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Commercial Vehicle Telematics Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Commercial Vehicle Telematics Market Growth
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According to The Business Research Company's, The commercial vehicle telematics market size has grown rapidly in recent years. It will grow from $50.64 billion in 2023 to $59.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to regulatory mandates, fleet management optimization, cost reduction and operational efficiency, rise in e-commerce and logistics, demand for real-time data and analytics.
The commercial vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $97.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to growth in connected vehicles, rising demand for last-mile delivery services, focus on green and sustainable fleets, expansion of autonomous vehicles, demand for predictive maintenance. Major trends in the forecast period include enhanced cybersecurity measures, telematics-as-a-service (taas) model, telematics for ev optimization, real-time traffic management solutions, integration with cloud-based platforms.
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Market Drivers and Trends:
The growing demand for electric vehicles is expected to propel the growth of the commercial vehicle telematics market going forward. Electric vehicles (EVs) refer to vehicles that are powered by one or more electric motors using electrical energy stored in rechargeable batteries or obtained from an external source. Telematics is used in electric vehicles (EVs) to collect and transmit data about the vehicle's performance, location, and other factors, improving EVs' efficiency and safety. For instance, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the growing demand for electric vehicles is driving the growth of the commercial vehicle telematics market.
Major companies operating in the commercial vehicle telematics market are developing advanced technologies, such as fleet management software, to meet larger customer bases, increase sales, and increase revenue. Fleet management software is a specialized type of technology designed to assist businesses and organizations in managing and optimizing their fleet of vehicles. For instance, in September 2022, Ford Motor Company, a US-based automobile manufacturer, launched the Ford Pro Fleet Management Software. The distinctive feature of the Ford Pro Fleet Management Software lies in its ability to streamline administrative processes, replacing cumbersome paperwork with an ever-accessible and user-friendly digital program. Developed on Fleetio software, it is compatible with both Ford and non-Ford vehicles, accommodating unlimited fuel payment cards, providing versatile maintenance program choices, and seamlessly integrating into the comprehensive suite of Ford Pro fleet solutions. This innovation facilitates real-time tracking of the total cost of ownership and digitizes comprehensive fleet vehicle reports, offering an efficient and integrated solution for fleet management.
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Major Key Players of the Market:
Verizon Communications Inc., Cisco Systems Inc., Continental AG, Navistar International Corporation, Garmin Ltd., Trimble Inc., Tata Motors Limited, PTC Inc., Element Fleet Management Corp, Solera Inc., Samsara Inc., TomTom International BV, Omnitracs LLC, Geotab Inc., CalAmp Corp, Inseego Corporation, Mix Telematics International (Pty) Ltd., Lytx Inc., Zonar Systems Inc., Motive Technologies Inc., Platform Science Inc., Microlise Group PLC, Azuga Inc., Masternaut Limited, Spireon Inc., GPS Insight LLC, NexTraq LLC, Cetaris Co, Telemax Telematics Pty Ltd, AirIQ Inc.
Commercial Vehicle Telematics Market 2024 Key Insights:
• The commercial vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $97.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Rising Electric Vehicle Adoption Fuels Expansion Of The Commercial Vehicle Telematics Market
• Innovative Solutions In The Commercial Vehicle Telematics Market
• Asia-Pacific was the largest region in the commercial vehicle telematics market in 2023
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