The interchange of data between the vehicle and the central authority is enabled by fleet telematics. This system uses on-board diagnostics and a global positioning system to track the location and movement of cars. Fleet telematics aids in the recording of a vehicle's speed as well as other pertinent data. This telematics technology is used by many fleet management organizations to track the behavior of their cars. The market for fleet telematics is likely to increase dramatically in the coming years. The ecosystem existence of numerous significant businesses has resulted in a competitive and diverse market. A fast rate of adoption of cloud computing and analytics, dropping hardware and IoT connectivity prices, a growing desire for operational efficiency, and new regulatory mandates are all factors driving the industry. Vendors of fleet management software, on the other hand, have a lot of room to develop. Small businesses and startups are also making a name for themselves in the fleet management market by offering services all over the world. The fleet management sector is gradually adopting sophisticated technologies, and numerous fleet organizations are launching green initiatives to reduce environmental impact and boost fleet efficiency.
Region Analysis:
During the projected period, APAC is expected to grow at the fastest rate. The automotive industry is undergoing a massive transformation as a result of the introduction of electric vehicle and autonomous vehicle technology, which has resulted in the development of new areas such as Advanced Driver Assistance Systems (ADAS), Mobility-as-a-Service providers (MaaS), and CASE, as well as the entry of new industries utilising IoT technology and the emergence of new services such as ride-sharing and car-sharing. All of these applications necessitate quick data transfer, analysis, and deployment. All of these reasons are propelling the Asia Pacific telematics industry forward.
Key Development:
· Geotab launches Geotab Integrated Solution for General Motors in January 2020. The service, which debuted at Geotab Connect 2020, assists fleet managers in gaining access to their compatible vehicle data within the MyGeotab platform via a factory-installed, GM-engineered OnStar module. The system aims to make mixed-fleet management chores easier by allowing organisations to manage their whole fleet from a single platform.
· Geotab teamed with SAP (Germany) in October 2020 to give businesses that use SAP solutions and Geotab's fleet management service visibility into their company's telemetry data via the SAP Cloud Platform.
· In November 2020, Athene Holding Ltd. and Hertz Global Holdings, a renowned financial services business, entered into a stock and asset purchase agreement to acquire Donlen.
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Segmentation:
The Global Fleet Telematics Market accounted for US$ 7.45 billion in 2020 and is estimated to be US$ 44.68 billion by 2030 and is anticipated to register a CAGR of 19.8%. The global fleet telematics market is segmented by Components, Deployment Type, Fleet Type and Region.
· By components, the Global Fleet Telematics Market is segmented into Solutions (Smartphone, Portable, and Embedded) and Services (Professional Services and Managed Services).
· By deployment type, the Global Fleet Telematics Market is classified into On-Premises and Cloud.
· By fleet type, the Global Fleet Telematics Market is classified into Commercial Fleet, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Passenger Cars, Internal Combustion Engine and Electric Vehicles.
· By region, Asia-pacific fleet telematics market is expected to account for major revenue share in Global Fleet Telematics Market, followed by other regions.
Competitive Analysis:
The key players operating in the Global Fleet Telematics Market includes Actsoft, Ctrack an Inseego company, Daimler Fleetboard GmbH, Deere & Company, Fleetmatics Group PLC, HARMAN International, KORE Wireless, Masternaut Limited, MiX Telematics, Sprint Corporation, TomTom International BV, Trimble Inc. and Verizon. In May 2020, MiX Telematics, a global fleet and mobile asset management solution, has announced that Post Office, a leading UK retailer, has renewed its contract with the company. Postal services, banking services, broadband and home phone, foreign currency, and travel insurance are among the more than 170 products and services offered by the organisation.
