Future of Commercial Vehicle Telematics Market by Package Type (Entry-Level, Mid-Tier, Advanced), Solution Type (Embedded, Portable, Smartphone/Cellular), Vendor Type (OEMs, Aftermarket), Vehicle Type (LCVs, HCVs) and Region - Global Forecast to 2030
[199 Pages Report] The global future commercial vehicle telematics market size is projected to grow from USD 5.4 Billion in 2024 to USD 12.8 Billion by 2030, at a CAGR of 15.2%. The importance of fleet management has risen due to it being the aspect that has the ability to improve efficiency and reduce spending when it comes to the identification of the right route, monitoring of the performers and the constant performance of check. In real-time tracking and monitoring, as well as the use of big data analytics and integration with IoT, it provides enhanced details that increase productivity and safety.
Also, with respect to safety and emission control regulation and standards of compliance, the fleet operators are compelled to install telematics systems. In addition, the knowledge of the connected automobile and strict necessity of improving the services for consumers has also contributed to the extension of the application of telematics technology in the commercial fleets.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Future Of Commercial Vehicle Telematics Market:
Driver: Rapid advancements in telematics technology
New technology in telematics, such as advanced GPS tracking, IoT connections, and data analysis, is driving the growth of the future commercial vehicle telematics market. Modern GPS provides real-time location updates, which helps with route planning, security, and customer service. IoT integration gathers detailed vehicle data, allowing for better maintenance and faster decision-making. Maintenance can be predicted efficiently using Data analytics. It identifies optimized routes and reduces fuel consumption. Usage of telematics systems which are capable of capturing driving behavior has potential to avert accidents. Fleet managers also track, maintain records and follow the rules that govern them.
Restraint: Data Privacy Concerns
Privacy issues can greatly limit the growth of the future of CV telematics market. Gathering and sending extensive vehicle data, such as location, driver action, and vehicle status, brings up significant privacy concerns. Fleet operators and drivers may be concerned about the inappropriate use or unauthorized access of vehicle data, driver behavior data, location data, etc., making them reluctant to implement telematics solutions. What is more, the strict regulations on data protection such as GDPR in European can lead to high compliance costs for these companies because of stringent rules regarding collection, storage and processing of these data. This failure could result in heavy fines to be paid and other Legal implications. This issue may prevent businesses from using telematics technologies. Also, this fear about the safety of personal information may explain why people do not want to use telematics systems. The idea that employees’ privacy would be invaded or violated due to monitoring and surveillance fears will also make drivers and unions resist the integration process of telematics solutions.
Adoption and Scaling up of Telematics Solutions Can Be Hindered by Concerns over Privacy as Companies Weigh its Benefits against Risks and Costs Associated with Data Privacy Issues Before Adopting Technology. Companies may be reluctant to invest in advanced cybersecurity measures and implement secure data management strategies because they are bound by strict regulations.
Opportunity: Integration of advanced analytics, GenAI, and smart city infrastructure with telematics
The future of CV telematics market is highly dependent on the combination of advanced analytics, AI, and smart urban infrastructure. This helps in predicting the need for repairs by fleet management systems through sophisticated analytics tools based on machine learning and Al algorithms, improve monitoring as well as support operational decision making. They identify potential issues earlier, increase vehicle availability and reduce maintenance costs. GenAl also designs customized navigation systems that respond to driver actions to boost fleet efficiency by simulating real traffic scenarios.
Furthermore, this system enhances protection of telematics data by ensuring it is encrypted or anonymized in order to address important issues about data privacy. Additionally, there are other merits brought about by being part of a smart city infrastructure. The technology operating in cities enables telematics systems to acquire real-time data regarding traffic flow, road conditions as well as accidents for instant route optimization and safety measures based on present conditions. The time spent driving around in the search for parking bays can extremely be reduced by intelligent parking solutions; thus enhancing the productivity of a fleet.
It is evidenced by the survey, which was conducted among 1550+ fleet leaders around the world by an international venture, Samsara Inc. based in the US; 93% of the respondents mentioned that they would implement Al in their business by 2026 at the latest.
This of course opens new business models and opportunities of making money out of data and this is the integration of advanced analytics, GenAl and smart city automobile substructures to vehicle telematics, for example the use of blockchain safe transactions of data. By integrating sophisticated stats, Al, and smart city incorporation, commercial vehicle telematics becomes an essential tool for fleet managers resulting in brand improvement, cost cutting, improved fleet management. Consequently, all these factors are believed to be beneficial for the development of the telematics market.
Challenge: User acceptance and training issues
Drivers and fleet operators might be reluctant to embrace new technologies because of privacy concerns, job security, or a preference for familiar routines. Furthermore, many users might not have the necessary technical knowledge to effectively use telematics systems, which might drive the need for costly and resource-intensive training programs. However, offering uniform and thorough training, especially for fleets spread out over large distances, may bring about logistical challenges.
Telematics systems may be seen as too complicated or difficult to use and may discourage users from fully embracing the technology, resulting in annoyance and reduced interest. In addition, combining telematics with current fleet management systems can be difficult because users may find it hard to blend new data with old systems. All these factors may prove to be an obstacle to the growth of the future of CV telematics market.
However, businesses can resort to robust training initiatives to counter these obstacles, which would help them streamline user interfaces and effectively convey the advantages of telematics to all interested stakeholders.
Future Of Cv Telematics Market: Ecosystem
The CV telematics market ecosystem comprises telematics software providers, telematics service providers, original equipment manufacturers (OEMs), system integrators, end users, and government & regulatory bodies. All stakeholders of this market ecosystem work collaboratively to achieve an efficient fleet management system, which would help leverage technology, data, and regulatory frameworks to achieve goals.
The advanced package type is estimated to exhibit the largest growth in the future of CV telematics market.
Among the many packages made available to buyers in the future commercial vehicle telematics market, it is expected that the advanced package segment will have the highest growth over the projected period, as there is great demand for such customizable solutions which cater to complex fleet management needs. Several vendors are offering an advanced package at USD 35 per month under a number of different names. Examples of this are ProPlus from Geotab Inc., and a separate, cost-effective package known as the Advanced segment of Fleetio. These packages include even more functionalities like purchase orders, parts and inventory management, work order management, in addition to the standard features found in entry-level and mid-tier packages including maintenance tracking, reporting and analysis, vehicle assignments, and scheduling. The growth reflects the upsurge of demand in sophisticated and customized telematics solutions that increase operational efficiency and performance in fleets. The increase in adoption underlines the change within the market to more comprehensive and flexible telematics systems.
"The North America CV telematics market is projected the largest growth by 2030."
North America is a highly populated future commercial vehicle telematics market because of the strong automotive sector in the region and growing concern for improving fleet management and safety. Firms such Samsara Inc. Verizon as well as Geotab Inc. are some of the firms at the forefront of this growth. For instance, having learned how Samsara collected new orders in April 2024 to mutually paint UNFI’s trucks using telematics, one can understand the growing interest in such technology. Strict regulations such as the ELD mandate and the increasing need for real-time tracking, remote diagnostics, and predictive maintenance are reasons behind this growth. The demand for safer and more efficient fleet operations is helping the growth of the CV telematics market in North America.
Key Market Players
The global CV telematics market is dominated by major players such as Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US), among others.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2019–2030 |
|
Base year considered |
2023 |
|
Forecast period |
2024-2030 |
|
Forecast units |
Value (USD Million) , Volume (Thousand Units) |
|
Segments Covered |
Package Type, Solution Type, Vendor Type, Vehicle Type |
|
Geographies covered |
Asia Pacific, Europe, and North America |
|
Companies Covered |
Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), and Omnitracs (US). |
This research report categorizes the future commercial vehicle telematics market based on Package Type, Solution Type, Vendor Type, Vehicle Type, and region
Future of Commercial Vehicle Telematics Market, By Package Type:
- Entry-Level
- Mid-Tier
- Advanced
Future of Commercial Vehicle Telematics Market, By Solution Type:
- Embedded
- Portable
- Smartphone/Cellular
Future of Commercial Vehicle Telematics Market, By Vendor Type:
- OEMs
- Aftermarket
Future of Commercial Vehicle Telematics Market, By Vehicle Type:
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Future of Commercial Vehicle Telematics Market, By Region
- Asia Pacific
- Europe
- North America
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.
- In February 2024, Geotab (Canada) launched the Routing and Optimization solution to assist fleet managers in determining the most efficient routes through data on customer needs, traffic, and fleet availability. This would optimize routes, reduce costs, boost customer service, increase daily job completion, improve on-time arrivals to 98%, and decrease mileage by 15-30%. It would also help extend the range and ease the management of electric vehicles.
- In December 2023, Verizon (US) announced the latest release of GPS fleet tracking software includes new translations for the Connect Vehicles tab on the My Account page. It also includes several updated existing translations for all supported locales and updated CARB reports to support the display of extended street addresses and bug fixes.
- In September 2023, EKA Solutions (US), a cloud-based integrated freight management platform provider, partnered with Verizon (US) Connect to deliver integrated services to fleet customers. This partnership aimed to provide enhanced visibility, efficiency, and cost-effectiveness to for-hire and private-fleet customers.
Frequently Asked Questions (FAQ):
What is the current size of the global CV telematics market?
The global CV telematics market size is estimated to be USD 5.4 Billion in 2024 and expected to reach USD 12.8 Billion by 2030.
Who are the winners in the global CV telematics market?
The CV telematics market is dominated by global players such as Verizon (US), Geotab Inc. (Canada), Samsara Inc. (US), MiX by Powerfleet (US), Omnitracs (US), and Teletrac Navman US Ltd. (US), among others. These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the CV telematics market.
What are the new market trends impacting the growth of the CV telematics market?
The new market trends, such as growing demand for efficient fleet management and integration of technologies such as AI , are impacting the growth of the CV telematics market.
Which region is expected to be the largest market during the forecast period?
North America is anticipated to be the largest CV telematics market due to the growing emphasis for route optimization and cost reduction by consumers in the region.
What is the total CAGR expected to be recorded for the CV telematics market during 2024-2030?
The market is expected to record a CAGR of 15.2% from 2024-2030. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities to estimate the current size of the commercial vehicle telematics market. Exhaustive secondary research collected information on the market, the peer market, and model mapping. The next step was to validate these findings and assumptions and size them with industry experts across value chains through primary research. The bottom-up and top-down approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to determine the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources were used to identify and collect information on the commercial vehicle telematics market for this study. Secondary sources for this research study include corporate filings, such as annual reports, investor presentations, and financial statements; trade, business, and professional associations; whitepapers and automotive software-related journals; certified publications; articles by recognized authors; directories; and databases. Secondary research has been collected and analyzed to determine the overall market size, further validated by primary research.
Primary Research
After understanding the future of CV telematics market scenario through secondary research, extensive primary research has been conducted. Primary interviews have also been conducted with demand- and supply-side market experts across Asia Pacific, Europe, and North America. Approximately 20% of interviews have been conducted from the demand side, while 80% of primary interviews have been conducted from the supply side. The primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales and operations, have been covered to provide a holistic viewpoint in this report. Primary sources from the supply side include various industry experts, such as CXOs, vice presidents, directors from business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders have also been interviewed.
After interacting with industry experts, brief sessions with highly experienced independent consultants have been conducted to reinforce the findings from the primaries. This and the opinions of in-house subject matter experts have led to the findings described in this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
A detailed market estimation approach has been followed to analyze and validate the value and volume of the future of CV telematics market and other dependent submarkets. Key players in the market have been identified through secondary research, and their global market shares have been determined through primary and secondary research. The research methodology includes the study of the annual and quarterly financial reports, regulatory filings of major market players, and interviews with industry experts for detailed market insights. All major penetration rates, percentage shares, splits, and breakdowns for the market have been determined using secondary sources and model mapping and verified through primary sources. All key macro indicators affecting the revenue growth of the market segments and subsegments have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative & qualitative data. The gathered market data has been consolidated and added with detailed inputs, analyzed, and presented in this report.
Global Commercial Vehicle Telematics Market Size: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Global Commercial Vehicle Telematics Market Size: Top-Down Approach
Data Triangulation
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.
Market Definition
Commercial Vehicle Telematics: According to Geotab Inc., telematics is a method of monitoring cars, trucks, equipment, and other assets using GPS technology and on-board diagnostics (OBD) to plot asset movements on a computerized map. Also known as fleet tracking or GPS vehicle tracking, telematics has become an essential management tool for many commercial and government fleets. Commercial vehicle telematics enables real-time tracking and management of vehicles, facilitating enhanced operational efficiency, safety, and compliance. By leveraging data from telematics systems, businesses can optimize routes, reduce fuel consumption, perform proactive maintenance, and improve overall fleet performance and longevity.
Key Stakeholders
- Automotive OEMs
- Commercial Vehicle Manufacturers
- Commercial Vehicle Telematics Vendors
- Cloud Service Providers
- Fleet Leasing Companies
- Fleet Owners and Operators
- Government Agencies
- Managed Service Providers
- Support and Maintenance Service Providers
- System Integrators (SIs)/Migration service providers
- Technology providers
Report Objectives
- To segment and forecast the size of the global commercial vehicle telematics market by value & volume based on Package (Entry-Level, Mid-Tier, Advanced)
- To segment and forecast the size of the global commercial vehicles market by volume based on solution type (Embedded, Portable, and Smartphone/Cellular)
- To segment and forecast the size of the global commercial vehicle telematics market by volume based on vendor type (OEMs, Aftermarket)
- To segment and forecast the size of the global commercial vehicles market by volume based on vehicle type (ICE) (Light Commercial Vehicles, Heavy Commercial Vehicles)
- To segment and forecast the size of the commercial vehicle telematics market, by value & volume, based on region (Asia Pacific, Europe, and North America)
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company's specific needs.
- By Vehicle Type, at country level
- By Solution Type, at country level
Company Information
- Profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Future of Commercial Vehicle Telematics Market