DUBLIN, Aug. 19, 2021 /PRNewswire/ — The “Commercial Vehicle Telematics – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Commercial Vehicle Telematics Market to Reach $37.3 Billion by 2027
Amid the COVID-19 crisis, the global market for Commercial Vehicle Telematics estimated at US$10.4 Billion in the year 2020, is projected to reach a revised size of US$37.3 Billion by 2027, growing at a CAGR of 20.1% over the period 2020-2027.
Service, one of the segments analyzed in the report, is projected to record 18.7% CAGR and reach US$19.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solution segment is readjusted to a revised 21.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.1 Billion, While China is Forecast to Grow at 19.4% CAGR
The Commercial Vehicle Telematics market in the U.S. is estimated at US$3.1 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.4 Billion by the year 2027 trailing a CAGR of 19.4% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.9% and 17.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 14.9% CAGR.
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