The Commercial Vehicle Telematics Market size to grow from USD 7.31 billion in 2017 to USD 18.43 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.3%. The major drivers of the commercial vehicle telematics market include increasing adoption for the Next-Generation Telematics Protocol (NGTP) enhancing the telematics service delivery, proliferation of telematics technology due to decreasing sensor and connectivity cost, growing government mandate for deploying vehicle tracking in commercial vehicles, and rising demand for smartphones supplementing the adoption of telematics solutions and services.
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NGTP is a telematics protocol, designed with respect to the delivery of end-to-end telematics services. NGTP is an open-source framework, co-designed by BMW and TSP; Connexis LLC; and WirelessCar. This framework is based on a standardized and highly flexible infrastructure, and now been adopted by a wide range of automotive manufacturers. NGTP offers the feature of flexibility, which addresses the changing need of the customers to access new services, without making any technical adjustment inside the vehicle. NGTP provides a single interface between the Telematics Unit (TU) in the vehicle and TSP. This interface is technology-neutral, which enables hassle-free integration of all back-end components, such as dispatchers, TSPs, call centers, and content providers. Since NGTP makes use of the open interface, this enables OEMs to provide new services to both legacy and upcoming vehicles. Hence, the adoption of NGTP is on the rise, owing to the benefits it offers and paves the way for rapid service delivery.
As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing penetration of advanced technologies, increasing GDPs in countries, steady growth and developing economies are the major factors contributing to the growth of commercial vehicle telematics solutions in the APAC region. Increasing government mandates and regulations to standardize industry norms and operations would significantly drive the market growth. Some of these regulations are ELD mandates for HOS, Russia and India joint venture to offer navigation services in India (using Russia’s GLONASS), China’s policy aimed at Intelligent Transportation System (ITS) and others.
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