A new research report forecasts that the Latin American commercial vehicle telematics market will reach 27.9 percent market penetration by 2021.The market will generate $740 million.

The research, conducted by Reportlinker, analyzed and provided forecasts for the commercial vehicle telematics market in Latin America —Brazil, Mexico, Argentina, Chile, Peru, and Colombia.

The rapidly evolving demand for new trucks will result in the introduction of additional sub-segments, thereby driving the need for fleet management solutions, according to the researchers.