Market Research Report
Commercial Vehicle Telematics Market - A Global Market and Regional Analysis: Focus on Commercial Vehicle Telematics Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2019-2025
|Published by||BIS Research Inc.||Product code||962880|
|Published||Content info||139 Pages
Delivery time: 1-2 business days
|Commercial Vehicle Telematics Market - A Global Market and Regional Analysis: Focus on Commercial Vehicle Telematics Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2019-2025|
|Published: September 25, 2020||Content info: 139 Pages||
"Commercial Vehicle Telematics Revolution Set to Create $5.93 Billion Annual Revenue Opportunity Globally by 2025."
Volvo, CalAmp Corp, Masternaut, Qualcomm, Intel, Geotab Inc, Omnitracs LLC, Trimble Inc, Verizon Communications Inc, Zonar Systems, Inc, OCTO Telematics Ltd, Microlise Group Ltd, Volkswagen Commercial Vehicles, TomTom International BV
The growing importance of connectivity and safety, advancement in smartphone technology, and high-speed internet connectivity have largely transformed the telematics industry. The original equipment manufacturers (OEMs) are increasingly incorporating advanced telematics services in all the commercial vehicle categories owing to the system's multiple benefits, thereby driving the adoption of automotive telematics.
The global commercial vehicle telematics market accounted for $4.86 billion in 2019 and is expected to reach $5.93 billion by 2025. The market is anticipated to grow at a CAGR of 7.92% during the forecast period 2020 to 2025. The global commercial vehicle telematics market is driven by factors such as increasing safety and security regulations, rising disposable income, lower cost of connectivity, and increased market penetration rate of smartphones. The rising hacking and privacy concerns, and low awareness regarding telematics are some of the factors thatare hampering the overall market growth. However, the growing demand for connected cars, increased adoption of telematics in the insurance industry, and the growth of emerging economies such as India and China are some of the factors thatare expected to fuel the market growth in the forecast period.
Some of the strategies adopted by the companies are new product launches, business expansions, and partnerships and collaborations. Among all the strategies adopted, partnerships and collaborations and product launches have been the leading choices implemented in the competitive landscape. Geotab, CalAmp, Masternaut, Trimble are some of the leading players in the global commercial vehicle telematics market. The industry landscape is quite competitive because of the large number of players in the market. Therefore, innovation and development have been the key factors for large-scale growth in this market. The manufacturers are expanding their businesses and are also entering into strategic partnerships to increase their customer base and overall global footprint.