According to a new research report on Commercial Vehicle Telematics Market by MarketsandMarkets, some of the important points made in the report are as follows:
- The Commercial Vehicle Telematics Market size is expected to grow from USD 7.31 Billion in 2017 to USD 18.43 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3%.
- The major driver of the Commercial Vehicle Telematics Market is the increasing adoption for the Next-Generation Telematics Protocol (NGTP) enhancing telematics service delivery, proliferation of telematics technology due to decreasing sensor and connectivity cost, growing government mandate for deploying vehicle tracking in commercial vehicles, and rising demand for smartphones supplements the adoption of telematics solutions and services.
- Safety and compliance solutions are expected to drive the market growth since the safety and security aspect has been one of the initial functionalities of the commercial vehicle telematics.
- The professional services segment is expected to have the largest market share during the forecast period owing to the increased deployment of smart solutions which requires technological consulting, and continuous support and maintenance activities
- As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period. This is due to the major market share is early adoption of telematics technology for commercial vehicle in the region..