Commercial Vehicle Remote Diagnostics Market To Grow By $2.17B

Commercial Vehicle Remote Diagnostics Market To Grow By $2.17B

This growth will occur between 2020-2024, despite COVID-19 spread, says Technavio.

Technavio has been monitoring the commercial vehicle remote diagnostics market and it is poised to grow by $2.17 billion during 2020-2024, progressing at a CAGR of almost 17% during the forecast period. 

The COVID-19 pandemic continues to transform the growth of various industries. However, the immediate impact of the outbreak is varied, according to Technavio. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the commercial vehicle remote diagnostics market. The market growth in 2020 is likely to increase compared to the market growth in 2019.

Below are some frequently asked questions that Technavio addresses in its most recent report, commercial vehicle remote diagnostics market:

Based on segmentation by application, which is the leading segment in the market?

The LCVs are expected to be the leading segment based on application in the global market during the forecast period.

What are the major trends in the market?

Increased adoption of commercial vehicle telematics is one of the major trends in the market.

At what rate is the market projected to grow?

Growing at a CAGR of almost 17%, the incremental growth of the market is anticipated to be USD 2.17 billion.

Who are the top players in the market?

Continental AG, Eaton Corporation Plc, Geotab Inc., Marelli Holdings Co. Ltd., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Trimble Inc., Vector Informatik GmbH, Vidiwave Ltd., and ZF Friedrichshafen AG. are some of the major market participants.

What are the key market drivers and challenges?

Cost savings for fleet operators is one of the major factors driving the market. However, the high cost involved in fleet tracking restraints the market growth.

How big is the North America market?

The North America region will contribute to 47% of market growth.

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