Future of Commercial Vehicle Telematics Market worth USD 12.8 Billion by 2030 | MarketsandMarkets

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227143770

Browse in-depth TOC on "Future of Commercial Vehicle Telematics Market"

143 - Tables
65 - Figures
199 - Pages

Future of Commercial Vehicle Telematics Market Scope:

The HCVs segment is anticipated to show the fastest growth in the global commercial vehicle telematics market.

The HCVs segment is anticipated to be the fastest-growing sector in the future of CV telematics market. The increase in demand can be attributed to the important function HCVs play in industries such as logistics and transportation, where effective management of fleets and optimization of operations are crucial. Samsara's (US) announcement in April 2024 about installing its commercial vehicle telematics platform in UNFI (United National Foods, Inc.) (US) trucks showcases the growing need for advanced solutions that improve fleet performance, cut expenses, and guarantee adherence to regulations. With a focus on efficiency and safety in heavy vehicle operations, industries are projected to increasingly implement telematics technologies, driving significant growth in the future of CV telematics market, specifically in the HCVs segment.

OEMs segment is anticipated to be the fastest growing vendor type in the global commercial vehicle telematics market.

The OEMs segment is also expected to grow at the highest rate throughout the course of the forecast. One of the factors behind this growth is that the growing need for advanced telematics integration of one system with another has created a demand for the integrated data and smooth interaction at the point of manufacture. Some of the trends that fall under this area include for instance Volvo Connect; an all-in-one fleet management portal that was launched in September 2023 by AB Volvo; a Swedish automotive company. Volvo Connect offers a set of sophisticated digital services, analysis, and reports that offer a variety of indispensable truck data, remote diagnostics, and fuel consumption, idle time, speed, seat belts usage, and the truck's position. These innovations illustrate the need for progressed and optimized telematics solutions that improve the results of freight fleets. The continual and fast uptake of such sophisticated OEM telematics systems formulates high market growth in this segment.

Germany to lead the commercial vehicle telematics market in Europe.

Germany is projected to be the largest European market during the forecast period. The country's robust automotive industry, home to leading manufacturers like Volkswagen, BMW, and Daimler, drives significant demand for advanced telematics solutions. These companies invest heavily in innovation, incorporating telematics into their commercial vehicle offerings to enhance efficiency, safety, and connectivity. Secondly, Germany's robust regulatory framework supports the adoption of telematics, with stringent emissions standards and safety regulations encouraging the use of these technologies to meet compliance requirements. Additionally, Germany's advanced infrastructure, including extensive transportation networks and smart city initiatives, facilitates the integration of telematics systems. The country also benefits from a thriving technology sector, with numerous telematics providers and startups contributing to developing cutting-edge solutions. For instance, in April 2024, m2m Germany and Owasys showcased their latest commercial vehicle telematics solutions at the iVT Expo 2024 in Cologne. This event highlighted their cutting-edge technologies designed to enhance vehicle connectivity, efficiency, and data management. Their participation underscored a commitment to advancing telematics in the commercial vehicle industry. 

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=227143770

Future of Commercial Vehicle Telematics Market Dynamics:

Drivers:

1. Rapid advancements in telematics technology

Restraints:

1. Data Privacy Concerns

Opportunities:

1. Integration of advanced analytics, GenAI, and smart city infrastructure with telematics

Challenge:

1. User acceptance and training issues

Key Market Players Future of Commercial Vehicle Telematics Industry:

Prominent players in the Future of Commercial Vehicle Telematics Market include as Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US), among others.

The break-down of primary participants is as mentioned below:

• By Respondent Type: OEMs – 32%, Tier 1 – 48% and Others – 20%,
• By Designation: CXO's – 31%, Managers – 53%, and Executives – 16%
• By Region: North America – 43%, Asia Pacific – 24%, Europe – 33%

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=227143770 

Future of Commercial Vehicle Telematics Industry Recent Developments:

• In May 2024, Geotab (Canada) announced a partnership with Rivian (US) to deliver an integrated data solution for Rivian's commercial vehicles in North America. The solution uses embedded telematics in Rivian vehicles to integrate data into Geotab's MyGeotab platform, providing a unified dashboard for fleet managers to optimize performance and improve mobility. The partnership is expected to improve productivity, compliance, and safety while reducing costs and increasing efficiency. The partnership is anticipated to increase Geotab's market presence in the North American region.
• In April 2024, Samsara (US) made an agreement with United National Foods, Inc. (UNFI) to install its commercial vehicle telematics platform in UNFI trucks. This collaboration would let UNFI enhance sustainability and fleet safety by utilizing route optimization and monitoring driver behavior while also providing Samsara with important data and entry into the expansive refrigerated transport sector.
• In February 2024, Transport for Greater Manchester, the local transport authority, selected MiX by Powerfleet (US) to provide fleet management solutions to improve efficiency and safety across its vehicle fleet.

Future of Commercial Vehicle Telematics Market Size - Key Benefits of Buying the Report:

• The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall commercial vehicle telematics market and the subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

• Analysis of key drivers (Rising demand for efficient fleet management, Emphasis on fuel efficiency and reducing vehicle downtime, Rapid advancements in telematics technology, Regulatory mandates and compliance requirements), restraints (Dependance on commercial vehicle demand fluctuations, Data privacy concerns), opportunities (Merger of V2X communication and autonomous driving, Integration of advanced analytics, GenAI, and smart city infrastructure with telematics, Growth of logistics and transportation sectors), and challenges (User acceptance and training issues, Lack of standardization) influencing the growth of the commercial vehicle telematics market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the commercial vehicle telematics market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the commercial vehicle telematics market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the commercial vehicle telematics market.
• Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US) among others in the commercial vehicle telematics market.
• Strategies: The report also helps stakeholders understand the pulse of the commercial vehicle telematics market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Related Reports:

Automotive Telematics Market - Global Forecast to 2030

Electric Commercial Vehicle Market - Global Forecast to 2030

Automotive V2X Market - Global Forecast to 2030

V2X Cybersecurity Market - Global Forecast to 2030

Get access to the latest updates on Future of Commercial Vehicle Telematics Companies and Future of Commercial Vehicle Telematics Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

SOURCE MarketsandMarkets