LONDON--(BUSINESS WIRE)--The commercial vehicle telematics market in the Americas is expected to post a CAGR of more than 17% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Usage-based insurance (UBI) benefits both insurers and fleet owners. It allows insurers to create precise risk profiles based on real-time driving behavior tracked by on-board units (OBU) in vehicles. For fleet operators, it helps in reducing insurance premiums by encouraging safe driving behavior. Such cost benefits are encouraging fleet operators to upgrade their vehicles with UBI technologies or buy vehicles that have this system. In addition, advances in functionalities in vehicle telematics systems have increased the adoption of embedded solutions in commercial vehicles. These factors are encouraging UBI suppliers to partner with other telematics function participants to increase the usage of the system for broader functions such as data sharing. This will have a positive impact on the growth of the market during the forecast period.
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As per Technavio, the use of 5G technology in automotive telematics 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.
Commercial Vehicle Telematics Market in the Americas: Use of 5G Technology in Automotive Telematics
Advances in semi-autonomous and fully autonomous technologies have created a strong demand for faster data capabilities in automotive telematics applications. This is encouraging vendors in the market to develop automotive telematics applications based on 5G technology. This will improve the operational efficiencies of advanced systems such as V2X communications, which include vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-pedestrian applications. Therefore, the adoption of 5G technology in commercial vehicle telematics will be a crucial trend in boosting the growth of the market during the forecast period.
“The adoption of video telematics to precisely track driver behavior and the use of advanced analytics to optimize fleet efficiency will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Commercial Vehicle Telematics Market in the Americas: Segmentation Analysis
This market report segments the commercial vehicle telematics market in the Americas by application (LCVs and M&HCVs), type (embedded telematics, portable telematics, and smartphone-based telematics), and geography (US, Canada, and Rest of Americas).
The US region led the market in 2018, followed by the Rest of the Americas and Canada respectively. During the forecast period, the US region is expected to maintain its dominance over the market. This is due to the increasing adoption of advanced fleet management solutions by fleet operators in the country.
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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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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