The global trailer telematics market is anticipated to report a healthy growth rate between 2020 and 2027, states a new report by Report Ocean. The research report is titled as “Global Trailer Telematics Market Size study, by Component, Vehicle, Service Offered, and Regional Forecasts 2020-2027.”
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Telematics is majorly utilized by transportation companies to manage their fleet, improve maintenance, enhance, driver safety, and increase customer satisfaction. Trailer telematics is used in trailers in a bid to provide the information related to the driver and the trailer to the company, which uses this information to optimize logistical process. Improved fleet management and remote diagnosis helps the company to provide immediate assistance for drives and reduce the downtime. Also, the data can be easily access through mobile or computer, which means reduced operational cost. All these factors are boosting the demand for trailer telematics considerably, leading to a significant rise in the global trailer telematics market.
The demand for self-contained battery operated trailer telematics is higher than other power source-based devices since those can be operate under harsh temperature condition. The high capacity of batteries results in better life-span of devices. It also lets devices transfer more data on frequent basis. Owing to these factors, the demand for self-contained battery operated trailer telematics is expected to remain soaring in the near future.
Increasing Demand for Safe Transportation Opens Door for Manufacturers
As of now, telematics is gaining prominence in the truck industry. The increasing demand for safe and crash-free transport, optimal management of the fleet, and the surge in the uptake of commercial vehicle telematics technology have opened the door for trailer telematics players in this market. The continual expansion of the commercial vehicle market is also proving to be quite beneficial for the global market for trailer telematics. According to Statista, the commercial vehicle sales across the world reached 26.37 mn in 2018 against 24.97 mn in 2017.
On the back of these factors, the future of the worldwide trailer telematics market looks thriving. However, the expensiveness of this technology and the rising reports of privacy issues are likely to obstruct the otherwise positive growth trajectory during the forecast period.
Continued Lead for North America
Among the regional markets for trailer telematics, North America has acquired the top position. The increasing concerns among consumers over on-road safety have driven the demand for safe and crash-free transport, which in turn, is compelling auto-makers to adopt advanced technologies for better management of fleet. The presence of a huge transportation and automotive industry and a large number of prominent automakers in the region has given North America an edge over other regions. The early uptake of telematics technology in commercial vehicles is another important factor behind the dominance of this regional market.
Over the coming years, the North America trailer telematics market is expected to retain its position due to the continuously expanding commercial vehicle market. Asia Pacific is also projected to report a decent growth rate in the near future on the back of the increasing production of commercial vehicles in this region.
The global trailer telematics market demonstrates a competitive landscape. The key players, including Tirsan, CalAmp Corp, Truck-Lite Co., Astrata Group, Descartes, Masternaut, Fleetmatics, Intel, Qualcomm, and Philips, are taking strategic approaches, such as mergers, acquisitions, and partnerships, to increase their share in the market.
Impact of COVID 19 on Global Trailer Telematics Market
As the entire world fights with the pandemic, the future of the global trailer telematics market does not look much bright. With no new product launches, there is no buzz in the commercial vehicle market at present. Having said that, as the world prepares to open again, the demand for commercial vehicles is expected to gain momentum in some time, which eventually, will reflect on the demand for trailer telematics as well.
- Based on the vehicle, the semi-trailer segment is likely to drive the trailer telematics market in the near future.
- The navigation unit is the key component segment in the global telematics market.
- In terms of service offered, the safety and security services segment is likely to lead the worldwide market.
- North America is anticipated to retain dominance over global trailer telematics market
The Global Trailer Telematics Market is classified as follows:
- Telematics Control Unit
- Navigation Unit
- Communication Devices
- Full Trailer
By Service Offered
- Fleet management
- North America
- Asia Pacific
- Latin America
- Rest of World
Companies Mention in the Report
- Truck-Lite Co.
- CalAmp Corp.
- Astrata Group (Omnitracs)
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