The global market for trailer telematics is anticipated to expand at a CAGR of 14% during the forecast period of 2024 and 2032. During the forecast period, the global trailer telematics market is expected to be driven by the rising demand for safety and security features in transportation. Telematics monitor and track the movement and condition of a trailer. Telematics is gaining traction in all types of commercial vehicles. Road regulations mandate telematics for commercial vehicles in order to better monitor fuel emissions. Initial investment costs are a major market constraint. However, developments in transportation infrastructure are anticipated to create lucrative opportunities for market participants. Leading automakers are integrating telematics into their vehicles to expand their market share. The dominant market players include, among others, BPW BergischeAchsen KG, CalAmp Corporation, Continental AG, Delphi Technologies, Inseego Corp., Intel Corporation, Masternaut Limited, Microlise, MiX Telematics, Novacom Services, Omnitracs, Phillips Connect Technologies, Robert Bosch GmbH, Tirsan Solutions, TomTom International B.V., Trimble Inc., Truck-Lite Co., LLC, Verizon, and WABCO Corporation.
Telematics systems in trailers typically include a number of safety and security features intended to increase the safety of trailer operation and protect the trailer and its contents. Geofencing enables fleet managers to create virtual boundaries around specific locations and receive alerts when a trailer crosses these boundaries. This is beneficial for preventing trailers from leaving designated areas. Telematics systems can track the speed, acceleration, and braking patterns of the operator. This information can be utilized to provide feedback to the driver and reduce the likelihood of accidents. Thus, it is anticipated that the availability of these safety and security features will stimulate the growth of the trailer telematics market over the next few years.
The volume of international merchandise trade grew by 3.5% in 2023, as reported by the World Trade Organization. The demand for commercial vehicles to transport goods is likely to increase as a result of a rise in commercial activity. Telematics systems enhance communication, task allocation, and routing. These systems also record and transmit engine performance, velocity, and driver behavior data. In the near future, the expansion of commercial vehicle fleets is expected to drive market growth.
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Trailer manufacturers are incorporating the most recent connectivity technologies, including the Internet of Things (IoT), LTE, GPRS, and radio connectivity. These technologies enable fleet managers to monitor operational effectiveness and maintain safety. Commercial vehicle uptime and availability are crucial for fleet operators because they have a direct impact on revenue. Fleet operators and manufacturers of trailers are adopting telematics to assess the condition of their vehicles, maintain maintenance records, and provide roadside assistance to drivers. In May of 2021, Volvo Trucks partnered with Lytx to improve safety and performance through the use of innovative video telematics.
According to the most recent market analysis of trailer telematics, the solutions segment is expected to lead the market over the forecast period. Multiple governments throughout the world are mandating the use of telematics solutions, including electronic toll collection and eCall capabilities. These telematics features enhance the driving experience. Recently, the Indian government mandated that RFID tags be installed on medium- and heavy-duty vehicles in order to collect electronic tolls.
The most recent market forecast predicts that North America will hold the largest share of the global trailer telematics market between 2024 and 2032. Estimates place Europe in second place. The presence of an established trucking industry and the implementation of stringent road safety regulations are driving market expansion in these regions. During the projected period, it is anticipated that the industry in Asia-Pacific will expand rapidly. In the near future, it is anticipated that the presence of major automakers will enhance market dynamics in the region.
