World over, the past decade has marked the progression toward a well-connected ecosystem. Keeping connectivity at the forefront, several technological advancements are being made to establish better communication whilst travelling. Such a scenario has incentivized manufacturers of commercial vehicles to incorporate sophisticated connectivity solutions to provide a better experience and boost sales. Commercial vehicle telematics provides data regarding location, acceleration and harsh braking, temperature, speed, engine idling, vehicle faults/breakdown analysis and fuel consumption. Leveraging these solutions, fleet managers can effectively monitor assets and operating procedures, in turn, facilitating better vehicle-to-vehicle or vehicle-to-infrastructure communication in real time. Greater funding commitments are intended for commercial vehicle telematics, contributing to operational efficiency enhancements, cost reductions apropos to accidents and overall safety quotient. That said, the global commercial vehicle telematics market is anticipated to grow at breakneck speed throughout the projection period.
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Skyrocketing Sales of Telematics and NGTP Adoption to Fuel Commercial Vehicle Telematics Market Growth
The sales of telematics and associated solutions have gained significant momentum over the recent past. Various open-source frameworks including Next Generation Telematics Protocol (NGTP) are being developed and adopted by automotive manufacturers to make functioning more flexible and standardise infrastructure. It also helps in providing better end-to-end services to drivers and vehicle owners. Being technology neutral, this interface promotes effortless integration of back-end components. The ability to offer more enhanced and innovative services to existing and upcoming commercial vehicles have fueled the adoption of NGTP among OEMs. An uptick in the adoption of NGTP is spearheading the expansion of the global commercial vehicle telematics market.
Aftermarket Likely to Witness Momentum in the Coming Years, OEMs to Reign Supreme in Commercial Vehicle Telematics Market
Considering the cost-efficiency of vehicle component alternatives, quick availability and better after-sales service, the demand curve for aftermarket commercial vehicle telematics has experienced an upward shift. Several OEMs are offering pre-installed commercial vehicle telematics and solutions, adding sharp spikes to demand for aftermarket telematics in the commercial vehicle domain. Evidently, OEM telematics has gained significant prominence over the recent past, consequently, adding to the holistic valuation of the global market. Telematics providers and OEMs are diversifying through partnerships or collaborations to come up with integrated platforms for assets and fleet management. Anticipating these trends, the market is expected to stay lucrative in the near future.
Asia Pacific’s Commercial Vehicle Telematics Market to Slate Dominance with Rising Sales and Production of Commercial Vehicles
In recent years, the production and sales of commercial vehicles have surged across the emerging economies of Asia Pacific. Cutting-edge technological advancements coupled with the need for advanced location tracking, infotainment, and security systems, have further accelerated the pace of transformation of the automotive sector. The government in this region is supporting the adoption of commercial vehicle telematic by developing robust policies. In addition, the flourishing transportation and logistics industry is also unlocking new growth avenues for the commercial vehicle telematics market.
Distinguished Market Players
Some of the most competitive players in the global commercial vehicle telematics market include Tom Inseego Corporation, Tom Telematics BV, Mix Telematics International Ltd., PTC Inc., Verizon Telematics, Trimble Inc., and Zonar Systems Inc.
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