Commercial Vehicle Telematics Market To Reach USD 41.29 Billion By 2026
New York, NY -- (SBWIRE) -- 04/13/2021 -- The global commercial vehicle telematics market is expected to reach USD 41.29 Billion by 2026, according to a new report by Reports and Data. Vehicle telematics systems, composed of telecommunication and informatics, provide crucial information for drivers, such as information about live traffic status and weather forecast. Essentially, it is vehicle monitoring systems that empower the drivers to stay updated with real-time performance and safety of the vehicle.
The report includes the impacts the economy and global Commercial Vehicle Telematics industry has suffered due to the pandemic. The pandemic has made significant dents on the functioning of this industry, and therefore the inclusion of its effect was mandatory for accurate analysis of future trends.
Companies considered and profiled in this market study:
Trimble Inc., Verizon Telematics Inc., PTC Inc., OCTO telematics Ltd., TomTom Telematics Bv, Omnitracs LLC, Volkswagen Commercial Vehicle, Inseego Corporation, Masternaut Ltd., and Zonar Systems Inc., among others.
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Key Factors Explained In The Report:
The Commercial Vehicle Telematics market is segmented on the basis of type, application, and region. An extensive explanation of the market, including data regarding the world market players, has been mentioned in the report. The segmentation identifies the leading segments and explains in detail the key factors impacting the growth of the global Commercial Vehicle Telematics market. The report also highlights product positioning, customers' perception of market competition, customer segmentation, buying behavior of consumers, target customers, and others.
For the purpose of this report, Reports and Data have segmented into the global Commercial Vehicle Telematics market on the basis of type, form, applications, end-users, and region:
Offering Outlook (Revenue, USD Million; 2016-2026)
Fleet Tracking & Monitoring
Safety & Security
Product Type Outlook (Revenue, USD Million; 2016-2026)
Provider Type Outlook (Revenue, USD Million; 2016-2026)
Vehicle Type Outlook (Revenue, USD Million; 2016-2026)
Light Commercial Vehicles
Medium & Heavy Commercial Vehicles
Industry Vertical Outlook (Revenue, USD Million; 2016-2026)
Transportation & Logistics
Travel & Tourism
Media & Entertainment
Government & Utilities
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Further key findings from the report suggest
-By offering, fleet tracking and monitoring held the largest market share in the market in 2018 and is likely to grow at a rate of 18.1% in the forecast period.
-By utilizing fleet tracking and monitoring, businesses can gain full control of their fleet, thereby considerably reducing costs and improving productivity.
-By product type, retrofitted products contributed to a larger market share in 2018.
-By provider type, aftermarket providers dominated the market in 2018 and is estimated to grow at a rate of 17.8% in the forecast period.
-By vehicle type, medium & heavy commercial vehicles contributed to a larger market share in 2018 and is likely to grow at a rate of 17.9% in the forecast period.
-By industrial vertical, transportation & logistics contributed to the largest market share in 2018 and is expected to grow at a rate of 18.6% in the forecast period. Real-time fleet management is helpful in diverting drivers away from road delays and toward high-priority loads.
-North America dominated the market in 2018 and is expected to have a CAGR of 18.4% in the forecast period. The market dominance of North America is owing to rapid technological adoption and increasing demand for commercial vehicles with in-vehicle telematics.
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The Commercial Vehicle Telematics market research covers a detailed analysis of the following data:
>Historical and future growth forecasts of the global Commercial Vehicle Telematics market.
>Segmentation of the Commercial Vehicle Telematics market to highlight the growth prospects and trends affecting these segments.
>Varying consumption behavior of customers across various regions covered in the report.
>Geographical study based on the market share, growth outlook, and key countries.
>Agreements, product launches, mergers and acquisitions, and R&D projects of the different key Commercial Vehicle Telematics market players.
Key Questions Answered:
What are the key strategies used by prominent players and service providers to get ahead in the Commercial Vehicle Telematics market?
What are the resources that exist in respective regions that attract the major players in the Commercial Vehicle Telematics market?
What are the latest technologies that are being used by the market?
How are the recent trends affecting the growth of the global Commercial Vehicle Telematics market?
What will be the estimated value of the Commercial Vehicle Telematics market in the forecast period?
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