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Telematics to Play a Crucial Role as a Productivity Tool During the Pandemic to Sustain Vehicle and Business Efficiency
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Commercial vehicle manufacturers have been affected by steep reductions in sales in 2020. Medium-duty truck sales have fallen by 19.2%, and heavy-duty trucks have dipped by 31.1% from 2019 levels. Nationwide lockdowns and temporary stoppages in commercial transport operations have left fleets floundering, both financially and operationally. Burdened by liquidity constraints, enterprise fleets are expected to go slow on large-scale telematics implementation plans. The global connected trucks telematics market is undergoing a tectonic change in technological and business aspects.This research presents strategies to address the current economic and market challenges and find hidden potential or market opportunities that can be converted to growth prospects. Telematics vendors will have to look for opportunities in this pandemic-affected scenario and leverage it to their advantage. TSPs will have to assess how the current market situation has impacted their business and realign their strategies by implementing immediate best practices to ensure that they can grow. Finding and leveraging potential growth opportunities will be crucial both for TSPs and fleet companies.Although the total installed base is expected to reduce dramatically due to the pandemic, TSPs can increase their revenue from these growth services and offset their installed base revenue loss to a minimum. Most telematics solutions are poised to evolve during this pandemic to address global issues such as social distancing and health, wellness, and wellbeing. Telematics vendors should provide extended telematics trials and expand their product portfolio with feature on-demand (FoD), HWW services, biometrics, associated services, contactless delivery, and on-demand service models. This research service presents valuable market insights and strategies for TSPs, OEMs, and upcoming technology start-ups. This analysis is based on the current world scenario, the impact of the global pandemic, key market trends, and customer requirements to enable clients to overcome the present challenges and achieve sustained growth into the future.Author: Mugundhan Deenadayalan
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