Strategic Growth of Commercial Vehicle Telematics Market in Global Industry 2017-2025
Commercial vehicles usage is increasing rapidly to support and manage huge scale deliveries. Telematics is required to manage such deliveries in efficient way. Telematics is the branch which deals with the long-distance transmission of electronic information. Commercial vehicle telematics helps in optimizing the transportation system for large scale deliveries. Telematics helps to reveal factors like fuel adulteration, driver behavior, etc. There is an increasing need for comprehensive support and user-specific products like load detection and monitoring, remote diagnostics, and order management. Entrance of mobile-based shipping brokerage suppliers in the commercial vehicle (CV) telematics market will provide various solutions. These are solutions that comprises of various fleet management solutions (FMS) and smartphone telematics technology, such as hours of service (HOS), trace the vehicle and order management.
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Original equipment manufacturers (OEMs) are utilizing telematics to recognize customer needs. It helps in addressing customized service and support various offerings. With the shift to BSIV, commercial vehicle manufacturers are leveraging telematics to learn about the behavior of the vehicle, the driver and customers to increase profitability. Logistics companies are using telematics to maintain load capacity, and cost flexibility. Commercial vehicle telematics is introduce to simplify the business operations for companies involved in fleet management. In automotive sector, telematics equipment offers a wide variety of characteristic to make the vehicle smarter.
CV telematics help manufacturers to retain their customers and strengthen overall business. Since vehicle telematics provide information such as safety, navigation and remote diagnostics and allows for wireless connectivity, it helps OEMs to increase their customer base.. CV telematics offers a new revenue stream opportunity for the existing vendors. The solution offers route calculation, checking on oil pilferage, and other telematics offerings.
There is an increasing adoption of next generation telematics protocol (NGTP) which would enhance the telematics provisioning to customers. As NGTP enhances the scalability and flexibility to the automotive technologies and offers better connectivity. Usage of telematics technology is growing due to reduction in prices of sensors and other connecting equipment. Government and investors are also providing huge investment in intelligent transportation systems to enable smart traffic system. It will enhance the use for vehicle telematics to reduce the vehicle traffic and maintain road infrastructure limits. Thus factors such as growing demand for smartphones and increasing importance of pervasive intelligent system in managing road traffic are expected to drive the market during the forecast period.
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Hardware abilities of existing telematics are affecting the efficiency of data communication having advance processing units. Since legacy telematics component are using outdated computing units which is hindering the growth of commercial vehicle telematics market. Due to increased communication, there exists a threat of the information being leaked to the third party breaching the security and privacy of the customer. Thus, such factors are expected to restrain the market growth during the forecast period.
Market for commercial vehicle telematics can be segmented on the basis of, type, provider industry vertical and geography. On the basis of type, the market is segmented into solutions and services. Solutions include vehicle tracking and monitoring, driver management, safety and compliance and others. Service include professional services and managed services. On the basis of provider, the market is segmented into original equipment manufacturer (OMEs) and aftermarket. On the basis of industry vertical, market is segmented into transportation and logistics, government and utilities, construction, education, healthcare and media and entertainment. On the basis of geography, market is segmented into North America, Asia Pacific (APAC), Middle East & Africa (MEA), Europe and South America.
Key players for commercial vehicle telematics market are PTC, Inc., Trimble Inc., Tomtom Telematics By, Verizon Telematics, Inc., Mix Telematics International (PTY) Ltd., OCTO Telematics Ltd, Omnitracs, LLC , Zonar Systems, Inc., Masternaut Limited, Microlise Group Ltd., Inseego Corporation and Volkswagen Commercial Vehicles
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