PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1415548
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1415548
Scope of the Report | |
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Years Considered for the Study | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | USD (Million) |
Segments | By Offering, Vehicle Type, Propulsion Type, Sales Channel, End-user, and Region. |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
The commercial vehicle telematics market is projected to grow from USD 5.2 billion in 2023 to USD 10.3 billion by 2028, at a compound annual growth rate (CAGR) of 14.3% during the forecast period. The growth of the commercial vehicle telematics market is primarily driven by the urgent need for streamlined fleet management, rising demand to decrease vehicle fuel consumption and downtime, stricter regulations prioritizing passenger and vehicle safety.
"By offering, telematics compliance software segment is expected to register the fastest market growth rate during the forecast period"
Telematics compliance software in the commercial vehicle telematics sector is expected to experience the fastest growth rate during the forecast period due to increasing regulatory requirements. Governments worldwide are implementing stringent standards related to driver safety, emissions, and operational protocols. Telematics compliance software offers fleet operators a comprehensive solution to efficiently manage and adhere to these regulations, ensuring both legal compliance and operational optimization. As the regulatory landscape evolves, the demand for telematics compliance solutions is anticipated to surge, driving rapid growth in this segment.
"By sales channel, aftermarket segment is expected to account for the largest market share during the forecast period"
The aftermarket segment of the commercial vehicle telematics market is poised to capture the largest market share during the forecast period primarily due to the increasing trend of retrofitting existing fleets with telematics solutions. Fleet operators are recognizing the benefits of post-purchase installations, such as cost-effectiveness and flexibility, enabling them to upgrade vehicles with the latest telematics technologies without the need for significant upfront investments. This trend is expected to drive substantial growth in the aftermarket segment as businesses seek to enhance operational efficiency and stay competitive in the evolving landscape.
"By Region, Asia Pacific is slated to grow at the fastest rate and North America to have the largest market share during the forecast period"
The Asia Pacific region is anticipated to experience accelerated growth in the commercial vehicle telematics market due to factors such as rising urbanization, increased e-commerce activities, and stringent regulatory measures promoting road safety and environmental sustainability. Meanwhile, North America is projected to hold the largest market share, driven by the region's advanced infrastructure, widespread adoption of telematics solutions, and a matured transportation industry. The combination of these factors positions North America as a dominant market player, while Asia Pacific showcases significant potential for rapid expansion.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), vice presidents, innovation and technology directors, system integrators, and executives from various key organizations operating in the commercial vehicle telematics market.
The report includes the study of key players offering commercial vehicle telematics software and services. The major players in the commercial vehicle telematics market include Verizon Connect (US), Geotab (Canada), Trimble (US), PTC (US), TomTom (Netherlands), Omnitracs (US), Masternaut Limited (United Kingdom), Microlise (United Kingdom), Inseego Corporation (US), Samsara (US), Octo Telematics (Italy), MiX Telematics (South Africa), Zonar Systems (US), Teletrac Navman (US), Spireon (US), Lytx (US), Volkswagen Commercial Vehicles (Germany), Motive (US), Nauto (US), GreenRoad Technologies (US), Otonomo Technologies (Israel), Fleetx.io (India), Onfleet (US), Vontier (US), Tangerine (US), Mojio (Canada), Gurtam (Lithunia), Fleetable (India), Avrios (Switzerland), and Platform Science (US).
Research coverage
This research report categorizes the commercial vehicle telematics market by Offering (Software and Services), by Propulsion Type (IC engine vehicle, electric vehicle, and hybrid vehicle), by sales channel (OEM and aftermarket), by Vehicle Type (light commercial vehicles (LCVs), and medium & heavy commercial vehicles (MHCVs), by End-User (fleet operators, auto auto financing & insurance providers, logistics & cargo operators, public transportation authorities, emergency services & first responders, autonomous vehicle OEMs & technology providers, agri & farm operators, mine developers & operators, and others (construction & infrastructure companies)), and by region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the commercial vehicle telematics market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the commercial vehicle telematics market. Competitive analysis of upcoming startups in the commercial vehicle telematics market ecosystem is covered in this report.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall commercial vehicle telematics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.