Market Trends of North America Commercial Vehicle Telematics Industry
This section covers the major market trends shaping the North America Commercial Vehicle Telematics Market according to our research experts:
Smartphone based connectivity services is expected to have more demand in future
- There is an increasing demand for smartphone-based connectivity services. Automobile manufacturers use connectivity features in their vehicles to increase their automobile sales. Consumers expect their cars to do duties similar to computers and smartphones. Automobile manufacturers have prioritized integrating connectivity solutions into their vehicles. Many connectivity solutions are incorporated into modern cars.
- Smartphones are primarily a communication medium, but consumers use them for non-communication-related applications, including in-vehicle services. These services generally take the form of an installed app. Like Blackbox applications, a smartphone-based telematics app would not provide good data on how a vehicle functions. Still, it could provide data for assessing an RUC (Road User Change), such as distance traveled and travel location. Due to the widespread utilization of smartphones, these telematics-related services are among the most popular on the market. So the demand for the commercial vehicle telematics market will significantly grow.
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Increasing Sales of Electric Vehicles
- Over the last five years, North America has seen tremendous growth in electric vehicles, especially in the United States. For instance, plug-in electric light vehicle sales in the United States increased by 97%, from 307,590 in 2020 to 607,570 in 2021, According to EERE; US Department of Energy; Argonne National Laboratory. However, EV sales fell somewhat in 2021; though overall vehicle sales in 2021 were flat compared to 2020, the rate of increase since 2013 has been excellent. Even though the worldwide markets crashed in 2020 due to the COVID-19 pandemic, the BEVs segment has witnessed significant growth, and the long-term forecast of BEVs sales is optimistic.
- The Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) in the United States proposed the implementation of the Safer Affordable Fuel-Efficient (SAFE) vehicles rule from 2021 to 2026. The proposal may set corporate average fuel economy standards and greenhouse gas emissions for passenger and light commercial vehicles. OEMs must sell clean and zero-emission vehicles under the Zero-Emission Vehicles (ZEV) Program (electric, hybrid, and fuel cell-powered commercial and passenger vehicles). By 2030, the ZEV strategy hopes to have 12 million ZEVs on the road.
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