Research report published by Proficient Market Research “Truck Telematics Market, By Solution (Fleet Tracking and Monitoring, Driver Management, Insurance Telematics, and Others); By Provider Type (OEM and Aftermarket) Market – Growth, Future Prospects, Post COVID-19 Scenario 2020 – 2028”, states that the global truck telematics market is expected to grow at a CAGR of 11.8% during the forecast period from 2020 to 2028.
Truck telematics is a combination of telecommunications and informatics. As a system, telematics receive, sends, and store data related to vehicle and driver. Truck telematics consist high fuel efficiency, security, navigation, road safety, communication, and improves maintenance and repairs. One of the main advantages of telematics data is that it’s usually always-on and can be provided or retrieve in near-real-time, providing immediate and significant value to drivers, fleet owners, private third parties and regulatory authorities.
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Telematics offers basic navigation/GPS technology to the next level, by consisting fleet managers with the details they need to improve the efficiency of the overall fleet. Navigation from telematics not only help drivers to plan their routes, but it also helps fleet to save fuel, ongoing maintenance costs and improves overall productivity. Moreover, next generation telematics is a telematics protocol, designed in order to provide the delivery of end-to-end telematics services Also, NGTP used for open interface, which allow OEMs to provide new services to both legacy and upcoming vehicles.
Business owners can anticipate on numerus details collected by telematics software. Telematics software has to monitor and collect vast amount of personal data. Handling information which is associated to drivers, i.e. private individuals is a sensitive issue for quite a few reasons. Furthermore, increasing possibility of data theft, in current also according to market situation no business is resistant to cyber-attacks and the damage caused may be irreparable. Hence many of the customers does not find it comfortable which make the telematics unacceptable. So, growing concerns due to privacy and security issues creates the negative impact on the growth of the truck telematics market.
Some of the major key players in the market include Daimler FleetBoard GmbH, Scania AB, Teletrac Navman US Ltd, Verizon Communications Inc., Volvo Trucks, Peloton Technology, Samsara Inc., WABCO Holdings Inc., Continental AG, Bendix Commercial Vehicle Systems LLC, Trimble Transportation, and Omnitracs.
Trends and Future Outlook:
Growing driver safety concern, creates the demand for the truck telematics.
Recent years, increasing advanced technology use create the market for the global truck telematics market.
Rising road network connectivity and increasing logistic sector in various developed and developing countries creates the huge market opportunity for truck telematics market.
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Based on type, the truck telematics market is segmented into the following:
Fleet Tracking and Monitoring
In 2019, fleet tracking and monitoring segment led the truck telematics market. This is because of the multipurpose use of the fleet tracking and monitoring; it is a management system that uses GPS tracking to monitor the activity of fleet vehicles. It is a collection of land-based assets, such as cars, trucks, field workers and powered or unpowered equipment.
Based on Provider Type, the Truck Telematics market is segmented into following:
OEM segment dominated the truck telematics market. The demand for the OEM segment is high due to increasing trend of offering OEM-embedded telematics solutions and due to their extensive foothold in manufacturing embedded modules and strong technological leadership. Along with that, the presence of leading OEM players in transportation and logistics industries increases the market for this segment. So, the OEM segment increases the demand for the truck telematics.
Find graph provides a comparative analysis of the value contribution for each of the segment for the years 2019 and 2028: https://proficientmarket.com/report/1447/global-truck-telematics-market
In 2019, truck telematics market in Europe is large. Commercial vehicle fleets play an essential role in the European economy and presence key players are some of the factors contributing to largest share of the market. Furthermore, rising demand for improved safety features in vehicles, coupled with the existence of supportive government regulations, is the key factor driving the growth of the European automotive telematics industry.
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