Click to enlarge.The global commercial vehicle telematics market size is expected to reach $85.4 billion by 2024, rising at a market growth of 19.4 percent CAGR during the forecast period, according to a new report published by KBV research.
The North America market would dominate the global commercial vehicle telematics solution market by region by 2024, growing at a CAGR of 15.5 percent during the forecast period, according to the research. The Europe market is expected to witness a CAGR of 16.3 percent during 2018 – 2024. Additionally, the Asia-Pacific market is expected to witness a CAGR of 22.4 percent during (2018 – 2024).
The aftermarket market dominated the global commercial vehicle telematics market by mode of deployment in 2017. The OEM market is expected to witness a CAGR of 18.9 percent during 2018 – 2024.
The transportation and logistics market dominated the global commercial vehicle telematics market by end user in 2017. The insurance market is expected to witness a CAGR of 21.4 percent during 2018 – 2024. The insurance sector is one of the important drivers for telematics market, particularly in aftermarket solutions, according to the research.
For instance in North America, nearly every vehicle insurance company is either using or plans to use some sort of telematics solution, as it enables the insurance companies to minimize risk through monitoring of different aspects such as maintenance, usage and security. The
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