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Commercial Vehicle Telematics Market Size- KBV Research

4 min read
Commercial Vehicle Telematics Market Size- KBV Research

Commercial Vehicle Telematics Market Size- KBV Research

What is Commercial Vehicle Telematics?

Commercial vehicle telematics enables the monitoring and controlling of a commercial vehicle by the means of telecommunication devices. It is a blend of telecommunications and information technology in commercial vehicles. The combination of Global Positioning System (GPS) and on-board diagnostics enables users to record, track, and map and navigate commercial vehicles. Wireless, location technologies, electronic vehicles, etc., pursue a future for commercial vehicle telematics technology.

Increased vehicle efficiency, improved routing, increased vehicle safety, accident prevention and injury, damages, etc. are among the benefits of the telematics technology.

Why does the automotive world need Commercial Vehicle Telematics?

Innovative solutions for efficient supply chains logistics and fleet management play a vital role in telematics development. Telematics provides visibility and data in real time in order to improve the processes, preserve products integrity, maximize their shelf life, and reduce losses and insurance risk throughout the entire supply chain. Telematics solutions integrate capacities, like live traffic updates, intelligent tracking and routing, quick roadside assistance, automatic trading and telematics. It is therefore essential to optimize fleet operating metrics such as fuel reduction, resource optimization and real-time connectivity.

Commercial Vehicle Telematics and the pool of End Users

  • Healthcare

The extensive use of commercial telematics in healthcare vertical have changed patient and providers’ dynamics. In this field, some of the advantages of telematics include reporting hours, time analysis between visits, tracking of emergency calls by staff in the vicinity of a person, reports on staff travel, bidirectional communication and improvised efficiency as well as responses.

  • Government Agencies

Fleets of government sectors face various challenges including tight budgets, rules/policies and compliance with state and local law. The government sector is examining solutions that can help meet budget constraints and are sufficiently flexible to respond to changes in technology. The vertical utilities, which include LCVs and M&HCVs, use commercial vehicle telematics solutions to manage fleets.

Telematics solutions for utilities often aim to increase float visibility by optimizing routing technologies, analyzing driver behavior and performance of vehicles and improving operational efficiency.

  • Insurance

Telematics technology has originated from the convergence of various supporting technologies, including wireless, GPS, IT and telecommunication sensor networks. Advancements in these technologies and other technologies have helped make telematics more useful in personal and commercial vehicles. Commercial vehicle telematics provides insurers with the necessary driver’s performance scoring capabilities, operational insurance, crash and claims management, care and localized services. In addition, it adds fleet management capabilities and enhanced data reporting to improve the profitability of commercial lines.

Where do we see Commercial Vehicle Telematics?

  • Tele-Health

The term telehealth covers a wide range of technologies and services for patient treatment and for the improvement of the whole health care system. Telehealth is an e-health subset of information for health professionals and health consumers, education and training of health workers, as well as online and telecommunications management of the health systems. As stated by the World Health Organization, telehealth consists of “Surveillance, health promotion and public health functions.”

  • Navigation

GPS’s most popular commercial use is in automotive navigation systems. A car driver just needs to feed in the screen of the GPS receiver the destination before starting a trip. The GPS car navigation system makes it easy and fast to find the way. The most convenient and fastest way to get to the destination is to use a GPS system while driving on an unfamiliar road or being caught by heavy traffic. Car GPS navigation systems can show other possible routes to a destination through the satellites. The car GPS navigation system also gives additional information that the driver might be interested in, depending on the functional capabilities.

What are the major applications for Commercial Automotive Telematics Market?

Commercial Automotive Telematics is used for tracking vehicles, vehicle maintenance, passenger safety, and many other applications. High-speed and highway collisions are increasingly driving demand. Different government initiatives to curb accidents and provide the drivers and passengers with immediate assistance further strengthen the demand.

The vehicle sensors and controllers can measure the driving performance along with the location of GPS and fuel consumption and thereby analyze and use this data for further reporting. Commercial vehicle telematics is the future of transportation that enhances traffic flow, reduces traffic and kilometer distances, prevents accidents, optimizes security problems as well as facilitates the management and maintenance of fleets.

To Conclude…

The use of telematics can make a regular vehicle a smart one. The automotive industry needs to address the importance of being a critical monitor of telematics not only to detect performance and faults in vehicles, but also to ensure the safety of drivers. The scenario, though gradually, is transforming. Cutting edge features such as fuel management, GPS navigation, vehicle tracking, support for automatic driving assistance systems, triggering alerts not only increase the utility, but also increase the value offered to the client. In the long term, these connected trucks would be an integral part of the future intelligent cities as well as a take a huge leap toward transport modernization. To conclude, the Commercial Vehicle Telematics Market is anticipated to rise at a CAGR of 19.4% during the forecast period.