MarketsandMarkets expects the global commercial vehicle telematics market size 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 drivers of the commercial vehicle telematics market include increasing adoption for the Next-Generation Telematics Protocol (NGTP) enhancing the 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 supplementing the adoption of telematics solutions and services.
The Federal Motor Carrier Safety Administration (FMCSA), an agency in the United States Department of Transportation, has mandated the use of electronic logging device (ELD) use for most commercial vehicles beginning December 18, 2017 and a two year window till December 16, 2019 has been provided for the vehicles who have already electronic logging devices in place to update the device as per FMCSA-ELD technical specifications. This mandate has opened up new revenue stream for the telematics providers.
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The scope of this report covers the commercial vehicle telematics market analysis by type (solution and service), provider type, vertical and region. The safety and compliance solution segment is expected to grow at the highest CAGR during the forecast period. The major factor for its growth is the increased demand for driver and vehicle safety along with adherence to compliance. Government throughout the globe have slowly started forming policies and regulations for the traffic and transport management focusing on the technological aspect. Various governments across the globe have passed regulations to define the driver work hours, fuel efficiency and consumption, safety policies, laws and others. Commercial vehicle telematics solution providers offer solutions which integrate the compliance aspect into them.
As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing penetration of advanced technologies, increasing GDPs in countries, steady growth and developing economies are the major factors contributing to the growth of commercial vehicle telematics solutions in the APAC region. Increasing government mandates and regulations to standardize industry norms and operations would significantly drive the market growth. Some of these regulations are ELD mandates for HOS, Russia and India joint venture to offer navigation services in India (using Russia’s GLONASS), China’s policy aimed at Intelligent Transportation System (ITS) and others.
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