Insights on the Global Fleet Telematics Systems Market 2020-2024: COVID-19 Analysis, Drivers, Restraints, Opportunities, and Threats - Technavio
The fleet telematics systems market is expected to grow by USD 38.8 billion, progressing at a CAGR of almost 23% during the forecast period.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210106005885/en/
Technavio has announced its latest market research report titled Global Fleet Telematics Systems Market 2020-2024 (Graphic: Business Wire)
The benefits in terms of cost savings is one of the major factors propelling market growth. However, factors such as high costs associated with fleet telematics systems will hamper the market growth.
Fleet Telematics Systems Market: Type Landscape
Aftermarket fleet telematics systems are those that are offered by third-party vendors and are retrofitted into the existing fleet via an onboard diagnostics (OBD) port. The demand for aftermarket fleet telematics systems from fleet operators is a major factor driving market growth. Fleet telematics systems market share growth by the aftermarket fleet telematics systems segment will be slower than the growth of the market by the OEM fleet telematics systems segment.
Fleet Telematics Systems Market: Geographic Landscape
North America was the largest market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising demand for advanced telematics in commercial vehicles in the US, the increased number of offerings from automotive OEMs, and the availability of strong aftermarket solutions will significantly drive the fleet telematics systems market growth in this region over the forecast period. Additionally, the region is a frontrunner in the adoption of fifth-generation (5G) technology, which will strengthen the adoption of connectivity technologies in modern fleets. It also has a strong presence of road freight transportation, which contributes to its dominant position in the global fleet telematics systems market. Over 32% of the market's growth will originate from North America during the forecast period. The US is the critical market for fleet telematics systems in North America. Market growth in this region will be slower than the growth of the market in APAC, South America, and MEA.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Related Reports on Consumer Discretionary Include:
Automotive Telematics Market by Application, Fitment, and Geography - Forecast and Analysis 2020-2024: The automotive telematics market size has the potential to grow by 65.76 million units during 2020-2024, and the market's growth momentum will decelerate during the forecast period because of the decline in the year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
Material Handling Equipment Telematics Market by Product and Geography - Forecast and Analysis 2020-2024: The material handling equipment telematics market size has the potential to grow by USD 2.17 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
What our reports offer:
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Key Topics Covered:
Five Forces Analysis
Market Segmentation by Type
Drivers, Challenges, and Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ROI Use Case
Keynote Presentation TBA
The Cybersecurity Opportunity for MSPs