CHICAGO, July 29, 2024 -- Future Commercial Vehicle Telematics Market size is projected to grow from USD 5.4 Billion in 2024 to USD 12.8 Billion by 2030, at a CAGR of 15.2%, according to a new report by MarketsandMarkets. The main factor driving production of commercial vehicle telematics is an attempt at finding effective ways of managing commercial fleets because their costs are comparatively hiked, and productivity enhanced remarkably. The changes such as the live updates in regards to the finishes and progress of loads and acts of predictiveness are helpful when reconstructing the paths and timetables for the maintenance of the vehicles thereby increasing the fuel efficiency and down time. On the same note, more stringent measures and conditions that are imposed on the firm on issues of safety, emission rates, and compliance can force fleet operators to adopt the telematics systems.
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143 - Tables
65 - Figures
199 - Pages
Future of Commercial Vehicle Telematics Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 5.4 Billion |
Estimated Value by 2030 | USD 12.8 Billion |
Growth Rate | Poised to grow at a CAGR of 15.2% |
Market Size Available for | 2019–2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Package Type, Solution Type, Vendor Type, Vehicle Type |
Geographies Covered | Asia Pacific, Europe, and North America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Integration of advanced analytics, GenAI, and smart city infrastructure with telematics |
Key Market Drivers | Rapid advancements in telematics technology |
The HCVs segment is anticipated to show the fastest growth in the global commercial vehicle telematics market.
The HCVs segment is anticipated to be the fastest-growing sector in the future of CV telematics market. The increase in demand can be attributed to the important function HCVs play in industries such as logistics and transportation, where effective management of fleets and optimization of operations are crucial. Samsara's (US) announcement in April 2024 about installing its commercial vehicle telematics platform in UNFI (United National Foods, Inc.) (US) trucks showcases the growing need for advanced solutions that improve fleet performance, cut expenses, and guarantee adherence to regulations. With a focus on efficiency and safety in heavy vehicle operations, industries are projected to increasingly implement telematics technologies, driving significant growth in the future of CV telematics market, specifically in the HCVs segment.
OEMs segment is anticipated to be the fastest growing vendor type in the global commercial vehicle telematics market.
The OEMs segment is also expected to grow at the highest rate throughout the course of the forecast. One of the factors behind this growth is that the growing need for advanced telematics integration of one system with another has created a demand for the integrated data and smooth interaction at the point of manufacture. Some of the trends that fall under this area include for instance Volvo Connect; an all-in-one fleet management portal that was launched in September 2023 by AB Volvo; a Swedish automotive company. Volvo Connect offers a set of sophisticated digital services, analysis, and reports that offer a variety of indispensable truck data, remote diagnostics, and fuel consumption, idle time, speed, seat belts usage, and the truck's position. These innovations illustrate the need for progressed and optimized telematics solutions that improve the results of freight fleets. The continual and fast uptake of such sophisticated OEM telematics systems formulates high market growth in this segment.
Germany to lead the commercial vehicle telematics market in Europe.
Germany is projected to be the largest European market during the forecast period. The country's robust automotive industry, home to leading manufacturers like Volkswagen, BMW, and Daimler, drives significant demand for advanced telematics solutions. These companies invest heavily in innovation, incorporating telematics into their commercial vehicle offerings to enhance efficiency, safety, and connectivity. Secondly, Germany's robust regulatory framework supports the adoption of telematics, with stringent emissions standards and safety regulations encouraging the use of these technologies to meet compliance requirements. Additionally, Germany's advanced infrastructure, including extensive transportation networks and smart city initiatives, facilitates the integration of telematics systems. The country also benefits from a thriving technology sector, with numerous telematics providers and startups contributing to developing cutting-edge solutions. For instance, in April 2024, m2m Germany and Owasys showcased their latest commercial vehicle telematics solutions at the iVT Expo 2024 in Cologne. This event highlighted their cutting-edge technologies designed to enhance vehicle connectivity, efficiency, and data management. Their participation underscored a commitment to advancing telematics in the commercial vehicle industry.
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Future of Commercial Vehicle Telematics Market Dynamics:
Drivers:
- Rapid advancements in telematics technology
Restraints:
- Data Privacy Concerns
Opportunities:
- Integration of advanced analytics, GenAI, and smart city infrastructure with telematics
Challenge:
- User acceptance and training issues
Key Market Players Future of Commercial Vehicle Telematics Industry:
Prominent players in the Future of Commercial Vehicle Telematics Market include as Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US), among others.
The break-down of primary participants is as mentioned below:
- By Respondent Type: OEMs – 32%, Tier 1 – 48% and Others – 20%,
- By Designation: CXO's – 31%, Managers – 53%, and Executives – 16%
- By Region: North America – 43%, Asia Pacific – 24%, Europe – 33%
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Future of Commercial Vehicle Telematics Industry Recent Developments:
- In May 2024, Geotab (Canada) announced a partnership with Rivian (US) to deliver an integrated data solution for Rivian's commercial vehicles in North America. The solution uses embedded telematics in Rivian vehicles to integrate data into Geotab's MyGeotab platform, providing a unified dashboard for fleet managers to optimize performance and improve mobility. The partnership is expected to improve productivity, compliance, and safety while reducing costs and increasing efficiency. The partnership is anticipated to increase Geotab's market presence in the North American region.
- In April 2024, Samsara (US) made an agreement with United National Foods, Inc. (UNFI) to install its commercial vehicle telematics platform in UNFI trucks. This collaboration would let UNFI enhance sustainability and fleet safety by utilizing route optimization and monitoring driver behavior while also providing Samsara with important data and entry into the expansive refrigerated transport sector.
- In February 2024, Transport for Greater Manchester, the local transport authority, selected MiX by Powerfleet (US) to provide fleet management solutions to improve efficiency and safety across its vehicle fleet.
Future of Commercial Vehicle Telematics Market Size - Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall commercial vehicle telematics market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Rising demand for efficient fleet management, Emphasis on fuel efficiency and reducing vehicle downtime, Rapid advancements in telematics technology, Regulatory mandates and compliance requirements), restraints (Dependance on commercial vehicle demand fluctuations, Data privacy concerns), opportunities (Merger of V2X communication and autonomous driving, Integration of advanced analytics, GenAI, and smart city infrastructure with telematics, Growth of logistics and transportation sectors), and challenges (User acceptance and training issues, Lack of standardization) influencing the growth of the commercial vehicle telematics market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the commercial vehicle telematics market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the commercial vehicle telematics market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the commercial vehicle telematics market.
- Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US) among others in the commercial vehicle telematics market.
- Strategies: The report also helps stakeholders understand the pulse of the commercial vehicle telematics market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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