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North America light vehicle telematics market: $1.1 billion industry by 2018

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Strategic Update of North American Light Commercial Vehicles Telematics Market - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-12 10:02:02
The North America light vehicle telematics market is suggested to have reached a value of around $585 million at the end of 2011, and is forecast to grow to a total of $1.1 billion by 2018.Economic uncertainty in North America is compelling light commercial vehicle (LCV) fleet managers to cut costs and extend their fleets´ lifecycles. While the early adopters of the LCV market are looking for basic track and trace solutions to track their vehicles, larger fleets are looking at integrating Fleet Management Solutions (FMS) to their business objectives and mitigate risks.Geared towards reducing fuel costs and improving efficiency in business, fleet owners are looking at adopting telematics as a tool to monitor vehicle idle time and seamlessly integrate business processes. This not only leads to higher demand, but also maintains pressure on pricing points, due to the current economic condition.Small fleets are also adopting telematics as a tracking solution; however, these have been slow in adopting FMS solutions. The penetration level is not easily achievable. Around 80 percent of fleets have less than 10 vehicles and this segment has not been significantly penetrated. Small fleets have thin profit margins and are highly prone to cost cut backs.In the current economic situation, it is important to strategically position telematics solutions based on the features that address various fleet sizes. In order to attain a competitive edge, it is key for companies to offer a flexible solution combined with a competitive pricing point.Fleet managers are looking at fuel-efficient vehicles, monitoring and tracking vehicles and driver behavior behind the steering. FMS vendors are integrating various functionalities like route planning, work order management and workforce management into their solutions to provide efficient business solutions.There are many opportunities for vendors to penetrate the market. The strategy of offering suitable solutions at a flexible pricing option to various types of fleets addressing their core business issues will have a positive impact on the industry in the coming years.The role of telematics tools have evolved from mere tracking of vehicles to tracking mobile resources and improving business and asset management. As the ecosystem matures, blended solutions will encompass basic track and trace, as well as complex, wide-ranging systems that cater to all fleet sizes and business goals.Report ScopeThis research service provides a strategic overview of the light commercial vehicles telematics market in North America. The study discusses the penetration of embedded telematics and the addressable market.It sheds light on the low penetration percentage among Class 1-3 vehicles and discusses key challenges and market drivers and restraints. The research service highlights key trends for wireless providers and new value chain partners. Overall, the study provides insights in the industry by discussing different business models, solutions, future outlook, technology, and services. The base year is 2011, with a forecast period of 2012 to 2018.

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