Market Research Future (MRFR) confirms in its new report that the global market for commercial telematics can touch a valuation of USD 42 Billion by 2023. The market can also potentially achieve a strong growth rate of 18% during the forecast period (2017-2023).
Primary Drivers and Top Restraints
Telematics systems find major use in fleet management companies, automobile insurance companies, and others for monitoring the location as well as the behavior of the vehicle. The global commercial telematics market consists of the services and solutions that are needed to monitor and control a commercial vehicle using a telecommunication device. A Fleet Telematics System (FTS) helps in exchanging information between a commercial vehicle fleet and the central authority, allowing the latter to track vehicle diagnostics along with the location.
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Commercial telematics have several wide-scale applications in different industries for the transmission of real time data to devices. Rising number of subscribers and companies for commercial telematics have started showing a higher penetration in the market. Commercial telematics is used widely and primarily in automotive industries, which is expected to showcase fast paced ascension in the global commercial telematics market over the forecast period. It is also used in fleet communication system. The global telematics market is estimated to upscale at a fast rate owing to the transition towards low-cost and efficient telematics systems.
Leading vendors enlisted in MRFR analysis that are shaping the commercial telematics market are Mix Telematics International Ltd (South Africa), Vodafone Group Plc. (UK), Harman International Industries, Inc. (US), Trimble Inc. (US), Bayerische Motoren Werke AG (Germany), Verizon Communications, Inc. (US), AT&T Inc. (US), Telefónica S.A. (Spain), TomTom Telematics BV (Netherlands), Ford Motor Company (US), to name a few.
Type, solution, and end-user are the primary segments as per which the commercial telematics market has been studied by MRFR experts.
Given the type segment, the market includes Vehicle Telematics, Fleet telematics, and Insurance Telematics, among others.
Solution-wise, the market has been considered for Navigation and location-based, Remote Alarm & Monitoring, V2v and V2i, Tele-health, and Infotainment, among others.
The end-users of commercial telematics market are Government agencies, Media & Entertainment, Insurance, Healthcare and Transportation and Logistics, among others.
August 2018: ARI recently announced their signing of an agreement with Ford Motor Company for providing Ford with seamless telematics solutions.
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The global commercial telematics market is studied for the regions of North America, Europe, APAC and the Rest-of-the-World (RoW). North America is projected to dictate the global commercial telematics market owing to the proliferation of self-installed and onboard diagnostic devices that are capturing a large share of the market.
Apart from that, Europe is also estimated to witness rapid growth in the forthcoming years, as suggested by the latest report. The regional commercial telematics market within the insurance industry is estimated to witness fast paced ascension owing to its domination over hardwired aftermarket black boxes and is witnessing huge demand in the current market.
Asia Pacific is also expected to showcase considerable growth in the commercial telematics market through the review period. Within Asia Pacific, India, China, South Korea, and Japan are some of the emerging growth pockets for commercial telematics during the review period.
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