Description
Telematics can be referred to as a combination of the words informatics and telecommunication. It is any integrated use of telecommunications with communications and information technology. It can also be referred to as the technology of receiving, sending, and storing information associated with remote objects such as vehicles, through telecommunication devices.
Robust expansion of the connected car market is likely to create significant growth opportunities in commercial vehicle telematics, especially for suppliers, original equipment manufacturers, dealers, software and analytics companies, and fleet operators. Telematics technology is gradually becoming vital to the trucking industry, and is soon estimated to be the default standards for heavy trucks with hardware.
With smartphones transforming the definition of connectivity, people wish to stay connected with the outer world while travelling. As connectivity is getting the need of the hour, manufactures of automobiles are highly adopting connectivity solutions in their vehicles in order to boost the sales of their automobiles. Implementation of connectivity solutions has become crucial in modern day cars, which require internet services in order to perform their respective functions. Smartphones have become the primary choice for the integration of such activities associated with telematics, owing to its robust rate of adoption. Several different platforms have joined together to avail their services on smartphones.
On the contrary, as telematics is a new technology, events like unauthorized access to multiple car connectivity solutions can hamper the truck telematics market in the estimated timeframe. Hacking threats of vehicles implemented with telematics systems can slowdown the market growth during the estimated timeframe.
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Segmental Analysis
The global truck telematics market has been segmented on the basis of type and application.
By type, the global truck telematics market is segmented into hardwired install telematics and plug and play telematics.
The application segment of truck telematics market comprises heavy truck and light truck.
Regional Insights
Geographically, the truck telematics market spans across Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, Europe is considered a mature region of the automotive industry, thereby acquires high potential for the truck telematics market. Europe is well-placed in terms of developed ICT infrastructure as well as smart mobility, which further provides a tailwind to the growth of the truck telematics market in the region. Moreover, the European market for truck telematics is estimated to expand at a substantial rate during the estimated timeframe, mainly due to the implementation of favorable regulatory policies prevailing in the region.
North America is estimated to acquire a major share in the global market. Companies operational in the region are collaborating and delivering innovative products, which are contributing to the growth of the truck telematics market. An instance validating the same is the launch of fleet management solutions by AT&T in order to meet the requirements of small enterprises, businesses, and government customers.
Industry Updates
November 2019: VisionTrack, a Kent-based fleet supplier is offering its advanced video telematics technology for a fleet of commercial vehicles, which are being used as UK’s first real-world operational truck platooning trials.
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