New Product Launches have been the Major Strategical Trends, Followed by Mergers and Acquisitions. in the Commercial Vehicle Telematics Market
The commercial vehicle telematics market size is estimated to be USD 7.31 Billion in 2017 and is projected to reach USD 18.43 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3%. Some of the major factors that are driving the growth of the commercial vehicle telematics market include increasing adoption for the Next-Generation Telematics Protocol (NGTP) enhancing the telematics service delivery, proliferation of telematics technology due to decreasing sensor and connectivity cost, growing government mandate for deploying vehicle tracking in commercial vehicles, and rising demand for smartphones supplementing the adoption of telematics solutions and services.
The key market players profiled in this report are PTC, Inc. (US), Trimble Inc. (US), TomTom Telematics BV (Netherlands), Verizon Telematics, Inc. (US), Mix Telematics International (Pty) Ltd (South Africa), Zonar Systems, Inc. (US), Octo Telematics Ltd. (UK), Omnitracs LLC (US), Masternaut Limited. (UK), Microlise Group Ltd. (UK), Inseego Corporation (US), and Volkswagen Commercial Vehicles (UK). These players offer commercial vehicle telematics solutions and services to cater to the needs and demands of the market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. Partnerships and new product launches have been the major strategical trends, followed by mergers and acquisitions.
Tom Tom Telematics has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. In 2017, TomTom Telematics and OBS Logistics (UK), a transport management software specialist have entered into a partnership to create a new vehicle checking solution for haulage and logistics operators, helping to capture accurate information for Driver and Vehicle Standards Agency (DVSA) and Fleet Operator Recognition Scheme (FORS) compliance records. Additionally, in October 2016, TomTom Telematics launched Traffic Stats API, a new service to access TomTom’s historical speed and travel time data. The new service is based on the historical and real-time travel data that TomTom collects from its community of users.
Similarly, in 2017, Verizon Communications Inc. made two acquisitions of Fleetmatics Group PLC, a fleet telematics solutions provider and Telogis Inc. (US), a cloud-based mobile enterprise management software provider. These acquisitions have enhanced the Verizon Telematics’ offerings in the commercial vehicle telematics space.
Related Reports:
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
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