The telematics market for commercial vehicles will grow from $7.3 billion in 2017 to $18.4 billion by 2022, a new research report predicts.
The report from MarketsandMarkets projects that the market will expand at a compound annual growth rate of 20.3 percent.
The promises of increased fleet safety and compliance will be the major catalysts for growth, according to the report.
Other factors include lower costs of sensors and connectivity; government mandates for tracking commercial vehicles; and increased adoption of telematics apps for smartphones.
North America will command the largest share of the telematics market for commercial vehicles, the report asserts, as the United States and Canada have been early adopters of telematics technology for commercial vehicles.