(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for U.S. Fleet Telematics Systems Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for U.S. Fleet Telematics Systems Market products.
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REPORT HIGHLIGHT
The U.S. fleet telematics systems market was valued at USD 2,350 million by 2017, growing with 11% CAGR during the forecast period, 2018-2025
Fleet Telematics Systems industry is rapidly expanding owing to the growing demand from truck transportation coupled with increasing number of mobile internet connections. Transportation companies generally own large fleets of vehicles. These companies look to save money and increase the productivity of their drivers and vehicles by using telematics systems. As a result, when the trucking sector's revenue increases, it typically means that more carriers can afford to install telematics systems, driving the industry growth significantly. In addition, increasing access of fleet telematics systems on mobile devices, such as smartphones and tablets augment the market demand. Therefore, as the number of mobile internet connections rise, it will become easier for key players with vehicle fleets to use these systems, and demand for fleet telematics on mobile products will grow.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Products Takeaway
In terms of products, the market is categorized as;
Local fleet systems
Mobile devices
Trailer tacking and monitoring systems
Long haul fleet systems
Other devices
Local fleet systems accounted for the highest revenue share, over 35% throughout the study period. These devices are installed directly into vehicles, allowing users to monitor things such as driver behavior, route productivity, fuel efficiency and vehicle location. Furthermore, software development has increasingly taken up a larger share of product offering as mobile applications and complex data analysis becomes more popular.
Application Takeaway
In terms of application, the market is categorized as;
Trucking
Express and logistic services
Exports
Others
Trucking dominates the market for fleet telematics systems, accounting for over 50% revenue share. Most customers in this market are for-hire carriers, but private fleets have become a major users over the past few years. Long-distance freight trucking companies were the first to invest in fleet telematics systems and remain a large market for the systems.
Key Vendors Takeaway
Trimble Navigation Limited
Fleetmatics IRL Ltd.
Geotab
Donlen Corporation
ARI Fleet Management
GPS Insight
Omnitracs LLC
Verizon Connect
Trimble Navigation Limited emerged as the major player, capture over 20% industry share. The industry has also begun to rapidly consolidate. Despite the presence of nationwide major players, most of the industry comprises small-scale firms that only serve a small market, based on the functionality of the telematics systems they provide. The struggle to differentiate product offerings, enter new, unsaturated, markets and gain the economies of scale required to bring in and retain clients has incentivized player to merge.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
Local fleet systems
Mobile devices
Trailer tacking and monitoring systems
Long haul fleet systems
Other devices
MARKET, BY APPLICATION
Trucking
Express and logistic services
Exports
Others
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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