Press release
Future of Commercial Vehicle Telematics Market Size worth $12.8 billion by 2030, at a CAGR of 15.2%
Future of Commercial Vehicle Telematics Market
The global commercial vehicle telematics market [https://www.marketsandmarkets.com/Market-Reports/future-commercial-vehicle-telematics-market-227143770.html] size is projected to grow from USD 5.4 billion in 2024 to USD 12.8 billion by 2030, at a CAGR of 15.2%. The main factor driving production of commercial vehicle telematics is an attempt at finding effective ways of managing commercial fleets because their costs are comparatively hiked, and productivity enhanced remarkably. The changes such as the live updates in regard to the finishes and progress of loads and acts of predictiveness are helpful when reconstructing the paths and timetables for the maintenance of the vehicles thereby increasing the fuel efficiency and down time. On the same note, more stringent measures and conditions that are imposed on the firm on issues of safety, emission rates, and compliance can force fleet operators to adopt the telematics systems.
The HCVs segment is anticipated to show the fastest growth in the global commercial vehicle telematics market.
The HCVs segment is anticipated to be the fastest-growing sector in the future of CV telematics market. The increase in demand can be attributed to the important function HCVs play in industries such as logistics and transportation, where effective management of fleets and optimization of operations are crucial. Samsara's (US) announcement in April 2024 about installing its commercial vehicle telematics platform in UNFI (United National Foods, Inc.) (US) trucks showcases the growing need for advanced solutions that improve fleet performance, cut expenses, and guarantee adherence to regulations. With a focus on efficiency and safety in heavy vehicle operations, industries are projected to increasingly implement telematics technologies, driving significant growth in the future of CV telematics market, specifically in the HCVs segment.
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OEMs segment is anticipated to be the fastest growing vendor type in the global commercial vehicle telematics market.
The OEMs segment is also expected to grow at the highest rate throughout the course of the forecast. One of the factors behind this growth is that the growing need for advanced telematics integration of one system with another has created a demand for the integrated data and smooth interaction at the point of manufacture. Some of the trends that fall under this area include for instance Volvo Connect; an all-in-one fleet management portal that was launched in September 2023 by AB Volvo; a Swedish automotive company. Volvo Connect offers a set of sophisticated digital services, analysis, and reports that offer a variety of indispensable truck data, remote diagnostics, and fuel consumption, idle time, speed, seat belts usage, and the truck's position. These innovations illustrate the need for progressed and optimized telematics solutions that improve the results of freight fleets. The continual and fast uptake of such sophisticated OEM telematics systems formulates high market growth in this segment.
Germany to lead the commercial vehicle telematics market in Europe.
Germany is projected to be the largest European market during the forecast period. The country's robust automotive industry, home to leading manufacturers like Volkswagen, BMW, and Daimler, drives significant demand for advanced telematics solutions. These companies invest heavily in innovation, incorporating telematics into their commercial vehicle offerings to enhance efficiency, safety, and connectivity. Secondly, Germany's robust regulatory framework supports the adoption of telematics, with stringent emissions standards and safety regulations encouraging the use of these technologies to meet compliance requirements. Additionally, Germany's advanced infrastructure, including extensive transportation networks and smart city initiatives, facilitates the integration of telematics systems. The country also benefits from a thriving technology sector, with numerous telematics providers and startups contributing to developing cutting-edge solutions. For instance, in April 2024, m2m Germany and Owasys showcased their latest commercial vehicle telematics solutions at the iVT Expo 2024 in Cologne. This event highlighted their cutting-edge technologies designed to enhance vehicle connectivity, efficiency, and data management. Their participation underscored a commitment to advancing telematics in the commercial vehicle industry.
Key Players
The commercial vehicle telematics market is dominated by global players such as Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US), among others. These companies adopted new product development strategies, expansions, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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