PUBLISHER: The Business Research Company | PRODUCT CODE: 1480368
PUBLISHER: The Business Research Company | PRODUCT CODE: 1480368
Commercial vehicle telematics is a multidimensional market that integrates telecommunications, vehicle technologies and computer sciences to provide a suite of services and solutions for commercial vehicle fleets. This technology enables the remote monitoring and management of commercial vehicles by collecting and transmitting data about the vehicle's operation, location and other relevant metrics.
The commercial vehicle telematics market consists of sales, by entities (organizations, sole traders and partnerships), of commercial vehicle telematics solutions and services that are used by a wide range of stakeholders including fleet managers, logistics and transportation companies, construction firms and public sector entities, among others, to enhance operational efficiency, ensure safety, optimize fleet performance and reduce operational costs.
The global commercial vehicle telematics market was valued at $35,349.28 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 11.0%.
Increased Demand For Enhanced User Comfort, Safety And Convenience In Vehicles
During the historic period, increased demand for enhanced user comfort, safety and convenience in vehicles supported the growth of the commercial vehicle telematics market. Enhanced user comfort, safety and convenience refers to improvements made in various products, services, or environments to ensure a better experience for users in terms of comfort, safety and ease of use. Commercial vehicle telematics contributes to enhanced user comfort, safety and convenience by optimizing driving conditions, promoting safer behaviors and streamlining operational processes for both drivers and fleet managers. According to a survey of US drivers in 2018, 51% of drivers demand a rearview camera or backup warning while buying a new vehicle for increased safety. Therefore, an increase in demand for enhanced user comfort, safety and convenience in vehicles drove the growth of the commercial vehicle telematics market.
Advancements In Commercial Vehicle Telematics Through Advanced 5G Modems
Companies operating in the commercial vehicle telematics market are developing advanced telematics solutions through the use of advanced 5G modems to expand their product portfolios and stay ahead of competitors. 5G modems are devices based on 5G technologies that provide high-speed connectivity and advanced features for vehicles. For instance, in March 2024, Harman International Industries Inc., a US-based electronics company, and Qualcomm Incorporated, a US-based semiconductor company, united to launch Ready Connect 5G TCU (Telematics Control Unit) for connected cars. This ground-breaking solution, which offers state-of-the-art features to improve the driving experience, is based on the Snapdragon Auto 5G Modem-RF Gen 2. The Ready Connect 5G TCU provides high-speed 5G connectivity, enabling seamless and fast data transmission for various in-car applications and services, ensuring a connected and efficient driving experience.
The global commercial vehicle telematics market is highly concentrated, with a few large players dominating the market. The top ten competitors in the market made up 56.13% of the total market in 2022.
Commercial Vehicle Telematics Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global commercial vehicle telematics market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for commercial vehicle telematics? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The commercial vehicle telematics market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider commercial vehicle telematics market; and compares it with other markets.
3) By Vertical; Transportation And Logistics; Insurance; Healthcare; Media And Entertainment; Vehicle Manufacturers And Dealers; Government Agencies; Other Verticals