Trailer Telematics Market worth $1.41 billion by 2030| MarketsandMarkets
DELRAY BEACH, Fla., Jan. 16, 2025 /PRNewswire/ -- Trailer Telematics Market is projected to grow from USD 0.77 billion in 2024 to USD 1.41 billion by 2030, at a CAGR of 10.5% from 2024 to 2030, according to a new report by MarketsandMarkets. The growth of the trailer telematics market can be attributed to rising demand for efficient fleet management, strict government regulations, improved security & safety of assets, and increasing demand in cold chain logistics. This equipment also has benefits such as cost efficiency, improved safety, and a shift towards efficient fleet management. Alternatively, lack of technology awareness in developing countries is a restraining factor that hinders the widespread adoption of telematics services in trailers.
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Transportation and logistics segment is estimated to be the largest trailer telematics application.
The demand for fleet management solutions that enhance the overall operational efficiency of transportation and logistics industries demands advanced telematics solutions for trailers. The telematics system provides crucial data on trailer positioning, vehicle speed, and fuel consumption. It enables fleet operators to optimize routes and reduce operational costs by improving delivery time and service reliability in the e-commerce, shipping, and transportation industries. Modern telematics systems and solutions offer logistics companies new ways to save. In addition to conventional GPS tracking to optimize routing, AI-assisted vehicle data processing can reduce the overall total cost of ownership. According to specific secondary sources, it can be seen that return on telematics is quite immediate, maybe about a month or two. Fleet managers could see 15 to 20% savings on their costs. Asset, temperature, delivery tracking, and digital transport documentation improve service and reduce litigation costs and late delivery penalties. Cargo security is also enhanced due to connected door sensors, digital locks, and fuel caps, which reduce the risk of theft. The growing emphasis on efficiency, productivity, and security will also boost the demand for trailer telematics in the transportation and logistics industries.
Performance management is projected to be the fastest-growing service in the trailer telematics market.
Performance management can optimize operational efficiency, reduce costs, and improve overall fleet performance, driving market growth during the forecasted period. Trailer operators can analyze trailer performance by monitoring key performance indicators such as safety, efficiency, compliance, etc. Safety and security are critical aspects of overall operational performance. Negligence in this can harm the trailer operator and affect fleet productivity. Monitoring speed, harsh braking, accidents, and crashes can help operators track and take suitable actions. Also, efficiency in any business is crucial as an efficient fleet or company will give higher productivity and help cut unnecessary costs. Empty miles, fuel consumption, non-working/traveling, and asset utilization will provide a detailed analysis of the trailer operations, which can optimize its efficiency shortly by relying on data analytics to inform their decision-making processes. Remote diagnostic of key trailer components enables companies to have an advanced preventive maintenance schedule based on actual conditions rather than depending on the distance they have traveled, reducing downtime and additional maintenance costs. For instance, in December 2023, Microlise Limited (UK) announced an agreement with McCulla (Ireland) to implement fleet performance solutions, journey management solutions, SmartPOD, TruAnalysis, and TruChecks to improve the overall performance of its extensive 209-trailer fleet.
Americas will hold the largest market share during the forecast period.
Americas is estimated to have the largest market share in the trailer telematics market during the forecast period. Key drivers supporting America's market dominance include the established transportation and logistics sector, key players' presence, technology adoption, and the global trailer market. Particularly in North America, countries such as the US and Canada have well-developed logistics and transportation infrastructure, which includes extensive road networks, advanced warehousing facilities, and efficient distribution systems. Such infrastructure supports integrating telematics solutions, facilitating real-time data sharing, and improving fleet management capabilities. North America holds the largest market share in the global trailer market due to the increasing e-commerce industry and F&B industry. The US has a vast and well-developed trucking industry that is important in transporting goods across the region. This reliance on road freight has fueled the demand for trailers, which in turn demand advanced telematics services in trailers. Additionally, leading telematics providers like Omnitracs(US), CalAmp (US), Trimble (US), The Descartes Systems Group Inc. (Canada), and Geotab (Canada) have headquartered in the region give a competitive advantage in innovation and adoption of trailer telematics solutions in Americas region.
Key Market Players Trailer Telematics Industry:
Prominent players in the Trailer Telematics Companies include as CalAmp (US), The Descartes Systems Group Inc. (Canada), Qualcomm Technologies Inc. (US), Omnitracs (US), Wabco Solution Centre (Germany), Novacom (Netherlands), Solera Holdings (US), FleetPulse (US), IDEM Technologies (UK) and Microlise Limited (UK)
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This report provides insights on:
- Analysis of key drivers (Reducing operational costs, strict government regulations, Growing demand for e-trailers), restraints (Lack of awareness and understanding), opportunities (Data monetization and Ecosystem Integration), and challenges (Import of Substandard devices).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the trailer telematics market.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the trailer telematics market
- Competitive Assessment: In-depth assessment of market share analysis, growth strategies, and product offerings of leading players in the trailer telematics market, such as CalAmp (US), The Descartes Systems Group Inc. (Canada), Qualcomm Technologies Inc. (US), Omnitracs (US), Wabco Solution Centre (Germany), and Microlise Limited (UK).
- The report analyzes the trailer telematics market by package type wise pricing analysis.
- The report analyzes the key buying criteria and key stake holders involved in the market.
- The report showcases technological developments such as advance sensors impacting the market.
- The report showcases service wise trends in cold chain monitoring and e-commerce segment.
- Analysis of markets concerning individual growth trends, prospects, and contributions to the total market.
- Analysis of the supply chain analysis, ecosystem analysis, patent analysis, and case study analysis.
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Advanced Driver Assistance Systems Market
In-Vehicle Infotainment Market
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