The commercial vehicle telematics market size is expected to grow from USD 7.31 Billion in 2017 to USD 18.43 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3%. The major drivers of the market include growing government mandate for deploying vehicle tracking in commercial vehicles and rising demand for smartphones supplements the adoption of telematics solutions and services.
Browse 81 Market Data Tables and 34 Figures spread through 148 Pages and in-depth TOC on "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"
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The scope of the report covers the commercial vehicle telematics market analysis by type (solutions and services), provider type, vertical, and region. The safety and compliance solutions segment is expected to grow at the highest CAGR during the forecast period owing to increasing concerns of governments across the globe for safety and compliance to avoid theft protection, accident communications and others. Various governments across the globe have passed regulations to define the driver work hours, fuel efficiency and consumption, safety policies, laws and others.
The professional services segment is expected to have the largest market share during the forecast period owing to the need of technological consulting, and continuous support and maintenance activities for the deployment of smart technologies.
The OEM telematics provider type segment is expected to grow at the highest CARG during the forecast period owing to increasing trend of providing OEM-embedded telematics solutions and due to their extensive foothold in manufacturing embedded modules and strong technological leadership.
As per the geographic analysis, Asia Pacific is expected to witness a highest growth in the commercial vehicle telematics market during the forecast period due to the untapped market strength, increasing awareness about driver safety and accident prevention, upcoming regulations to improve road safety, presence of leading OEM players, growing transportation and logistics industries, and advent of 4G LTE technology and smartphones.
The major restraining factor that is limiting the commercial vehicle telematics market growth is increased communication leading to security and privacy concern, which is affecting and halting the development of government projects midway. The major vendors profiled in the report include 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 Limited (UK), Inseego Corporation (US), and Volkwagen Commercial Vehicles (UK).