Factors driving the LCVs segment in the global commercial vehicle telematics market.

The global commercial vehicle telematics market is expected to grow at a CAGR of 20.77% during the forecast period. Based on the application, the global commercial vehicle telematics market has been segmented into LCVs and M&HCVs.

Telematics services such as fleet tracking and fleet management solutions are becoming crucial for LCVs. The emergence of smartphone-based and portable solutions in telematics services has led to the revenue growth of the telematics services in the LCVs segment. Vendors are also offering customized solutions with a competitive price for small fleet operators. This has led to the adoption of telematics services by small fleet operators.

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Furthermore, OEMs are collaborating with various stakeholders, such as telecom operators and telematics solution providers, to offer end-to-end telematics services for fleets. Also, economic uncertainty and high competition are compelling fleet owners to reduce their operational cost, which is a strong factor driving the demand for telematics services in the LCV segment. Hence, telematics services have become crucial for LCVs to increase fleet efficiency, thereby driving the growth of the segment in the global commercial vehicle telematics market during the forecast period.