Commercial Vehicle Telematics Market to be Driven by Upgradation of Technologies

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MarketsandMarkets Presents
Commercial Vehicle Telematics Market worth 18.4
Billion USD by 2022   http//www.marketsandmarkets
.com/Market-Reports/commercial-telematics-market-2
2050839.html
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According to a new research report "Commercial
Vehicle Telematics Market by Solution (Fleet
Tracking and Monitoring, Driver Management,
Insurance Telematics, Safety and Compliance, and
V2X Solutions), Service, Provider Type, Vertical,
and Region - Global Forecast to 2022", published
by MarketsandMarkets, the Commercial Vehicle
Telematics Market size is expected to grow from
USD 7.31 Billion in 2017 to USD 18.43 Billion by
2022, at a Compound Annual Growth Rate (CAGR) of
20.3. Browse 81 Market Data Tables and 34
Figures spread through 148 Pages and in-depth TOC
on "Commercial Vehicle Telematics http//www.mar
ketsandmarkets.com/Market-Reports/commercial-telem
atics-market-22050839.html Early buyers will
receive 10 customization on this report.
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The commercial vehicle telematics market size is
expected to grow from USD 7.31 Billion in 2017 to
USD 18.43 Billion by 2022, at a Compound Annual
Growth Rate (CAGR) of 20.3. The major drivers of
the market include growing government mandate for
deploying vehicle tracking in commercial vehicles
and rising demand for smartphones supplements the
adoption of telematics solutions and
services. The scope of the report covers the
commercial vehicle telematics market analysis by
type (solutions and services), provider type,
vertical, and region. The safety and compliance
solutions segment is expected to grow at the
highest CAGR during the forecast period owing to
increasing concerns of governments across the
globe for safety and compliance to avoid theft
protection, accident communications and others.
Various governments across the globe have passed
regulations to define the driver work hours, fuel
efficiency and consumption, safety policies, laws
and others.
 
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.
 
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The professional services segment is expected to
have the largest market share during the forecast
period owing to the need of technological
consulting, and continuous support and
maintenance activities for the deployment of
smart technologies. The OEM telematics provider
type segment is expected to grow at the highest
CARG during the forecast period owing to
increasing trend of providing OEM-embedded
telematics solutions and due to their extensive
foothold in manufacturing embedded modules and
strong technological leadership. As per the
geographic analysis, Asia Pacific is expected to
witness a highest growth in the commercial
vehicle telematics market during the forecast
period due to the untapped market strength,
increasing awareness about driver safety and
accident prevention, upcoming regulations to
improve road safety, presence of leading OEM
players, growing transportation and logistics
industries, and advent of 4G LTE technology and
smartphones.
 
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North America is expected to hold the largest
market share in the commercial vehicle telematics
market during the forecast period. As per the
geographic analysis, North America is estimated
to hold the largest market share during the
forecast period. This is due to the major market
share is early adoption of telematics technology
for commercial vehicle in the region. North
America constitutes of developed economies such
as US and Canada. These countries are
significantly advanced in terms of technology and
its application deployments. The commercial
automobile industry in US is more than a decade
old. Moreover, government regulations, policies
and mandates for the different application of
commercial vehicle telematics is expected to
drive the market growth in North America.
 
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The major restraining factor that is limiting the
commercial vehicle telematics market growth is
increased communication leading to security and
privacy concern, which is affecting and halting
the development of government projects midway.
The major vendors profiled in the report include
PTC, Inc. (US), Trimble Inc. (US), TomTom
Telematics BV (Netherlands), Verizon Telematics,
Inc. (US), MiX Telematics International (Pty) Ltd
(South Africa), Zonar Systems, Inc. (US), Octo
Telematics Ltd. (UK), Omnitracs, LLC (US),
Masternaut Limited (UK), Microlise Limited (UK),
Inseego Corporation (US), and Volkwagen
Commercial Vehicles (UK).
 
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