Global Commercial Vehicle Telematics Market Overview 2024, Forecast To 2033
8 Mar, 2024
The commercial vehicle telematics market is rapidly expanding, with projections from $50.64 billion in 2023 to $59.91 billion in 2024, boasting a CAGR of 18.3%. This growth is driven by regulatory mandates and the rise of connected vehicles. Forecasts indicate continued expansion to $97.44 billion in 2028, with a CAGR of 12.9%, fueled by last-mile delivery services and autonomous vehicle demand. Emerging trends include enhanced cybersecurity and telematics-as-a-service models, alongside real-time traffic management solutions.
Global Commercial Vehicle Telematics Market Key Driver
The commercial vehicle telematics market is experiencing growth driven by the surging demand for electric vehicles (EVs). Electric vehicles are gaining traction globally, with sales nearly doubling in 2021 according to the International Energy Agency. Telematics plays a crucial role in enhancing the efficiency and safety of EVs by collecting and transmitting data about vehicle performance and location, thus fueling the demand for telematics solutions in the commercial vehicle sector.
Get A Free Sample Of The Global Commercial Vehicle Telematics Market ReportGlobal Commercial Vehicle Telematics Market Segments
The commercial vehicle telematics market covered in this report is segmented –
1) Type:Solutions, Services
2) Provider Type:Original Equipment Manufacturer (OEM), Aftermarket
3) Vertical:Transportation And Logistics, Government And Utilities, Travel And Tourism, Construction, Education, Healthcare, Other Verticals
By Geography: The countries covered in the commercial vehicle telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the commercial vehicle telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial vehicle telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Commercial Vehicle Telematics Industry Players
Verizon Communications Inc.; Cisco Systems Inc.; Continental AG; Navistar International Corporation; Garmin Ltd.; Trimble Inc.; Tata Motors Limited; PTC Inc.; Element Fleet Management Corp; Solera Inc.; Samsara Inc.; TomTom International BV; Omnitracs LLC; Geotab Inc.; CalAmp Corp; Inseego Corporation; Mix Telematics International (Pty) Ltd.; Lytx Inc.; Zonar Systems Inc.; Motive Technologies Inc.; Platform Science Inc.; Microlise Group PLC; Azuga Inc.; Masternaut Limited; Spireon Inc.; GPS Insight LLC; NexTraq LLC; Cetaris Co; Telemax Telematics Pty Ltd; AirIQ Inc.
Get The Full Global Commercial Vehicle Telematics Market Report
Commercial Vehicle Telematics Market Overview
Commercial vehicle telematics refers to integrating telecommunications and information technology with commercial vehicles. It involves using various technologies to collect, transmit, and analyze data related to the operation and performance of commercial vehicles.