Fleet Complete releases telematics report
TORONTO — Fleet Complete, a provider of connected mobility solutions for business fleets, assets, and mobile workers, has released its annual report Unpacking 2021 for Fleet Telematics in North America, Europe, and Australia, focusing on commercial vehicle industry trends and insights.
Between October and December 2020, Fleet Complete conducted a research study, focused on its fleet clients. With survey data captured from fleets of all sizes, the report reveals findings on both the supply and demand sides of fleet telematics industry, identifying key trends and changes in the market today.
“Last year was all about adapting to the ‘new normal’ during the pandemic, placing a spotlight on fleets as essential services,” said Sandeep Kar, chief strategy officer at Fleet Complete. “This year, we continue to see growth leading to record market penetration, with customers demanding more of their telematics solutions.”
The analysis in key markets indicates that fleets in North America, Europe, and Australia will add 3.2 to 3.9 million new subscriptions in 2021, representing 16 per cent year-on-year growth.
The top three factors for investing in fleet telematics solutions in 2021, according to the study, are:
- Real-time tracking of vehicles and assets;
- Compliance and regulation; and
- Enhancing fleet safety through driver coaching.
Among newly added subscriptions in 2021, the industry will see a significant increase in, and customer appetite for, OEM connectivity (factory-fitted telematics hardware). The study noted increased demand for video telematics, particularly from heavy-duty fleets:
Seventy three per cent of surveyed light-duty fleets and 68 per cent of heavy-duty fleets showed interest in either choosing only factory-fitted telematics or a combination of factory-fitted telematics hardware for some vehicles and aftermarket hardware for others; and 63 per cent of light-duty fleet customers and 81 per cent of heavy-duty fleet customers will evaluate video telematics or are already using a video telematics solution.
Other shifts in customer views include the following:
- Fleet vehicles are regarded more as a service than a product;
- Telematics insights are becoming more predictive than descriptive; and
- Performance success revolves around owning vehicle data transactions rather than just owning vehicles.
These shifts will affect how solutions and services are engineered, and will dictate the importance of partnerships in the future, thus consolidating the industry ecosystem.
The report includes recommendations for various stakeholders – fleet owners, vehicle manufacturers, wireless telecom providers, the financial services industry and telematics solution providers.