The global commercial vehicle telematics market size was USD 38.50 Billion in 2021 and is expected to register a revenue CAGR of 18.8% over the forecast period, according to the latest report by Reports and Data.
There should be plenty of opportunities for commercial vehicle telematics providers as transportation and logistics evolve more rapidly. The growth of e-commerce presents new obstacles for the logistics industry. Telematics is being used by logistics organisations to manage the entire transportation system, find transport fleets, and plan routes. Also, significant advancements in data analytics and cloud computing have made it easier to track cars, monitor driver behaviour, provide supportive solutions, and manage fleet operations, all of which are projected to contribute to the market's expected revenue development.
The market for commercial vehicles telematics is experiencing revenue growth as a result of rising rates of traffic fatalities and accidents. For instance, there are more than 500,000 truck-related incidents in the US each year, resulting in about 5,000 fatalities. Truck accidents with the greatest fatality rates also include instances involving passenger cars. Telematics in commercial vehicles helps track real-time data and lowers the likelihood of accidents. According to study, fleet accidents can be reduced by 80% by keeping an eye on the health of the drivers and the vehicles they are operating.
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the factors driving revenue growth in the commercial vehicle telematics market. It is concerning to hear about the high rates of road accidents and fatalities, especially those involving commercial vehicles. The use of telematics to reduce the chances of accidents and track real-time data is a promising solution to this problem, and it is no surprise that it is driving revenue growth in the market.
The safety regulations implemented by various governments, such as the U.S. Department of Transportation and the U.K. Government, are also playing a significant role in driving revenue growth. These regulations are requiring the use of telematics to track vehicle violations, crash data, and other important information to ensure the safety and security of passengers and other road users.
Telematics-based insurance policies are also a promising area for revenue growth in the commercial vehicle telematics market. By assessing commute risk and driving behavior, telematics can help insurance companies better understand their clients' risk profiles and offer more personalized insurance policies. As more companies adopt telematics-based insurance policies, we can expect to see continued revenue growth in this area.
the development of autonomous vehicles is another promising area for revenue growth in the commercial vehicle telematics market. As companies work to develop autonomous vehicles, they will need to monitor these vehicles using telematics to ensure their safety and performance. This presents an exciting opportunity for telematics providers to offer new and innovative solutions to support the development of autonomous vehicles.
some leading companies operating in the global Commercial Vehicle Telematics Market:
Trimble Inc., PTC, TomTom International BV, Verizon, MiX Telematics, Zonar Systems, Octo Group S.p.A, Omnitracs, Masternaut Limited, and Microlise Limited.
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The global market is further segmented into type and application:
Type Outlook (Revenue, USD Billion; 2019-2030)
Technology Outlook (Revenue, USD Billion; 2019-2030)
Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Transportation and Logistics
- Government and Utilities
- Travel and Tourism
- Media and Entertainment
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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