Commercial Vehicle Telematics Market in the Americas 2019-2023 | 17% CAGR Projection Over the Next Four Years | Technavio

Business Wire

LONDON--(BUSINESS WIRE)-- The commercial vehicle telematics market in the Americas is expected to post a CAGR of over 17% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has released a new market research report on the commercial vehicle telematics market in the Americas for the period 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the market is cost saving due to adoption of telematics-enabled UBI. Regulations play a crucial role in the adoption of insurance in the automotive segment. Regulations for mandatory motor insurance are becoming a crucial driver for the UBI adoption. UBI allows insurers to create risk profiles for individual customers based on real-time driving behavior tracked by onboard units. As UBI benefits both insurers and drivers, it is registering high growth in developed regions like Europe and North America. Hence, it will be beneficial for fleet operations to adopt UBI and reduce the premium amounts by encouraging safe driving behavior.

This market research report on the commercial vehicle telematics market in the Americas 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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In this report, Technavio highlights the use of advanced analytics to optimize fleet efficiency as one of the key emerging trends in the commercial vehicle telematics market in the Americas:

Commercial vehicle telematics market in the Americas: Usage of advanced analytics to optimize fleet efficiency

Modern fleets are operated with more than one system, which requires information sharing across platforms. Modern vehicles are the source of large amounts of data in the form of GPS location and vehicle diagnostic data. By integrating this data into software applications enabled by an application protocol interface (API), the data collection process can be streamlined to gain quicker insights.

“Fleet operators receive large amounts of data related to their daily operations through various channels, such as documents from employees and technicians, fuel bills, routes traversed by vehicles, and work order performance reports. Integration of this data into the enterprise resource planning system improves workflows and operational analysis. Software applications enable an efficient management of data and reduce the probability of manual errors by automating the fleet management process. Additionally, the availability of big data and its analytics would allow fleet managers to access, analyze, and strategize fleet operations to attain maximum asset utilization for optimum operating efficiency,” says a senior analyst at Technavio for research on automotive electronics.

Commercial vehicle telematics market in the Americas: Segmentation analysis

This market research report segments the commercial vehicle telematics market in the Americas by application (LCVs and M&HCVs), type (embedded telematics, portable telematics, and smartphone-based telematics), and geographical regions (the US, Canada, and rest of Americas).

The LCVs segment held the largest market share in 2018, accounting for nearly 60% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The US led the market in 2018 with a market share of over 55%. This region is expected to dominate the market through 2023.

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Regional comparison
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