LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the commercial vehicle telematics market in Europe to grow at a CAGR of close to 14% during the forecast period, according to their latest report.
This market research report segments the commercial vehicle telematics market in Europe into the following applications (LCV and M&HCV) and key regions (the UK, Germany, France, and Rest of Europe).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the commercial vehicle telematics market in Europe:
- Growing need for fleet management solutions
- Rise in the number of subscribers using UBI system
Growing need for fleet management solutions
The logistics sector has been the largest contributor to fleet management services in the telematics industry, which can be attributed to the increased consolidation of logistics players and growing demand for fleet tracking to mitigate transit losses. The demand for telematics in the logistics sector is driven by the need to reduce fuel expenses. As per estimates, empty runs (without any goods) account for 25%-30% of the total runs made by the fleet globally. Use of telematics in fleet management helps in reducing the number of empty runs, thereby reducing the overall fuel costs. This has led to increased use of telematics fleet management solutions by fleet owners.
According to a senior analyst at Technavio for automotive electronics, “Fleet management solutions have significantly evolved over time. Basic telematics services like fleet tracking with GPS and geographical information systems are offered by the traditional fleet management solutions. Currently, fleet management solutions offer features like vehicle management, load monitoring, driver management, and logistics management. As a result, the growing need for effective fleet management services is driving the demand for telematics system in Europe even among small fleet owners.”
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Commercial vehicle telematics market in Europe segmentation
Of the two major applications, the LCV segment held the largest market share in 2017, accounting for nearly 83% of the market. The market share for this application is expected to increase nearly 3% by 2022. This segment will dominate the market throughout the forecast period.
The UK was the leading region for the commercial vehicle telematics market in Europe in 2017, and around 25% incremental growth is expected to originate from this region during the forecast period.
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