Commercial telematics market value by 2030
Annual market growth during this decade
Commercial fleets in the US using GPS tracking in 2020
Quectel is well-placed to support the growth of commercial telematics with a vast range of durable, compliant, multi-functional modules to support the new era of connectivity, including:
• Socket Secure Layer to meet strict security and privacy requirements in data transmission
• MIMO technology, which greatly reduces errors and boosts data speeds
• Wide temperature ranges to ensure durability in harsh environments
• Backward network compatibility to enable coverage in remote areas
Vehicles used by businesses and governments are increasingly equipped during manufacture with telematics systems which transmit location and other data – enhancing efficiency and productivity by helping to manage vehicle fleets and coordinate supply chains, emergency services, household deliveries. With a real-time view of all an organization’s vehicles, managers can plan faster delivery routes or coordinate travel and avoid wasted journeys. Connectivity can also be used to relay alerts, such as mechanical or electrical faults, signs of driver fatigue, or changes in the temperature of a refrigerated truck. Telematics solutions can also help businesses check that employees are driving safely and efficiently – reducing insurance premiums, greenhouse gas emissions and fuel costs.
Connected cameras can play a key role here, with image recognition systems running via the cloud to detect changes in a driver’s posture or behaviour. Similarly, connected road-facing cameras can capture and transmit footage of incidents requiring an emergency services response or insurance claim.
Despite the disruptive impact of the pandemic, forecasts now indicate the global commercial telematics market will grow by an average of 14% a year across this decade, reaching a total value of almost $64bn by 2030. In the U.S. for instance, the proportion of commercial fleets using GPS fleet tracking technology rose in 2020 alone from 64% in 2019 to 72% according to one recent survey.
Respondents reported an average 8% fall in fuel costs, an 11% reduction in accident costs and a 10% decrease in labour costs – with the majority of respondents from transport and service industries indicating that they achieved a return on investment (ROI) in fleet tracking less than a year after implementation. More than a third of government respondents and over a quarter of construction industry respondents also achieved ROI in less than a year.
In some markets, new regulations are helping to fuel growth in the telematics market – the Government of India for instance has made it mandatory for all new public transport vehicles with more than six seats to have a tracking device installed in them. And it’s clear why civic authorities are keen to maximize the value at hand in this space – connectivity in commercial vehicles could be used for instance to increase compliance with speed limits and traffic lights, further enhancing road safety, and ultimately to enable remote control and monitoring of driverless vehicles, and the safety of their passengers.
Trials of autonomous shuttle buses monitored by 5G control towers are already underway in Sweden, and one public transport operator reports carrying 200,000 passengers in electric autonomous buses in 2020 as part of 40 pilot services around the world – the scalability of these innovations depends heavily on how their safety is perceived in these early stages, and much of that will depend on quality commercial telematics.
Quectel is a major supplier to this rapidly growing global market – with an extensive portfolio of automotive modules, GNSS modules and LPWA modules to cover the full range of solutions in commercial telematics, which is expanding all the time. You can also decide which of our fast-growing range of IoT antennas best suits your needs. And, given the particular attention which must be paid to reliability in this area, you can be assured that purchasing from these product ranges marks only the start of your journey with us – we are here to support in the design, build, and testing of your solutions with end-to-end aftermarket services of which we are justly proud. You can browse our catalogue via the Product Selector, or if you’d like to discuss your requirements with us first, please feel free to contact us and we will get back to you within 24 hours.