Global Commercial Telematics Market
Global Commercial Telematics Market was valued at US$ 1.5Bn in 2019 and is expected to reach US$ 8.6Bn by 2027, at a CAGR of 24.39% during a forecast period.
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The potential of telematics is helping into commercial vehicle fleets to cut costs and operate more efficiently. Companies are deploying telematics solutions to improve the operation of commercial vehicle fleets with more efficiently.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Major driving factors of the Commercial Telematics Market are the growing strategic partnerships between telematics service providers and automobile manufacturers. The rise in usage-based insurance, digital distribution channels, and other disruptors are shaking up the industry. dramatically reshape the insurance sector by delivering profitable growth through transmitting the real-time information are unlocking the opportunities that exist within an insurers existing customer base and new market segments. Risk management and underwriting practices are becoming more effective when accurate data about vehicle operations and driver performance can be readily analyzed and interpreted and High demand for connected vehicles. Lack of awareness and high initial cost will act as a restraint to the market.
Based on the End-Users, Transportation and logistics is expected to hold the largest share in the market during the forecast period. The world economy is growing, government regulations are changing, and other factors are creating better opportunity in the freight industry. Trends are changing in the national or regional economy growing the manufacturing and distribution process to affect the demand for transportation. Technological developments, today’s market and with government ease regulations, carriers are to be efficient. the middle-class population in the world is increasing at a higher rate and Several small- and large-scale firms are keen on improving their presence in the market.
In Type, Vehicle Telematics is also expected to lead the market growth. Vehicle telematics are working on various technologies namely GPS, digital radio modules, GPRS/CDMA, human-machine interface and high-performance multimedia processor. Increased safety awareness, technological advancement and the need for safety measures are driving the growth of the Vehicle telematics market.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period. Regional economic integration, free trade agreements, e-Commerce, and digitalization are some of the key drivers expected to transform in this region. international companies are expanding into this region to benefit from this trend and the resulting growth potential. China is at the center of this emerging New Asia as low based manufacturing exits the country it is moving to such places as Vietnam, Cambodia, Laos, and frontier markets. The Asia Pacific is likely to expand its share in the global freight forwarding market while at the same time Europe and North America are likely to experience declines.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
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Global Commercial Telematics Market, By Type
• Vehicle Telematics
• Fleet Telematics
• Insurance Telematics
Global Commercial Telematics Market, By Solutions
• Navigation & Location Based
• V2v And V2i
• Infotainment
• Tele-Health Remote
• Alarm & Monitoring
Global Commercial Telematics Market, By End-Users
• Government Agencies
• Media & Entertainment
• Transportation and Logistics
• Insurance
• Healthcare
Global Commercial Telematics Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Commercial Telematics Market
• OnStar LLC
• Trimble Navigation Ltd
• TomTom
• Masternaut Ltd
• ORBCOMM Inc
• WirelessCar AB
• Verizon Communications Inc
• Omnitracs LLC
• MiX Telematics Ltd
• OCTO Telematics S.p.A
• AirIQ Inc
• WEX Inc
• GeoTab Inc
• AT&T Inc
• Cisco Systems Inc
• Google Inc
• Systems and Technology Corp
• LG Electronics Inc.
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