Are you driving innovation, meeting regulatory demands, and leveraging best practices in this evolving industry?
While legacy companies currently dominate the truck, medium and heavy commercial vehicles (M&HCV) ecosystem, the landscape is rapidly transforming. As of 2023, 34.4% of all fleets have telematics capabilities, but this figure is projected to soar to 57.4% by 2028.
While this presents vast opportunities for all participants in the ecosystem, technology startups — new to the commercial vehicle space — stand to gain the most. However, legacy companies are not out of the equation; many of them are adapting to the new reality by embracing key shifts such as:
- Standardization of telematics control units: OEMs are increasingly partnering with third-party vendors to leverage their expertise in this area.
- Growing involvement of insurance companies and automotive data service providers: These companies are entering the telematics segment through partnerships with OEMs like Daimler and Volvo, as well as acquisitions of Software-as-a-Service (SaaS) companies.
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Transformative Megatrends
- OEMs are now factory-installing standardized telematics devices across their M&HCV fleets.
- Truck digitization is emerging as a key driver of the industry, enabling OEMs to focus on vehicle safety and eco-friendly alternatives.
Disruptive Technologies
- Open API platforms have become the norm for most TSPs serving the M&HCV segment, enabling the integration of value-added services like freight management.
- AI is powering more intuitive and personalized commercial truck experiences.
Competitive Intensity
- Enterprises are turning to tech-startups to fulfil their connectivity needs. This can lead to a loss of market share if not accompanied by a solid competitive strategy.
- Free trade policies are enabling truck companies to expand their operations globally.
Is your company building a robust growth strategy that leverages these imperatives?
Whether you are an established OEM or a new entrant, Frost & Sullivan’s latest analyses present strategies and growth opportunities necessary to thrive in the connected M&HCV and truck domains. Access now to gain a competitive edge!
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