Portland, OR, Oct. 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global commercial telematics market was pegged at $16.87 billion in 2020, and is estimated to reach $63.89 billion by 2030, growing at a CAGR of 14.3% from 2021 to 2030.
Increase in trend of connectivity solutions, ease of vehicle diagnosis, and government regulation for vehicle telematics drive the growth of the global commercial telematics market. However, high installation costs, threat of data hacking, and lack of uninterrupted & seamless internet connectivity hinder the market growth. On the contrary, intelligent transportation systems and improved performance of autonomous vehicles are expected to open new opportunities for the market players in the future.
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Covid-19 scenario of Commercial Telematics Industry:
- The Covid-19 pandemic severely affected the automotive sector as majority of the manufacturing facilities were closed, which affected to several OEM and supplier factories.
- The pandemic affected the revenue streams allocated toward the R&D and adoption of new technologies in the commercial telematics sector. The growing vaccination number and rise in commercial vehicles are expected to boost the growth of the market post-pandemic.
The report segments the global commercial telematics market on the basis of solution type, application, end user, and region.
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Based on solution type, the OEM segment held the lion’s share in 2020, accounting for more than half of the market. Moreover, the segment is projected to manifest the highest CAGR of 15.0% from 2021 to 2030. The report analyzes the aftermarket segment.
On the basis of application, the solutions segment held the largest share in 2020, contributing to more than three-fourths of the market. However, the services segment is projected to register the highest CAGR of 15.2% during the forecast period.
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The global commercial telematics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020 in terms of revenue, accounting for more than one-third of the market. However, the market across Asia-Pacific is expected to portray the highest CAGR of 17.1% during the forecast period.
The global commercial telematics market report includes an in-depth analysis of the prime market players such as Mix Telematics, Trimble Inc., Navistar, Inc., Vontier Corporation, Verizon Communications Inc., Geotab Inc., Fleet Complete, Solera Holdings, Inc., Microlise limited, Daimler AG, Continental AG, Karooooo Ltd., and Michelin.
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Similar Reports We Have on Telematics Industry:
United States Commercial Telematics Market by Type (OEM and Aftermarket), Application (Solutions & Services) and End-User (Transportation & Logistics, Insurance, Healthcare, Media & Entertainment, Vehicle Manufacturers & Dealers and Government Agencies): Regional Opportunity Analysis and Industry Forecast, 2020–2030.
China, India, Southeast Asia Automotive OEM Telematics Market by Vehicle Type (Passenger Car, HCV, LCV, MCV, and Two-Wheeler) and Application (Solutions and Services): Opportunity Analysis and Industry Forecast, 2019–2030.
Consumer Telematics Market by Type (OEM, After Market) and Application (Fleet/Asset Management, Navigation and location based, Infotainment, Insurance Telematics, V2v and V2i, Tele-health, Remote Alarm & Monitoring, Services) - Global Opportunity Analysis and Industry Forecast, 2013 – 2030.
Marine Telematics Market by Component [Hardware, Software, and Service (Safety & security, information & navigation, entertainment, and Diagnostics)] and Application (Commercial, Passenger, and Defense): Global Opportunity Analysis and Industry Forecast, 2019–2030.
Automotive Telematics Market by Channel (OEM and Aftermarket), Vehicle Type (Commercial Vehicle, Passenger Car, and Two-Wheeler), Application (Fleet/Asset Management, Navigation & Location-Based System, Infotainment System, Insurance Telematics, Safety & Security, V2X, and Others), and Connectivity Solution (Embedded, Integrated Smartphones, and Tethered): Global Opportunity Analysis and Industry Forecast, 2019–2030.
Automotive OEM Telematics Market Connectivity Solution (Integrated, Embedded and Tethered), Application (eCall & Roadside Assistance, Stolen Vehicle Tracking, Motor Insurance Telematics, Vehicle Diagnostics & Maintenance, Over-the-air Updates, Connected Navigation & Infotainment and Others), Infrastructure (Tracking, Network and Service) and Vehicle Type (Two-Wheelers, Passenger Car and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021–2030.
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