New York, July 21, 2021 (GLOBE NEWSWIRE) -- Commercial Vehicle Telematics Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Commercial Vehicle Telematics Market Research Report, Type, Provider Type, Vertical and Region - Forecast till 2027” the market grow at a rate of 18.5% during the forecast period 2020-2027.
Telematics has a Considerable Impact on the Trucking and Transportation Industry
Telematics essentials support higher productivity via an easy-to-use web-based interface. Modern-day fleets can be much more efficient, using the data and insights help them make better, more informed business decisions.
The rising demand for telematics that displays key details & maintenance alerts and each vehicle's current health status to help managers plan more effectively and maximize vehicle utilization drive the market growth. Besides, the rising uptake of these systems led by the growing awareness for vehicle safety features boosts the commercial vehicle telematics market size.With the proliferation of the internet and digitization across the transport and logistics industry, the commercial vehicle telematics market is projected to reach significant heights.
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Competitive Analysis:
List of the Key Companies Profiled in the Commercial Vehicle Telematics Market Research Report are-
- Trimble Inc.
- PTC Inc.
- TomTom Telematics BV
- Mix Telematics International (PTY) Ltd.
- Verizon Telematics Inc.
- Zonar Systems Inc.
- Omnitracs LLC
- Masternaut Limited
- OCTO Telematics Ltd.
- Microlise Group Ltd.
Highly competitive, the commercial vehicle telematics market appears fragmented with the presence of several well-established players. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share.
They make substantial investments to drive R&D activities and expansion plans. The market is likely to witness relentless innovations and new products, eventually intensifying competition among manufacturers.
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For instance, on Jun.17, 2021, Ford Motor Company, an American multinational automaker, announced the acquisition of Electriphi, a Silicon Valley startup, to help with key commercial fleet EV strategy. The acquisition expands Ford's telematics that can help reduce downtime, allowing Ford to incorporate Electriphi's integrated software as a service (SaaS) platform into its fleet telematics system.
During its recent capital markets day for investors, the automaker announced a new business unit - Ford Pro, focused on serving the needs of commercial customers, including fleet telematics, vehicle sales, service, and charging.
Rising Adoption is a Major Industry Trend
Fleet telematics employed in commercial vehicles gathers data using a combination of GPS technology, sensors, and onboard diagnostics codes, helping fleet owners manage their assets remotely. The gathered data generally includes vehicle location, driver behavior, vehicle activity, and real-time engine diagnostics. Telematics, the convergence of telecommunications and informatics, offers remote communication and information processing.
With the rise of the internet and communication over various networks, telematics has gained immense importance. Today, telematics is critical to successful fleet operations, transferring data remotely, increasing visibility into operations, and improving communications, efficiency, and customer service. The commercial vehicle telematics market is assessed to witness tremendous demand in the recent future due to emerging trends such as driverless or autonomous cars.
Lack of Awareness for Telematics Advantages Obstruct the Market Growth
The lack of awareness of the advantages of vehicle telematics is a major headwind impeding the market's growth. Many automobile manufacturers have started integrating telematics in entry-level vehicles to broaden their customer base. This, as a result, would support the market growth throughout the assessment period. Resultantly, the market is estimated to demonstrate significant growth opportunities.
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COVID- 19 Impacts on the Market
The onset of the COVID- 19 pandemic severely affected the commercial vehicle telematics industry. Pandemic-led logistics problems posed major challenges to industry players, such as obtaining raw components and attracting workforces from quarantine to develop vehicle telematics to deliver end products.
However, the commercial vehicle telematics market is gradually picking up and forecasted to grow exponentially further during the assessment period. The market is also projected to witness many innovative product launches during 2021 and years to come.
Segmentation
The market is segmented into types, provider types, verticals, and regions. The type segment is sub-segmented into solutions and services. The provider type segment is sub-segmented into OEM and Aftermarket. Of these, the OEM segment accounts for a sizeable share and is anticipated to grow at a significant CAGR in the coming years. The vertical segment is sub-segmented into transportation & logistics, government & utilities, travel & tourism, construction, education, healthcare, and others.
Regional Segmentation
North America leads the global commercial vehicle telematics market. Increased demand for commercial vehicles integrated with advanced telematics, the strong presence of major telematics providers in this region, and high spending on systems are major commercial vehicle telematics market trends. Also, the presence of leading OEM players and growing transportation & logistics industries push the region's commercial vehicle telematics market share.
Besides, increasing awareness about driver safety & accident prevention, government regulations to improve road safety, and the proliferation of 5G and LTE technology and smartphones in the region are other key trends substantiating the commercial vehicle telematics market size.
Segmentation of Market covered in the research:
Information by Type (Solutions and Services), By Provider Type (OEM and Aftermarket), By Vertical (Transportation & Logistics, Government & Utilities, Travel & Tourism, Construction, Education, Healthcare and Others) and Region (North America, Europe, Asia-Pacific and the Rest of the World)
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