LONDON--(BUSINESS WIRE)--The global commercial vehicle telematics market is expected to post a CAGR close to 21% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Increasing the focus of traditional automotive suppliers on offering telematics is expected to drive market growth. The growing popularity of telematics services in the automotive industry is leading to the development of telematics solutions by traditional automotive suppliers. The entry of these players is positive for customers and the concerned market as they are trust-worthy and specialize in automotive technologies. Therefore, the growing interest of traditional automotive suppliers in telematics offerings will be key to the growth of the market in focus as they have a wider geographic presence and are in long-term partnership with automotive OEMs for supply of automotive components.
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As per Technavio, the adoption of video-based telematics to precisely track driver behavior, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Commercial Vehicle Telematics Market: Adoption of Video-Based Telematics to Precisely Track Driver Behavior
Advances in cloud technology and data analytics have enabled tracking of every component of a vehicle. Advanced telematics services include fleet management, monitoring of driver behavior, and prognostics solutions. Monitoring driver behavior has become an important solution in the telematics market, as human errors lead to a significant number of road fatalities globally. Therefore, modern telematics services employ cameras to monitor driver behavior. Although, the use of video-based systems to monitor driver behavior is at a nascent stage, It is expected to witness strong growth during the forecast period, which will benefit the global CV telematics market. Therefore, the adoption of video-based telematics will grow during the forecast period with the increasing demand for driver behavior monitoring among fleet operators.
“Apart from the adoption of video-based telematics to precisely track driver behavior, the growing popularity of UBI and favorable regulations driving adoption of telematics are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Commercial Vehicle Telematics Market: Segmentation Analysis
This market research report segments the global commercial vehicle telematics market by application (LCVs, and M&HCVs), by type (embedded telematics, portable telematics, smart-phone based telematics) and geographical regions (North America, Europe, APAC, South America and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth and surpass North America as the market leader. This is due to the growing demand for vehicles with in-vehicle telematics services in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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