LONDON, March 29, 2016 /PRNewswire/ -- The year 2016 is likely to be game-changing in the Global Connected Truck/Commercial Vehicle (CV) telematics market. Developed regions such as North America and Europe will continue to dominate the global connected truck market in 2016, contributing more than 57 percent of the total telematics installed base.
Emerging regions such as Latin America, India, China, and South Africa will grow at an average 16 percent year on year in 2016 guiding the total connected truck installed base to reach more than 20 Million in 2016. The connected truck market in India and China will crop up significantly, augmented by estimated GPD growth of 7.9 percent, and 6.6 percent respectively in 2016.
Top market trends such as OEMs partnering with multiple third party TSPs (Telematics Service Providers); Open architecture platform technology; and the Impact of regulatory mandates together will drive the total service revenue generated through connected truck to reach $4.96 Billion in 2016.
"Opportunities will emerge for OEMs and third-party solution providers with the advent of independent smart phone solutions and evolving business models. The ascendance of interest from fleet managers towards middle- and high-end telematics services will fuel additional growth in 2016," states Frost & Sullivan Research Manager Sathyanarayana Kabirdas.
This briefing will investigate the evolving global connected truck telematics industry discussing top market, technology and regional trends impacting market dynamics in 2016. Besides truck OEMs, after-market telematics providers, tier-1 suppliers, start-ups become considerable stake holders in the connected truck value chain. Start-ups focusing on mobile-based freight brokering, ELD (Electronic Logging Device) hardware and applications, and driver behaviour are penetrating the connected truck market in developed regions.
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SOURCE Frost & Sullivan