LONDON--(BUSINESS WIRE)--The global fleet telematics systems market size is expected to grow by USD 38.8 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Fleet operators are increasingly adopting fleet telematics systems to optimize fuel consumption and enhance fleet efficiency. The adoption of fleet telematics systems can save fuel costs by up to 25%. It also allows fleet operators to reduce vehicle idle time by up to 30% and increase vehicle utilization by up to 20%. Such advantages make fleet telematics systems essential for fleet operators. Additionally, fleet telematics systems help in the remote monitoring of vehicle components, and the data generated by each component serves as a valuable source of information in improving its design parameters. Fleet telematics systems can also help monitor driving behavior, and the data associated can help in training the drivers better. Such factors contribute to the growth of the global fleet telematics systems market.
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As per Technavio, the growing development in OEM fleet telematics systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Fleet Telematics Systems Market: Growing Developments in OEM Fleet Telematics Systems
Fleet operators often adopt third-party fleet telematics systems based on their requirements. However, installing telematics devices incurs additional deployment time and cost. As a result, prominent automotive manufacturers are collaborating with key fleet telematic system providers to pre-install telematics systems in their vehicles, thereby eliminating the need to spend additional money on the development of an in-house system. This also acts as a significant product differentiator for automotive manufacturers in the highly competitive market. For instance, in 2018, AB Volvo collaborated with Trimble to develop fleet telematics systems for the Volvo Trucks that would be sold in North America. Such developments will drive the growth of the global fleet telematics systems market during the forecast period.
“Factors such as the use of advanced analytics to optimize vehicle efficiency, and the growing adoption of 5G technology will have a significant impact on the growth of the fleet telematics systems market value during the forecast period,” says a senior analyst at Technavio.
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Fleet Telematics Systems Market: Segmentation Analysis
This market research report segments the fleet telematics systems market by type (aftermarket fleet telematics systems and OEM fleet telematics systems) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the fleet telematics systems market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased number of offerings from automotive OEMs and the availability of strong aftermarket solutions.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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