Commercial Telematics Market Current Status and Future Prospects
The Global Commercial Telematics Market is expected to reach USD 62.7 Billion by 2030, growing at a CAGR of 14% during the forecast period.
Shraddha Nevase
Commercial Telematics Market-Overview
The rise in demand from the automotive and insurance industry likely to benefit the Commercial Telematics Market 2022. The information & communication technology industry reports are shaped by Market Research Future, which pinpoints market options for expansion. An 14% CAGR is estimated to lead to an income of USD 62.7 Billion by 2030.
The rise in demand for real time information to devices is expected to set a favorable tone for the commercial telematics market trends in the upcoming period. The fortification of the automotive sector is estimated to yield positive results for the commercial telematics market in the upcoming period.
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Commercial telematics refer to the use of telematics technology in commercial vehicles or fleets for managing and monitoring business-related operations. Telematics technology involves the use of wireless communication, GPS technology, and onboard sensors to collect and transmit data regarding vehicle location, driver behavior, engine performance, and other relevant information.
Commercial telematics solutions can be used for a variety of purposes, including fleet management, vehicle tracking, driver safety monitoring, fuel management, and maintenance tracking. By providing real-time data on vehicle and driver performance, commercial telematics can help companies optimize their operations, reduce costs, and improve safety.
There are a number of providers of commercial telematics solutions, including Geotab, Verizon, Trimble, Omnitracs, Zonar, and others. These solutions vary in their capabilities and features, but they generally offer a range of tools and services for fleet managers and business owners.
Segmental Analysis
The segmental examination of the commercial telematics market is conducted on the basis of solutions, type, end-users, and region. On the basis of regions, the commercial telematics market includes Europe, North America, Asia Pacific, and the rest of the regions. Based on the type, the commercial telematics market is segmented into fleet telematics, vehicle telematics, insurance telematics, and others. Based on the end-users, the commercial telematics market is segmented into insurance, media & entertainment, government agencies, transportation and logistics, healthcare, and others. Based on the solutions, the commercial telematics market is segmented into navigation and location-based, V2v and V2i, infotainment, remote alarm & monitoring, telehealth, and others.
Detailed Regional Analysis
The regional scrutiny of the commercial telematics market includes regions such as Europe, North America, Asia Pacific, and the rest of the regions. The North American regional market is one of the critical regions in the world in terms of the market segment in the commercial telematics market as self-install on-board diagnostics devices are gaining the peak market in the North American region. The commercial telematics market in the European region is anticipated to observe express augmentation in the approaching period. The use of commercial telematics in the insurance industry is chiefly dominated by hardwired aftermarket black boxes, which have enormous demand in the commercial telematics market. While, the Asia-Pacific nations like Japan, China, and South Korea is an up-and-coming market for the commercial telematics market and is expected to be the highest CAGR in the coming year.
Competitive Analysis
The revamping of distribution channels is also expected in the coming years with a particular focus on using robots for the logistic function on a larger scale than before. The fortification of the human resource is estimated to be the critical point being addressed in these times of uncertainty. The rebooting of manufacturing activities is another strategic aspect that is being emphasized to ensure that the supply of the end product can be reasonably ensured to the users in the market. The market is in a condition of flux due to the rapid and severe changes in the global economy. The market players are taking the steps that are necessary to ensure that the market survives the turbulent period and emerge recovered in the future. The support of the administration in countries around the world is estimated to have a significant impact on the development of the market in the upcoming period.
The outstanding companies in the commercial telematics market are Harman International Industries, Inc.( U.S.), Bayerische Motoren Werke AG (Germany), TomTom Telematics B.V. (Netherlands), Verizon Communications, Inc.(U.S.), AT&T Inc. (U.S.), Vodafone Group Plc (U.K), Telefónica S.A. (Spain), Ford Motor Company (U.S.), Trimble Inc. (U.S.), Telematics International Ltd (South Africa), and Mix among others.
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Industry Updates:
April 2020 Radius Telematics has noted a significant spike in the stealing of commercial vehicles and plant ever since the COVID-19 lockdown. With numerous offices, factories, and construction sites closed up, and thieves are seen to be taking benefit of isolated locations. Radius Telematics purchased two companies in the previous year that had a considerable share of their business in the vehicle and plant security, and both are reporting a noteworthy spike in thievery.
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