Pune, India., Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global commercial telematics market size was USD 34.79 billion in 2020. The market is projected to grow from USD 40.18 billion in 2021 to USD 158.31 billion in 2028 at a CAGR of 21.6% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Commercial Telematics Market, 2021-2028.”
According to our analysts, the increasing penetration of telematics in developing countries across the globe is dramatically fueling market growth. Furthermore, government guidelines concerning fleet management and road protection are anticipated to thrust market growth in the upcoming years. Moreover, the implementation of commercial telematics is promptly rising among fleet owners, insurers, and OEMs to achieve real-time visions from the automotive such as location, braking, speed, fuel usage, and engine temperature, among others to refine the fleet proficiency and driver performance.
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Market Growth Drivers & Restraints-
Declining Price of Sensors to Fuel Acceptance of Commercial Telematics
Reducing costs of the automotive sensors and telematics gadgets are driving their implementation in trucking and fleet management industries of developing nations such as India, and South Korea, among others.
Therefore, growing demand for commercial telematics in the medium, as well as large scale industries in these regions, is projected to enhance the commercial telematics market growth over the forecast period. Furthermore, technological progressions in the production procedures of these gadgets also empower the manufacturers to deliver telematics devices at reasonable costing, which further impacts the market.
The market growth of commercial telematics can be attributed to the increasing demand for advanced telematics solutions in the transportation and logistics sector. The use of telematics in the sector has led to better fleet management, reducing operational costs and increasing productivity. Additionally, the rise of e-commerce has created a need for efficient and timely delivery of goods, which can be achieved through the use of telematics technology.
The adoption of telematics in the insurance industry has also contributed to the growth of the market. Usage-based insurance, which allows customers to pay premiums based on their driving behavior, has become popular. This is made possible by the use of telematics technology, which provides accurate data on driving behavior.
The healthcare sector has also seen the integration of telematics technology, enabling emergency services to track and respond to medical emergencies. This has significantly improved response times, leading to better patient outcomes.
Media and entertainment organizations have also benefited from the use of telematics, which enables them to track news vans and production trucks. This helps to ensure that the equipment is in the right place at the right time, which is crucial in the fast-paced media industry.
The vehicle manufacturers and dealers segment has also experienced growth due to the use of telematics technology. The technology helps to improve the customer experience, providing real-time updates on the location and status of their vehicles. It also assists in inventory management, ensuring that the right vehicles are in stock.
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Competitive Landscape
Verizon Connect delivers a wide variety of telematics software. Its solutions comprise fleet dash-cam software, root optimization software, driver management & safety software, fleet tracking software, road assistance software, and others.
Moreover, in January 2018, Verizon Connect procured Movildata Internacional, which is a Spain-headquartered commercial fleet management solutions supplier. Through this procurement, the company fortified its spot in Europe through a regional extension approach.
Segments-
The commercial telematics market can be segmented into solution type, application, and end-user, for better analysis and understanding of the market.
Solution Type:
The two main categories for solution types are Original Equipment Manufacturers (OEM) and aftermarket.
The OEM solutions are embedded in the vehicle during production, while the aftermarket solutions provide retrofitting options for vehicles. The use of telematics in the market offers real-time updates on vehicle diagnostics, fuel consumption, and driver behavior. The aftermarket segment held the largest market share of 85.1% in 2020 due to the rising demand for aftermarket telematics for navigation and infotainment services.
Application:
The application of commercial telematics can be further divided into solutions and services.
The solutions offered in this market aid in tracking vehicles, while services include maintenance, training, and consulting services.
End-User:
The commercial telematics market is beneficial to a wide range of end-users, including transportation and logistics, insurers, healthcare, media and entertainment, vehicle manufacturers and dealers, as well as government agencies.
The transportation and logistics sector is the largest end-user, utilizing telematics technology for efficient fleet management, which reduces costs and improves productivity.
Insurers use telematics to provide usage-based insurance, allowing customers to pay premiums based on their driving behavior. The healthcare sector benefits from the integration of telematics technology by enabling emergency services to track and respond to medical emergencies.
Media and entertainment organizations use telematics to track news vans and production trucks, while vehicle manufacturers and dealers use it to improve customer experience and manage inventory.
Government agencies use telematics technology to manage their fleets and monitor public transportation systems. Geographically, the market is branched into North America, Asia Pacific, Europe, and Latin America, and the Middle East & Africa.
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Regional Insights-
North America held the largest commercial telematics market shares and dominated the market in 2020 with a market size worth USD 11.50 billion. North America has the biggest penetration of telematics in comparison with other regions. Europe held the second-largest market share in 2020. The robust existence of telematics in principal nations, comprising the U.K. and Italy, fuels the market growth.
Asia Pacific is estimated to observe speedy growth with a CAGR of 25.9% over the forecast period. Rising penetration of telematics in developing economies such as China, India, Japan, and South Korea are projected to augment growth in the region.
Key Takeaways:
- Increasing Demand for Connected Automobiles to Drive Market Growth
- Increasing Adoption of Usage-Based Insurance to Boost Market Growth
- Strong Presence of Telematics Solution Providers to Boost the Market Growth.
- Leading Players Focus on Strategic Partnerships to Intensify the Competition
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A list of prominent Commercial Telematics manufacturers operating in the global market:
- Geotab Inc. (Oakville, Canada)
- Trimble Inc. (U.S.)
- TomTom Telematics BV (Netherlands)
- Verizon Telematics, Inc. (U.S.)
- Mix Telematics International (Pty) Ltd (South Africa)
- Zonar Systems, Inc. (U.S.)
- Octo Telematics Ltd. (U.K.)
- Omnitracs LLC (U.S.)
- Masternaut Limited. (U.K.)
- Microlise Group Ltd. (U.K.)
- Inseego Corporation (U.S.)
- Volkswagen Commercial Vehicles (U.K.)
- Continental AG (Germany)
Industry Development:
June 2021: Ford procured Electrophile, which is a battery management and fleet monitoring software, provider. Ford owns two electric vehicles in the pipeline, F-150 Lighting Pro & E-Transit cargo van, intended to object commercial clients.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Commercial Telematics Market - By Application (in Value)
- Impact of COVID-19
- Global Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Market Analysis, Insights and Forecast – By Country
- United States
- By Application
-
- Solutions
- Services
-
- Canada
- By Application
-
- Solutions
- Services
-
- Mexico
- By Application
-
- Solutions
- Services
-
- Europe Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Market Analysis, Insights and Forecast – By Country
- United Kingdom
- By Application
-
- Solutions
- Services
-
- Germany
- By Application
-
- Solutions
- Services
-
- Italy
- By Application
-
- Solutions
- Services
-
- Rest of Europe
- By Application
-
- Solutions
- Services
-
- Asia Pacific Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Market Analysis, Insights and Forecast – By Country
- China
- By Application
-
- Solutions
- Services
-
- India
- By Application
-
- Solutions
- Services
-
- Japan
- By Application
-
- Solutions
- Services
-
- South Korea
- By Application
-
- Solutions
- Services
-
- Rest of Asia Pacific
- By Application
-
- Solutions
- Services
-
- Rest of the World Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Geotab Inc. (Oakville, Canada)
- Trimble Inc. (US)
- TomTom Telematics BV (Netherlands)
- Verizon Telematics, Inc. (US)
- Mix Telematics International (Pty) Ltd (South Africa)
- Zonar Systems, Inc. (US)
- Octo Telematics Ltd. (UK)
- Omnitracs LLC (US)
- Masternaut Limited. (UK)
- Microlise Group Ltd. (UK)
- Inseego Corporation (US)
- Volkswagen Commercial Vehicles (UK).
- Continental AG (Germany)
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