Telematics Solutions Market to $142.93 Billion by 2030: Players LG Corp., Verizon Communications Inc

The COVID-19 pandemic has disrupted transportation and logistics worldwide, leading to a surge in demand for trailer telematics technology. With the need for real-time information about trailer location, condition, and cargo, more and more fleets are turning to trailer telematics to optimize their operations. According to industry experts, trailer telematics can provide valuable data for fleet management, including better tracking of cargo, reduced downtime, and improved safety. The technology also helps reduce operational costs, such as fuel consumption, maintenance, and repair.

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As per the report published by The Brainy Insights, the global trailer telematics market is expected to grow from USD 773.07 million in 2022 to USD 2420.40 million by 2032, at a CAGR of 12.09% during the forecast period 2023-2032. North American region emerged as the largest global trailer telematics market, with a 46.25% market revenue share in 2022.

The ever-increasing sales of passenger and commercial vehicles and the rising demand for telematics solutions in fleet management propel the market's growth in this region. Furthermore, the ever-increasing energy storage industry, coupled with the increasing demand for energy generation from renewable energy sources, is anticipated to drive market growth in this region. In addition, the Asia Pacific region is expected to show the fastest CAGR growth over the projection period due to the advancement in the automobile industry.

Trailer Telematics Market Size by Application (Semi-Trailer and Full Trailer), Provider Type (Aftermarket and OEM), Power Source (Solar Battery Operated Devices, Wired Devices, and Self-Contained Battery Operated Devices), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include EROAD, Tirsan, Truck-Lite, Astrata Group (Omnitracs), CalAmp, Descartes, Masternaut, Qualcomm, Fleetmatics, Schmitz Cargobull, Intel, Microlise, Philips, WABCO (ZF), ORBCOMM, Trendfire Technologies, FleetGO, BPW, CLS, Star Leasing, MiX Telematics, Spireon, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The application segment is divided into a semi-trailer and a full trailer. The semi-trailer segment led the market with a market share of 56.12% in 2022. This growth is attributed to the increase in the end-use industries and the expanding cold chain industry. The provider type segment is divided into aftermarket and OEM. The aftermarket segment led the market with a market share of 53.28% in 2022.

This growth is attributed to the increased production of commercial and passenger vehicles. The power source segment is divided into solar battery operated devices, wired devices, and self-contained battery operated devices. The solar battery operated devices segment led the market with a market share of 43.18% in 2022. This growth is attributed to the increasing usage of solar batteries in grid-tied systems, backup power, solar streetlights, and smart grid applications.

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The high adoption of the telematics system for fleet management, the expansion of the logistics industry, and the rise in cold chain transportation drop in transportation costs are helping to drive the growth of the trailer telematics market. Further, the increasing implementation of renewable sources of energy within an electric vehicle, coupled with the rise in industry demand for perishable goods, including pharmaceutical products, poultry, fresh flowers, dairy products, fish, and fruits & vegetables, are helping to stimulate the trailer telematics market growth during the forecast period. Additionally, the rapid technological developments in automotive trailers are also helping to boost market growth over the forecast period.

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