Market Size of North America Commercial Vehicle Telematics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 15.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Commercial Vehicle Telematics Market Analysis
The North American commercial vehicle telematics market is expected to grow with a CAGR of 15.3% from 2022 to 2027. The North American commercial vehicle telematics market refers to solutions and services that employ telecommunication equipment to monitor and operate a commercial vehicle. Commercial vehicle telematics uses GPS and onboard diagnostics technologies to monitor, map, and guide commercial vehicles.
- Commercial Vehicle Telematics is becoming more popular as the need for safety, security, and comfort grows. Next-generation technology enables the industry participants to provide novel solutions such as fleet/asset management telehealth solutions, navigation, and location-based systems. Government laws, regulations, and compliances for vehicle safety and security support the worldwide Commercial Telematics industry. The increasing adoption of smartphones and connectivity solutions across the North American regions enabled the growth of the Commercial Vehicle Telematics market.
- The advancement of ADAS (Advanced Driver Assistance Systems) and the increased usage of electric cars are driving up demand for the telematics industry. However, high cost, lack of awareness, and standardized systems are the growing concern for the global commercial telematics market.
- Since the sensors and capabilities are incorporated directly into the vehicle, OEM (Original Equipment Manufacturer) systems provide high data accuracy and detect vehicle health events during vehicle operation. This gives an appealing option for end users without the need to install additional hardware. It also allows access to information not typically available in aftermarket choices, such as odometer readings.
- Newmarket challenges have emerged with the increased adoption of Commercial Vehicle Telematics. Security and privacy concerns are a few primary reasons limiting North American commercial vehicle telematics market growth.
- The transportation and logistics industry was the first to be completely shut down during the COVID-19 lockdown. The most direct effect of COVID-19 on the automotive sector is the standstill of many OEM and supplier factories. However, due to the growing vaccination numbers globally coupled with considerable demand for commercial vehicles, the commercial telematics market is expected to expand significantly in the near future.
North America Commercial Vehicle Telematics Industry Segmentation
The North American Commerical vehicle telematics market study covers the key drivers, restraints, and opportunities with a detailed impact analysis. The study also covers existing regulations and frameworks related to the commercial vehicle telematics market.
The scope of the report includes penetration of Product type (Embedded, Portable and Smartphone) in 2021, Prospects of Fleet Management Services Integration, Pricing, and Service Model Analysis - Low-level, Mid-level, and High-level Package (Comparison between hardware cost and service cost), Telematics Installed Base from 2019-2027, Telematics Service Revenue Based on Average Annual Service Package from 2019-2027, Market Breakdown by Vehicle Type (LCV and M/HCV) - 2021 Vs. 2027, Contribution of OEM vs. 3rd Party Telematics Solution Providers - 2021 Vs. 2027.
North America Commercial Vehicle Telematics Market Size Summary
The North American commercial vehicle telematics market is experiencing significant growth, driven by the increasing demand for safety, security, and comfort in vehicle operations. This market encompasses solutions and services that utilize telecommunication equipment, GPS, and onboard diagnostics technologies to monitor and manage commercial vehicles. The rise of next-generation technologies has enabled industry players to offer innovative solutions such as fleet management, navigation, and location-based systems. Government regulations and compliance requirements further bolster the market, as they mandate enhanced vehicle safety and security measures. The widespread adoption of smartphones and connectivity solutions across North America has also contributed to the market's expansion, as consumers increasingly expect their vehicles to integrate advanced connectivity features.
The market is characterized by medium fragmentation, with numerous players actively developing and implementing innovative telematics solutions to maintain competitiveness. Key companies such as Trimble Inc, Verizon Connect, Samsara, Zonar Systems Inc, and Geotab Inc are leading the charge in product development and strategic partnerships to enhance their market presence. The demand for telematics is further fueled by advancements in Advanced Driver Assistance Systems (ADAS) and the growing use of electric vehicles. However, challenges such as high costs, lack of awareness, and security concerns pose obstacles to market growth. Despite these challenges, the market is poised for significant expansion, supported by government initiatives and the increasing integration of telematics systems in commercial vehicles.
North America Commercial Vehicle Telematics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Challenges
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North America Commercial Vehicle Telematics Market Size FAQs
What is the current North America Commercial Vehicle Telematics Market size?
The North America Commercial Vehicle Telematics Market is projected to register a CAGR of greater than 15.30% during the forecast period (2024-2029)
Who are the key players in North America Commercial Vehicle Telematics Market?
Verizon connect, Samsara, Zonar Systems Inc, Geotab Inc. and Trimble Inc. are the major companies operating in the North America Commercial Vehicle Telematics Market.
