Dublin, May 22, 2024 (GLOBE NEWSWIRE) -- The "Commercial Vehicle Telematics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Commercial Vehicle Telematics Market to Reach $37.6 Billion by 2030
The global market for Commercial Vehicle Telematics estimated at US$24.9 Billion in the year 2023, is projected to reach a revised size of US$37.6 Billion by 2030, growing at a CAGR of 5.3% over the analysis period 2023-2030. Telematics Service, one of the segments analyzed in the report, is expected to record 5% CAGR and reach US$20.9 Billion by the end of the analysis period. Growth in the Telematics Solution segment is estimated at 5.7% CAGR for the next 8-year period.
Telematics is revolutionizing the automobile industry in the 21st century, ushering in a new era of intelligence and connectivity. Recent market activities underscore the rapid advancements in this field, particularly within the commercial vehicle (CV) sector. The market overview highlights the increasing integration of telematics in commercial vehicles, driven by a combination of growing CV production and the broader trend of automobile electronification.
The market outlook for commercial vehicle telematics is promising, with key competitors vying for significant market shares globally. Key trends shaping the growth of telematics in the CV market include substantial investments in intelligent transportation systems (ITS), the rise of connected vehicles, and the implementation of mandatory telematics regulations within the CV industry.
Technological developments in connectivity, including advancements in cellular networks, Wi-Fi, Bluetooth, and satellite communications, are pivotal in enhancing telematics solutions. These innovations enable seamless data transfer and improved vehicle connectivity, contributing to the broader adoption of telematics. As the industry progresses, these factors collectively fortify the market's growth trajectory, setting the stage for a more connected and intelligent future in commercial vehicle operations.
The U.S. Market is Estimated at $7.4 Billion, While China is Forecast to Grow at 5% CAGR
The Commercial Vehicle Telematics market in the U.S. is estimated at US$7.4 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$6.6 Billion by the year 2030 trailing a CAGR of 5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 4.4% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $24.9 Billion |
| Forecasted Market Value (USD) by 2030 | $37.6 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Telematics Shapes the Future of Automobiles in the 21st Century by Ushering in a New Era of Intelligence
- Recent Market Activity
- Commercial Vehicle Telematics: Market Overview
- Market Outlook
- Commercial Vehicle Telematics - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- A Peek Into Key Trends Providing the Stepping Stone for Growth of Telematics in the CV Market
- Growing Production of CVs
- Automobile Electronification
- Growing ITS Investments
- The Rise of Connected Vehicles
- Mandatory Telematics Regulations in the CV Industry
- Developments in Connectivity Technologies like Cellular Networks, Wi-Fi, Bluetooth & Satellite Commutations
- Cost Pressures in the Logistics Industry Spurs Market Opportunities for CV Telematics in Fleet Management
- Innovation in Telematics Services to Boost Revenue Potential of the Market
- One-stop Telematics Solutions of the Future
- Unique Platforms for Different Fleet Sizes
- A Glance at Other Major Technology Trends
- Growing Investments in Public Transportation to Benefit Growth of CV Telematics
- Aftermarket Telematics Emerges Over the Horizon to Compete With OEM Embedded Telematics
- Big Data on Wheels: Automotive Telematics to Derive New Value From Emerging Big Data Technologies
- Telematics: The New Fuel Source for Big Data
- Need to Reduce Vehicle Insurance Costs & Risks Drives Interest in Telematics Usage-Based Insurance
- UBI Pricing Scheme
- Advantages & Challenges
- Effect of Telematics on the Insurance Industry
- Developments in Mobile Telemedicine, Emergency Care & First Responder Networks Drive Demand for Telematics
- Spurt in Infrastructure Development in Emerging Markets Drives Demand for Off-Highway Vehicle Telematics
- Strong Growth in Car Sharing, Car Rental & Carpooling Services Expands the Business Case for Transport Telematics
- Developing Regions to Drive Future Market Growth
- Challenges to Growth: A Review
- Concerns Over Driver Distraction
- Hacking Emerges Into a Potent Threat to Privacy & Data Security
FOCUS ON SELECT PLAYERS(Total 53 Featured)
- Airbiquity, Inc. (USA)
- AirIQ, Inc. (Canada)
- Agero, Inc. (USA)
- BOX Telematics Ltd. (UK)
- BSM Technologies, Inc. (Canada)
- CalAmp (USA)
- Ctrack (UK)
- Davis Instruments (USA)
- Fleetmatics Group PLC (Ireland)
- Geotab, Inc. (Canada)
- Intelligent Telematics (Ireland)
- Omnitracs, LLC (USA)
- OnStar Corporation (USA)
- Orbcomm, Inc. (USA)
- QUALCOMM, Inc. (USA)
- Telit Wireless Solutions (UK)
- Transport Management Solutions Ltd. (UK)
- Trimble Transport & Logistics (Belgium)
- Zonar Systems (USA)
For more information about this report visit https://www.researchandmarkets.com/r/ppvn2m
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
