Truck Telematics Market REPORT OVERVIEW
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The global truck telematics market size was USD 815.6 million in 2021 and market is projected to touch USD 4628.6 million by 2031, exhibiting a compound annual growth rate (CAGR) of 18.8% during the projected period.
Telematics is a mixture of the words telecommunications and informatics. Telematics, in a wide sense, is any combined usage of telecommunications with data and communications technology. It is the technology of transfer, receiving and storage data relating to isolated objects – like automobiles – via telecommunication systems.Truck telematics is a method of observing the site, movement, rank and performance of a vehicle within a fleet. This is attained over a mixture of a GPS receiver and an electronic GSM device that is mounted in each truck, which then connects with the operator and web-based software.
COVID-19 Impact: Supply and Lockdown Limitations to Decline Market Advancement
The pandemic prompted lockdown in 2020 directed to a severe decline in vehicle manufacture as plants were forced to close down or function at concentrated volume after fabrication restarted at the end of 2020. Lockdown procedures affected manufacture and demand disturbances to automobile constructors and their subcontractors. Moreover, limitations were elevated across diverse sectors and nations at a different pace, resulting in contribution scarcities in the automobile industry’s intricate value chains.
LATEST TRENDS
"Increasing Awareness of Vehicle Safety to Enhance Market Growth "
The increasing demand for telematics that shows important facts & maintenance signals and each vehicle's present condition status to support director’s plan more efficiently and maximize vehicle utilization drive the truck telematics market growth. Moreover, the growing acceptance of these schemes directed by the rising awareness for vehicle protection structures enhances the market size. Through the propagation of the internet and digitization across the transportation and logistics business, the market is anticipated to stretch noteworthy altitudes.
Truck Telematics Market SEGMENTATION
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- By Type
Based on type; the market is divided into Plug and Play Telematics, Hardwired Install Telematics.
- By Application
Based on the application; the market is divided into Light Truck, Heavy Truck.
RIVING FACTORS
"Increasing Ecosystem for Telematics to Assist Market Development"
A linked network is crucial to motivating growth in the truck telematics market. The approach of numerous investors such as OEMs, cloud infrastructure suppliers, telecom operatives and fleet proprietors is the basis for a positive telematics platform. In India, there is a rising emphasis on building the network which creates it commercially encouraging for the telematics. Moreover, numerous government strategies such as AIS-140 and the need for tracing vehicles, is an upbeat path ahead for telematics. With amplified awareness and adoption rates, the Indian truck telematics market is packed with progress.
"Increasing Demand for Connected Cars to Foster Market Share "
The global truck telematics market is focused by aspects such as growing protection and security guidelines, increasing disposable income, lower cost of connectivity, and amplified market saturation rate of smartphones. Moreover, the rising demand for linked cars, enlarged adoption of telematics in the insurance business, and the improvement of developing countries such as India and China are some of the features that are anticipated to fuel the market growth in the coming years.
RESTRAINING FACTORS
"Security Concerns to Deplete Market Growth "
The increasing hacking and secrecy concerns, and low awareness concerning telematics are some of the factors that are hindering the complete market growth.
Truck Telematics Market REGIONAL INSIGHTS
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"Rising Security Concerns to Foster Market Growth in North America "
North America truck telematics market share is expected to grow significantly over the forecast period. The increasing security and safety concerns of automobiles and the emphasis on preventing mishaps are the leading issues backing to the acceptance of telematics in this region. Furthermore, management standards that favor automotive telematics are enhancing the market growth.
Europe is anticipated to have a sizable market share. This is due to various factors such as technological developments and government strategies connected to automobile safety are anticipated to boost the country's demand for vehicle telematics resolutions. Moreover, the existence of several players proposing telematics goods and facilities, joined with the increasing awareness among buyers about road safety and growing adoption of telematics by fleet owners, is forcing the demand for telematics solutions in the region's market.
KEY INDUSTRY PLAYERS
"Notable Players in the Industry to Promote Market Expansion "
The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanization, innovative techniques, making the most money, and using their products to have a large social impact.
List of Market Players Profiled
- Trimble (U.S.)
- Wabco (France)
- Continental (Germany)
- CalAmp (U.S.)
- Delphi (U.K.)
- Bosch (Germany)
- GEOTAB (Canada)
- Automatic (U.S.)
- Actsoft (U.S.)
- Telic (U.S.)
- Mojio (U.S.)
- Xirgo Technologies (U.S.)
REPORT COVERAGE
The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 815.6 Million in 2021 |
Market Size Value By |
US$ 4628.6 Million by 2031 |
Growth Rate |
CAGR of 18.8% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the truck telematics market expected to touch by 2031?
Based on our research, the global truck telematics market is projected to touch USD 4628.6 million by 2031.
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What CAGR is the truck telematics market expected to exhibit by 2031?
The truck telematics market is expected to exhibit a CAGR of 18.8% by the forecasted year 2031.
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What are the driving factors of the truck telematics market?
Increasing rate of foodservice customers and increasing adoption for wholesome sources of protein, to drive the truck telematics market.
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Which are the top companies operating in the truck telematics market?
Trimble, Wabco, Continental, CalAmp, Delphi, Bosch, GEOTAB, Automatic, Actsoft, Telic, Mojio, Xirgo Technologies are the top companies operating in the truck telematics market.