Commercial Vehicle Telematics Market Growing at a CAGR 20.3% | Key Player PTC, Trimble , TomTom, Verizon Telematics, IMiX Telematics

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Commercial Vehicle Telematics Market Growing at a CAGR 20.3% | Key Player PTC, Trimble , TomTom, Verizon Telematics, IMiX Telematics

April 06
13:26 2020
Commercial Vehicle Telematics Market Growing at a CAGR 20.3% | Key Player PTC, Trimble , TomTom, Verizon Telematics, IMiX Telematics

Trimble (US), TomTom (Netherlands), Verizon Telematics (US), MiX Telematics (South Africa), Zonar Systems (US), Octo Telematics (UK), Omnitracs (US), Masternaut (UK), Microlise (UK), and Inseego (US)
Commercial Vehicle Telematics Market by Solution (Fleet Tracking and Monitoring, Driver Management, Insurance Telematics, Safety and Compliance, and V2X Solutions), Service, Provider Type, Vertical, and Region – Global Forecast to 2022

The commercial Vehicle Telematics Market size is estimated to be USD 7.31 Billion in 2017 and is projected to reach USD 18.43 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3%. Some of the major factors that are driving the growth of the commercial vehicle telematics market include increasing adoption for the Next-Generation Telematics Protocol (NGTP) enhancing the telematics service delivery, proliferation of telematics technology due to decreasing sensor and connectivity cost, growing government mandate for deploying vehicle tracking in commercial vehicles, and rising demand for smartphones supplementing the adoption of telematics solutions and services.

Safety and compliance segment to grow at the highest CAGR during the forecast period

Safety and compliance solutions are expected to drive the market growth since the safety and security aspect has been one of the initial functionalities of the commercial vehicle telematics. Safety and compliance solutions include applications, such as theft protection and accident communication, which are used in commercial vehicles. Safety and compliance solutions often address the concern of transporting valuable and dangerous goods. Governments across the globe have slowly started forming policies and regulations for traffic and transport management, focusing on the technological aspect. Hence, the safety and compliance segment is anticipated to grow at the highest CAGR during the forecast period.

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Professional services segment to account for a larger market size during the forecast period

The professional services segment is expected to account for a larger market size during the forecast period, due to the increased deployment of smart solutions, which requires technological consulting, and continuous support and maintenance activities. The availability of different solutions and services in the commercial vehicle telematics market has created the need for professional services. Professional services are required during and after the implementation of commercial vehicle telematics solutions.

The key market players profiled in this report are PTC, Inc. (US), Trimble Inc. (US), TomTom Telematics BV (Netherlands), Verizon Telematics, Inc. (US), Mix Telematics International (Pty) Ltd (South Africa), Zonar Systems, Inc. (US), Octo Telematics Ltd. (UK), Omnitracs LLC (US), Masternaut Limited. (UK), Microlise Group Ltd. (UK), Inseego Corporation (US), and Volkswagen Commercial Vehicles (UK). These players offer commercial vehicle telematics solutions and services to cater to the needs and demands of the market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches. Partnerships and new product launches have been the major strategical trends, followed by mergers and acquisitions.

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Tom Tom Telematics has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. In 2017, TomTom Telematics and OBS Logistics (UK), a transport management software specialist have entered into a partnership to create a new vehicle checking solution for haulage and logistics operators, helping to capture accurate information for Driver and Vehicle Standards Agency (DVSA) and Fleet Operator Recognition Scheme (FORS) compliance records. Additionally, in October 2016, TomTom Telematics launched Traffic Stats API, a new service to access TomTom’s historical speed and travel time data. The new service is based on the historical and real-time travel data that TomTom collects from its community of users.

Similarly, in 2017, Verizon Communications Inc. made two acquisitions of Fleetmatics Group PLC, a fleet telematics solutions provider and Telogis Inc. (US), a cloud-based mobile enterprise management software provider. These acquisitions have enhanced the Verizon Telematics’ offerings in the commercial vehicle telematics space.

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