The commercial vehicle telematics market is a rapidly growing industry that offers a wide range of solutions for fleet management, asset tracking, and driver safety. Telematics refers to the use of telecommunications and information technology to send, receive, and store information about vehicles and their location, speed, fuel consumption, and other key performance indicators.
The market for commercial vehicle telematics is driven by a number of factors, including the increasing demand for real-time monitoring of vehicle performance, the need for more efficient fleet management, and the growing importance of driver safety. In addition, advances in technology, such as the widespread adoption of mobile devices and cloud computing, are making it easier and more cost-effective for companies to implement telematics solutions.
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Benefits of Telematics and Connectivity Solutions to Fuel Growth of Commercial Vehicle Telematics Market
- Concept of connectivity has evolved significantly with advancements in the smartphone technology. Need for connectivity has prevailed for the past few decades, and with availability of advanced technology, users are able to stay connected during travel. Considering the pervasiveness of this trend, manufacturers of commercial vehicles are adopting novel connectivity solutions in a bid to boost sales, thus boosting the commercial vehicle telematics market.
- Technological developments have not only facilitated vehicle-to-vehicle or vehicle-to-infrastructure communication but also provided fleet managers with the ability to monitor their assets and operating procedures. Commercial vehicle telematics can facilitate improved operational efficiency of the commercial vehicle, reduction in costs associated with accidents, and overall safety quotient.
- Using commercial vehicle telematics, it is possible to acquire data related to location, engine idling, speed, acceleration and harsh braking, temperature, vehicle faults/breakdown analysis, and fuel consumption. Using new telematics and connectivity solutions, fleet management can efficiently synchronize their vehicle activities in real time. This aspect continues to remain instrumental in driving sales of telematics and associated solutions, consequently contributing towards the growth of the commercial vehicle telematics market on the global front.
Enhancement of Telematics Service Delivery through NGTP Adoption to Trigger Market Growth
NGTP (Next Generation Telematics Protocol), co-developed by BMW, WirelessCar, TSP (Telematics Service Providers), and Connexis LLC, provides end-to-end services to drivers and vehicle owners. This open-source framework is based on a highly flexible and standardized infrastructure and is being adopted by automotive manufacturers owing to the functional benefits it offers.
For instance, NGTP establishes single interface between vehicle TU (Telematics Unit) and Telematics Service Providers. This interface being technology neutral, allows hassle-free integration of back-end components. Using NGTP, OEMs can now offer new services to existing and upcoming commercial vehicles, which is expected to further trigger its adoption.
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Commercial Vehicle Telematics Market Trends:
Increasing commercial and passenger vehicle sales, together with growing concerns about the safety and security of drivers and passengers, are two of the key reasons driving global demand for commercial telematics. Furthermore, commercial telematics is commonly used in the construction sector to minimize the fuel consumption of heavy construction equipment and machinery on the job site. This, along with rising construction activity globally as a result of increased urbanization, rising income levels, and an expanding global population, is producing a bright picture for the industry.
Aside from that, the integration of the internet of things (IoT) and fifth-generation (5G) technology allows for quicker transmission of high-quality material, smart routing and tracking, on-road assistance, and improved user experience. This, together with favorable government laws mandating commercial vehicle monitoring and the development of video-based telematics, is expected to offer a strong boost to the sector in the future years.
