Market Research Report
Commercial Vehicle Telematics Market in the Americas 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||323012|
|Published||Content info||132 Pages
Delivery time: 1-2 business days
|Commercial Vehicle Telematics Market in the Americas 2019-2023|
|Published: November 14, 2018||Content info: 132 Pages||
In the recent years, the commercial vehicles segment witnessed high adoption of electronic content due to the modernization of vehicles. Solutions like telematics are witnessing increasing demand in the commercial vehicles segment in the Americas. Additionally, the demand for safety, comfort, navigation, and content is pushing the adoption of electrical distribution systems in these vehicles. Hence, manufacturers of electronic components have seen an increase in demand for high-speed wiring, connectors, and other electronic technologies to enable telematics and infotainment systems in commercial vehicles. As a result, telematics services are being adopted in the commercial vehicles where these electronic systems form the medium of data collection. Thus, viability of advanced telematics services will drive the commercial vehicle telematics market growth during the forecast period.
Regulations play a critical role in the adoption of insurance in the automotive segment. Regulations for mandatory motor insurance are becoming a crucial driver for UBI adoption. UBI allows insurers to create risk profiles for individual customers based on real-time driving behavior tracked by onboard units. As UBI benefits both insurers and drivers, it is registering high growth in developed regions like Europe and North America. Hence, it will be beneficial for fleet operators to adopt UBI and reduce the premium amounts by encouraging the safe driving behavior.
Initial costs of setting up telematics include the license, setup, and installation fee, in addition to the payment for customization and integration with current systems. Additionally, the license fee has to be renewed periodically, which adds to the overall cost. Also, integration or customization can be more expensive than the price of telematics devices and license fees. For instance, Verizon has a hardware cost of about $100 for its telematics offering, with a monthly fee of about 526 for a one-year subscription.
For the detailed list of factors that will drive and challenge the growth of the commercial vehicle telematics market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Trimble and Verizon the competitive environment is quite intense. Factors such as the presence of a conducive environment to enable viability of advanced telematics services, will provide considerable growth opportunities to commercial vehicle telematics companies. Agero, Continental, Omnitracs, TomTom International, Trimble, and Verizon are some of the major companies covered in this report.