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Augmented Use of Electronic Tracking Opens Up Connected Trucks Market to Telematics Companies Finds Frost & Sullivan - Developing nations emerge highly lucrative markets with immense growth opportunities for connected trucks OEMs, finds Frost & Sullivan - Frost.com
Augmented Use of Electronic Tracking Opens Up Connected Trucks Market to Telematics Companies Finds Frost & Sullivan

 

NewswireToday - /newswire/ - London, United Kingdom, 2016/04/15 - Developing nations emerge highly lucrative markets with immense growth opportunities for connected trucks OEMs, finds Frost & Sullivan - Frost.com.

   
 
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The adoption rates of connected trucks in the global market is all set to soar, as truck original equipment manufacturers (OEMs) march stridently towards standardisation of telematics fitment in a wide range of models. By 2022, all major OEMs are expected to install their trucks with standardised telematics, and offer remote diagnostic subscription for free. In the after-market, telematics vendors will increasingly deploy analytics solutions, and integrate independent software solutions into mainstream fleet management services (FMS) packages.

New analysis from Frost & Sullivan, Global Connected Truck Market 2016 Outlook finds that in 2016, the global installed base of telematics is expected to grow by nearly 13.5 percent year-on-year, driven by OEMs’ greater focus on truck diagnostics. India and Latin America will raise their contributions to the global installed base, while Europe and North America will continue to lead the market, with more than 57 percent of the total installed base.

As North America and Europe are gradually becoming saturated, market leaders have been shifting their spotlight to emerging markets to tap the vast opportunity in Latin America, India and Southeast Asia. Meanwhile, in the developed regions, there are considerable opportunities for start-ups focusing on mobile-based freight brokering, electronic logging device (ELD) hardware and applications, and driver behaviour.

One of the biggest drivers for the connected truck market is the enforcement of regulations. The Federal Motor Carrier Safety Administration (FMCSA) in North America recently made it compulsory to install ELDs in order to monitor hours of service (HOS) and electronic vehicle inspection reports that furnish information on driver behaviour. In China, all heavy-duty trucks were mandated to install track-and-trace devices. Similarly, Russia has required that its vehicles are equipped with a national accident emergency response system.

“In addition to regulations compliance, connected trucks have benefitted from better training and support solutions, the provision of basic telematics solutions based on regional needs and flexible business cases,” saidFrost & Sullivan Intelligent Mobility Research Analyst Gokulnath Raghavan. “No-contract business models are anticipated to find substantial acceptance in developed markets, as will subcontracted and small fleets, owing to zero initial costs.”

Participants also need to take the initiative to spread awareness among potential customers and justify the return on investment. By delivering scalable platforms, they can help mitigate customers’ technology shyness to some extent. Telematics vendors’ strategy of offering open platforms will further boost the adoption of connected trucks.

“Fleet consulting services, video safety, driver behaviour and data analytics will be the next wave of services in mature markets in 2016,” noted Raghavan. “The global telematics market will attract data aggregators and analytics companies, Tier-1 suppliers, and software firms that are capable of developing their own partner ecosystem to become one-stop-shop FMS providers for connected trucks.”

Global Connected Truck Market 2016 Outlook is part of the Automotive & Transportation Growth Partnership Service program. Frost & Sullivan’s related studies include: Strategic Overview of the Commercial Vehicle Market in Iran, 2016 Outlook of the Global Medium-Heavy Duty Truck Industry, Impact of Euro VII on European Heavy-Duty Truck Market, Strategic Corporate Profile of CNHTC Portfolio and Connected Truck Market in Japan. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
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Global Connected Truck Market 2016 Outlook / MBAD-18

 
 
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Augmented Use of Electronic Tracking Opens Up Connected Trucks Market to Telematics Companies Finds Frost & Sullivan

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Frost & Sullivan | Telematics Companies
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