The global commercial vehicle telematics market is anticipated to grow at a promising CAGR of XX% between 2014 and 2018. Emerging economies are projected to drive the growth of the market, especially in China and India. Other published reports predict a high CAGR in these regions as well. In India, for example, the government recently mandated that all public transport vehicles have location tracking devices and emergency panic buttons. Meanwhile, the Chinese Ministry of Ecology and Environment published a draft regulation on heavy-duty vehicle telematics in April 2020, mandating that all HD vehicles must have remote OBD.
The Commercial Vehicle Telematics market report provides key statistics on the industry and includes regional and country-level forecasts. The report also includes a competitive landscape and a discussion of the key vendors in the market. To understand the market better, read the research report carefully. There is a high possibility that you will find new products that are better suited to your company’s needs. Whether you’re a startup or an established business, this report has all the statistics you need to make a decision.
The automotive telematics market in Europe is dominated by passenger cars.
The growing demand for safety and security features has led to the dominance of passenger cars in the market. However, the commercial vehicle category is expected to capture a substantial share during the forecast period. The adoption of Next-Generation Telematics (NGT) is expected to improve the quality of telematics service delivery. Further, stringent government regulations and technological advancements are fueling the commercial vehicle telematics market.
Fuel price volatility has negatively affected the commercial vehicle industry, but is also fueling the growth of telematics solutions. With this market growth, more innovative applications will emerge, enabling commercial fleets to optimize fuel costs. Driver monitoring is another application that could drive innovation in this segment. A combination of advanced driver assistance systems, GPS systems, and mobile applications is predicted to continue to drive the global commercial vehicle telematics market.
Smartphone and GPS-based telematics use wireless technology to collect data from moving assets. Using sensors, mobile phones can record information about location, speed, and other metrics that are useful to fleet managers and insurers. By monitoring the vehicle’s status, it is possible to avoid accidents and maximize productivity. The industry is growing exponentially, and a recent survey by RAC revealed that 64 percent of transportation companies have implemented telematics. BMW, for instance, has implemented an advanced Transport Management System.
Another trend that will continue to drive the growth of the global commercial vehicle telematics market is the increasing use of electric commercial vehicles. This is driven by emission reduction standards and regulations enforced by government bodies. Additionally, OEMs are increasing the use of connected car applications in their vehicles. These innovations will result in more opportunities for companies in the consumer telematics industry. A new generation of in-car applications will be introduced in the next five years and most of them will be free of charge.