Dublin, May 24, 2023 (GLOBE NEWSWIRE) -- The "Commercial Telematics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Solution (OEM & Aftermarket), By Application (Solution and Services), By End User, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
Global Commercial Telematics market was estimated at USD 37.44 billion in 2018, and by the end of the forecasted period through 2028, it is anticipated to grow to around USD 150.43 billion.
The factors propelling the demand for telematics in commercial vehicles across various countries in the globe is that with the help of telematics, companies can improve operational efficiency for fleet management.
In commercial vehicles, telematics involves a combination of information technology and telecommunication which helps to track the movements and location of the commercial vehicles easily.
In Europe, around 8.1 million units of telematics were installed in commercial vehicles, and it is expected that 15.04 million units of telematics will get installed in commercial vehicles in the European market in the forecasted year 2028F.
Nowadays, many commercial vehicle manufacturers are focusing on involving telematics in commercial vehicles, as many e-commerce companies prefer to have commercial vehicles for the delivery of goods, and having telematics in the vehicle helps to track the route and estimate the time of delivery and other status checks.
Tracking Of Vehicles in Real Time
The customers can check their vehicle's location in real-time owing to the telematics that has been installed in the vehicles. This makes it possible to give drivers the best route while escaping accidents, delays, and traffic jams.
By selecting the closest vehicle to the customer's location, one may also speed up response times and provide efficient service. Businesses that deliver goods can provide shareable tracking links, so they can track real-time delivery. Consumers can now get prepared for delivery in advance. This help with unnecessary returns and delays and brings more efficiency.
Reduce In Consumption of Fuels
For any company that relies on transportation, fuel is one of the biggest expenses. These costs can be reduced with the aid of GPS vehicle tracking and telematics. Monitoring various Driver Behavior data, such as rapid acceleration, pausing, use of equipment (air conditioning, etc.), and miles per gallon, is made easier by this.
With access to this information, company owners can find drivers who need to enhance their performance with less fuel. Telematics helps to find the right route for the drivers; this helps to increase the efficiency of driving and reduces the consumption of fuel.
Adoption of 5G connectivity to create market opportunities
Various telematics companies are using the 5G technology for commercial vehicles to enhance the internet connectivity solution.
With the adoption of the 5G technology in telematics, there will be growth in the market as it will provide information to pass in a very shorter time along with accuracy. Commercial vehicle manufacturers are focusing on using 5G for better services, and it will increase the advancement and popularity of commercial vehicles in the market in various countries across the globe in the coming years.
Cost Cutting in Sensor is Expected in the Adoption of Telematics
The price of the automotive sensor, which is used in telematics, is lower in the current year compared to the past few years; due to this, telematics devices are more adopted this year when compared to the previous year.
Commercial vehicle manufacturers are adopting telematics devices at a higher rate to install in trucks and in other commercial fleets across various countries. It is anticipated that in the coming years, the adoption of telematics devices will increase in commercial vehicles.
Telematics Can Enhance the Safety of The Driver
Telematics helps the drivers by heightening their awareness of their own driving behavior; telematics also helps to track down the drivers while they are driving. Considering that drivers are being watched, drivers will not make any unnecessary mistakes like texting, eating while driving, etc. Drivers are needed to be careful while driving, maintain a safer speed, keeping a proper distance from the front vehicles.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global commercial telematics market.
- AirIQ Inc
- TomTom Telematics BV (Netherlands)
- Trimble Inc. (US)
- WirelessCar AB
- Verizon Communications Inc
- OCTO Telematics S.p.A
- Geotab Inc
- Mix Telematics International (Pty) Ltd
- Omnitracs LLC
Report Scope:
Global Commercial Telematics Market, By Solution:
- OEM
- Aftermarket
Global Commercial Telematics Market, By Application:
- Solution
- Service
Global Commercial Telematics Market, By End User:
- Transport and Logistics
- Insures
- Healthcare
- Media & Entertainment
- Vehicle Manufactures/ Dealers
- Government Agencies
Global Commercial Telematics Market, By Region:
- Europe
- Germany
- Spain
- Russia
- France
- United Kingdom
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Malaysia
- Vietnam
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/6qqzjz
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