According to a new market research from analyst firm Ergo Institute, Commercial vehicles in Southeast Europe: Telematics solutions and perspectives, the number of commercial vehicles in Southeast Europe in 2013 was close to 10 million. Of the total number of commercial vehicles in use in the region, 55 percent were light commercial vehicles and 17.2 percent were trucks. Fewer than 0.5 million new registrations of commercial vehicles were recorded in Southeast Europe in 2013, which included LCVs, trucks, road tractors, trailers and semi-trailers, and buses and coaches.
According to the research, 1 million commercial vehicles in Southeast Europe had already been equipped with telematics solutions by April 2014. That means that telematics systems had already been implemented in 9.6 percent of all commercial vehicles in the region. Growing at a compound annual growth rate (CAGR) of 25 percent, the number of equipped vehicles is expected to grow from 1.25 million in 2015 to 3.05 million in 2019.
In 2014, Slovenia was still the market with the largest share of equipped commercial vehicles (more than 40 percent), followed by Croatia and Hungary with market penetration rates of 20 percent to 25 percent. Bosnia and Herzegovina, Bulgaria, and Serbia have market penetration rates of 15 percent to 20 percent. Greece and Romania are estimated to have market penetration rates of up to 10 percent. In Turkey, the largest market in the region, the market penetration rate is estimated to have been 9 percent in 2014.
The overall market penetration rate will grow from 11.6 percent in 2015 to 24.1 percent in 2019.
The research shows that there are approximately 300 telematics solution providers in Southeast Europe – about 20 in each country. More companies can be identified in Turkey and in EU member states, while fewer telematics solution providers can be found in Albania, Moldova, Slovakia, Kosovo, Montenegro, and Macedonia.