Commercial Vehicle Telematics Market Projected to Reach USD 183.41 billion, with a CAGR of 18.50% by 2030 – Report by Market Research Future (MRFR)

By 2030, the Commercial Vehicle Telematics Market Growth Boost by Growing Adoption of Electric and Autonomous Vehicles Technological Advancements

New York, US, April 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Commercial Vehicle Telematics Market Information by Type, Provider Type, Vertical, and Region - Forecast till 2030", By 2030, the commercial vehicle telematics market can soar from USD 66.24 billion in 2023 to USD 183.41 billion, expanding at a pace of 18.50% between 2022 and 2030.

Commercial Vehicle Telematics Market Overview

Commercial telematics allows trucking companies or commercial vehicles to transmit real-time operational data with dispatch centers. The system typically comprises of mobile commercial vehicles and fixed fleet communication. For effective and secure freight transportation, these commercial trucks are outfitted with a variety of telematics sensors and gadgets that can transmit real-time operational data to dispatch centers.

Fleet owners, OEMs, and insurers are quickly adopting commercial telematics to get real-time information from the vehicle, such as location, speed, braking, engine temperature, fuel use, and others, to increase fleet efficiency and driver performance. GPS trackers, sensors, mobile apps, car engine diagnostic tools, dashcams, and other telematics equipment are employed in the sector.

Market Competitive Landscape:

The affluent vendors in the commercial vehicle telematics industry are

  • PTC Inc.
  • Trimble Inc.
  • TomTom Telematics BV
  • Verizon Telematics Inc.
  • Mix Telematics International (PTY) Ltd.
  • Zonar Systems Inc.
  • OCTO Telematics Ltd.
  • Omnitracs LLC
  • Masternaut Limited
  • Microlise Group Ltd
  • Among others.

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Commercial Vehicle Telematics Market COVID 19 Analysis

Due to lockdowns, travel restrictions, as well as company closures, the COVID-19 pandemic affected the economies along with businesses of various regions and countries. These disruptions include a breakdown in the supply chain, decreased output and employee numbers, the cessation of technology events, product distribution, and advertising, office closures because of curfews and lockdowns, and a decline in product sales.

With its prevalence and significant raw material suppliers, China is one of the world's leading industrial centers. The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide market. The most recent pandemic outbreak began in Wuhan (a Chinese province) in the year 2019, and it quickly spread around the world. These elements disrupted the worldwide market for commercial vehicle telematics.

Report Scope:

Report Metrics Details
Market Size 2030 2030: USD 183.41 billion
CAGR during 2022-2030 18.50% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Provider Type, Vertical, and Region
Key Market Opportunities Government initiatives for driver and passenger safety
Key Market Dynamics Growing adoption of electric and autonomous vehicles Technological advancements

Browse In-depth Market Research Report (128 Pages) on Commercial Vehicle Telematics Market

Commercial Vehicle Telematics Market USP Covered:

Market Drivers:

The trucking and fleet management sectors of developing nations like India, South Korea, and others are driving the use of vehicle sensors and telematics systems. Thus, during the course of the projected period, increasing commercial telematics demand in medium- to large-scale companies in these areas is anticipated to drive market expansion. Also influencing the industry is the ability of manufacturers to provide telematics devices at competitive prices thanks to technical advancements in the production processes of these devices.

Moreover, it is projected that the growing usage of smartphones and IoT devices for telematics data collecting would have an impact on market growth. Since they are so common, smartphones are ideal for telematics operations.

Commercial Vehicle Telematics Market with usage-based insurance, the cost of the coverage is directly related to how often you drive. Telematics devices are used by insurance firms to track real-time car usage, and the premium is then set according to usage. As a result, it is anticipated that usage-based insurance (UBI) would see increased acceptance in developed countries in the years to come. Moreover, transportation and fleet activities have decreased globally as a result of the Covid19 pandemic's interruption of the supply chain. The need for telematics systems is increasing as more fleet owners switch from traditional insurance plans to UBI plans in order to take advantage of the benefits.

5G Connectivity to Create Opportunities for Market

The growing development of 5G technology for enhanced internet connectivity solutions is anticipated to generate lucrative growth opportunities for the market over the forecast period. Additionally, the increasing advancement and popularity of autonomous mobility are further expected to create new prospects for the market in years to come.

Market Restraints: 

Real-time data sharing across telematics devices is made possible by cloud services and internet access. Fleet owners now prioritize cybersecurity and data security concerns, which restrains the market's growth even more. Furthermore, as telematics is a young technology, it hasn't yet reached several emerging and impoverished nations, which further restrains market expansion.

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Commercial Vehicle Telematics Market Segmentation

By Type

Solutions and services are the types of commercial vehicle telematics market. With accounting for 65–67% of the Commercial Vehicle Telematics Market revenue in 2022, the solutions segment had the lion's share of the commercial vehicle telematics market. The acceptance and demand for wireless connectivity in the automobile industry, the industrial sector, and many other industries, as well as continual technology improvements, are principally responsible for this. A growing deployment of telematics in commercial vehicles, which is encouraged by government legislation, is expected to result in the services sector holding the greatest market share throughout the forecast period.

By Product Type

OEM and aftermarket are two product types part of the Commercial Vehicle Telematics Market segmentation. Over the projection period of 2022–2030, the OEM sector, which led the market in 2022, is anticipated to increase at a higher rate. Vehicle and trailer manufacturers have started to provide their items pre-installed in the cars and trailers. By releasing advanced-featured items, OEM prospects will stimulate market expansion.

By Vertical

In terms of verticals, the commercial vehicle telematics market can be considered for the following categories: transportation & logistics, government & utilities, travel & tourism, construction, education, healthcare, and others. In 2022, the market was dominated by the logistics and transportation sectors. The primary reasons driving the segment's growth are the introduction of cutting-edge automobiles, rising internet penetration, IoT, and expanding government initiatives. The industry category that will increase more quickly is construction.

Commercial Vehicle Telematics Market Regional Insights

The Commercial Vehicle Telematics market in Asia Pacific, which is predicted to develop at the quickest CAGR during the research period, was worth USD 1.8 billion in 2022. As electric vehicles and autonomous vehicle technologies gain popularity, the automotive industry is seeing the introduction of new electronic safety aids like Advanced Driver Assistance Systems (ADAS) and Mobility-as-a-Service providers (MaaS), which is increasing the need for telematics in this area. One key factor driving automakers to China to create 5G-connected vehicles is the Chinese government's backing for the technology. China's top-down strategy and ability to deploy state-owned companies to close the public-private divide hastened the rollout of 5G. Government funds and a defined road map are fostering the development of a 5G ecosystem.

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In March 2022, the Indian government declared that investment proposals totaling INR 74,850 crore over the following five years had been received in response to the production-linked incentive (PLI) scheme for the automobile and auto component sectors, which is 76.11% more than the original target of Rs 42,500 crore. In order to accelerate market expansion, the expanding manufacturing sector is examined.

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