Insurance Telematics, Safety and Compliance, and V2X Solutions), Service, Provider Type, Vertical, and Region - Global Forecast to 2022"
Safety and compliance segment to grow at the highest CAGR during the forecast period
Safety and compliance solutions are expected to drive the market growth since the safety and security aspect has been one of the initial functionalities of the commercial vehicle telematics. Safety and compliance solutions include applications, such as theft protection and accident communication, which are used in commercial vehicles. Safety and compliance solutions often address the concern of transporting valuable and dangerous goods. Governments across the globe have slowly started forming policies and regulations for traffic and transport management, focusing on the technological aspect. Hence, the safety and compliance segment is anticipated to grow at the highest CAGR during the forecast period.
Professional services segment to account for a larger market size during the forecast period
The professional services segment is expected to account for a larger market size during the forecast period, due to the increased deployment of smart solutions, which requires technological consulting, and continuous support and maintenance activities. The availability of different solutions and services in the commercial vehicle telematics market has created the need for professional services. Professional services are required during and after the implementation of commercial vehicle telematics solutions.
North America to hold the highest market share during the forecast period
North America is projected to account for the highest market share during the forecast period, as it is an early adopter of the telematics technology for commercial vehicles. The major drivers boosting the market growth in North America are increased the presence of telematics providers, high telematics penetration rate, and increased government regulations. Furthermore, government regulations, policies, and mandates for different applications of commercial vehicle telematics are expected to drive market growth. The region consists of numerous large automotive players in the commercial vehicle telematics market. Also, non-automotive firms have started to enter the market, thus boosting the market growth.
Major vendors providing solutions and services in the commercial vehicle telematics market include Trimble (US), TomTom (Netherlands), Verizon Telematics (US), MiX Telematics (South Africa), Zonar Systems (US), Octo Telematics (UK), Omnitracs (US), Masternaut (UK), Microlise (UK), and Inseego (US).
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