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Delicate Global Economic Situation Due to the COVID-19 Pandemic Presents Precarious Market Conditions; Revival Likely in the Later Half of the Year
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The global COVID-19 pandemic and the subsequent recession like global economic slowdown has left governments and markets stumbling in a directionless chaos and uncertainty. In the midst of a lurking global recession catalysed by the uncontrolled spread of the COVID-19 virus, companies and leaders invariably fall short of prompt decision-making, subsequently missing out on potential opportunities during such times of great distress. The connected truck telematics market in 2019 was marked by several key strategic acquisitions and new market entries all over the globe. It is undergoing a tectonic change on technological and business aspects. Overall growth in 2020 seems to be in a precarious state. Companies worldwide are expected to be conservative in making big financial decisions and acquisitions. The full extent of the pandemic and its effects will be hard to predict at an early stage. Most nations are expected to see growth rates in single digits for the first time owing to the COVID-19 pandemic. Recovery is expected to be slow around the second half of 2020.
The research focuses deeply on key market trends. Key trends covered include convergence, 3G sunset, video intelligence, data monetisation, prognostics and electrification. In addition, this research also analyses regional trends in services, solutions and technologies for specific segments, such as light commercial vehicles, medium commercial vehicles and heavy commercial vehicles. Top connected fleet services and features are highlighted along with a fleet pricing analysis. A comparison of performance of the connected truck ecosystem in 2019 and in 2020 with respect to acquisitions, new product developments, OEM introductions and new technologies, along with imminent predictions for 2020, is presented in detail.
OEM sales are expected to plummet to record low levels. From a more common perspective, along with OEMs, telematics service providers (TSPs) will also be expected to witness a decline in their sales. Connectivity solutions will play a crucial role during such tough times. There will be more fleets that will be looking to save money by improving whatever minimal operation that the situation allows for. Implementation of large-scale deployments in enterprise fleets and owner-operator fleets will likely be postponed. Enterprise fleets will halt any large-scale deployment of telematics solutions because of the cash crunch that they might be facing during this situation. Small- and medium-sized fleets are likely to adopt a basic range of solutions on a flexible purchase model.
This research sheds light on strategies to tackle the current challenge and to find hidden potential or opportunity that can be converted to growth prospects. Telematics vendors will have to look for opportunities during these challenging times and play them to their advantage. TSPs will have to zero in on ways the current market situation will impact their business and should realign their strategies and implement immediate best practices and methods to ensure that they ride out the high tide. Finding and leveraging potential growth opportunities will be crucial for both TSPs and fleets/fleet owners.
This research also provides several interesting perceptions based on extensively conducted comprehensive scenario based analysis centred on the current world scenario on key industries and markets to enable clients survive the present challenge and to thrive in the future.
Author: Mugundhan Deenadayalan
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