The Commercial Vehicle Telematics Market size is expected to reach $85.4 billion by 2024, rising at a market growth of 19.4% CAGR during the forecast period.
Telematics interconnects telecommunications with computer technology to provide enterprises with data on remote products like vehicles in real time. It enables them to track, at a given point, any or all of their essential supplies. However, just the location and length of travel is not the matter. Telematics has developed so that all kinds of important information can be collected and transmitted that can be used to achieve a productivity gain. The telematics use is therefore exponentially increasing. A RAC telematics survey found that 64% and 62% of transportation and distribution companies use telematics. For example, as part of an extended ambition to establish a connected supply chain, BMW has already implemented a sophisticated Transport Management System (TMS).
Commercial Vehicle Telematics Market Size
The vehicle telematics industry provides on-board communication, route plans, tracking location and speed determination of a moving vehicle. The aforementioned information is used by fleet managers and insurers to monitor the travel, status and performance of commercial vehicles. They use the data and communication principle for the transmitting information via wireless technology from a car to the vehicle and from the car to a central server. It also has a feature wherein the driver can watch a wireless TV, listen to entertainment and carry out domestic automation commands or access IoT domain Internet services.
Segmental Highlights
Based on Application, the market is segmented into Solution and Services. Solutions are further segmented into Fleet / Asset Management, Navigation, Infotainment, Insurance, Tele-Health, and Others. Services are further bifurcated into Design & Consulting, Deployment and Maintenance. Advance diagnostic system is a feature that would boost the telematics market. In advanced diagnostics, an inbuilt mechanism relays real-time messages to the driver and the automobile dealer in case of any issues that are likely to affect the vehicle, which will help predict potential automobile issues before they take place.
In fleet management, it is easy to track the vehicle records and service them accordingly with the help of connectivity solutions. The diagnostic service enables the consumer to proactively manage the maintenance of their vehicle, thus saving money and time by avoiding unwanted and sudden expenses and breakdowns. The system provides a maintenance schedule along with timely reminders to the consumer. The diagnostic system keeps a track of the vehicles smoke emission and fuel consumption thus monitoring its engines health.
Commercial Vehicle Telematics Market Share By End User
Based on Deployment type, the market is segmented into Aftermarket and OEM (Original Equipment Manufacturers). Based on End User, the market is segmented into Transportation & Logistics, Insurance, Healthcare, Media & Entertainment, Automotive Industry, and Government Agencies.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
KBV Cardinal Matrix: Commercial Vehicle Telematics Market
The KBV Cardinal Matrix is a visual representation about the key players in the industry. The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include Verizon communications, AT&T Inc., Ford Motor Company, BMW AG, Robert Bosch GmbH, Valeo S.A, Harman International industries, Vodafone Group Plc., Telefonica S.A, and Continental AG.
Scope of the Study
Market Segmentation:
By Application
By Deployment Type
By End User
By Geography
Companies Profiled
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