The advancement in technologies of telematics and decline in price of telematic sensors along with the adoption of sensors by the commercial vehicle manufacturers is driving the market.
According to the TechSci Research report, "Global Commercial Telematic Market -Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F", Telematics essentially uses a wireless network to provide information generated from automobiles utilized in the automotive industry. Telematics insurance provides information to help individuals become better drivers. Telemetry is applied in the healthcare sector since it simply gives acquired data and sensor information. Telematics is a standard feature in vehicles made by Mercedes-Benz, Citroen, BMW, Vauxhall, and Peugeot. Telematics aids in gathering data such as driving habits, vehicle location, activity, and engine diagnostics; this data is then visualised on software that aids in fleet operating management. Telematics makes use of GPS technology to assist in tracking vehicle speed. Telematics is used by fleet management businesses, auto insurance providers, and others to track the whereabouts and driving habits of their fleets of vehicles.
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The Global commercial telematic market can be segmented based on by solution, by application type, by end-user, by region and by company. Based on application type, services dominate the market in the year 2021, and it is anticipated that solution will grow with decent share in the coming year. Many automotive manufacturers in the European countries have seen that the revenue is mostly generated by the service segment in the commercial telematic. There are various services such as telematics helps to communicate in real time, its software helps in vehicle maintenance and safety monitoring, it also helps in detection of harsh acceleration or braking, etc.
All these services have been generating high amount for the telematics companies and due to this commercial vehicle manufacturing company are installing telematics sensors at higher rate.
In the regional segment, Europe has the highest market share and it is anticipated to grow in the forecasted year. In many European countries, the government has made it mandatory to install the 112-based eCall in-vehicle alarm system in all new commercial vehicles and passenger cars. In Europe around 8.1 million units are being installed in the commercial vehicles in the year 2022. And it is expected that about 15.04 million units will be installed in the commercial vehicles in the forecasted year 2028F. The market for commercial and passenger vehicles is expanding because of the desire for technology that makes online diagnostic, navigation, and safety easier. The European Union legislation, local policy regulations, the increase in automotive vehicle production, and the narrow profits in the transportation sector continue to be the key forces behind vehicle telematics. The technology has become more popular and widespread due to the growing variety of telematics products and services, focused government regulations, and industry-specific guidelines.
In the end-user segment, the transport and logistics has the highest market share among the other segments. The telematics companies have generated higher revenue from various end user such as healthcare, media & entertainment, vehicle manufactures/dealers, etc. All these users have helped the telematics and automotive industry to grow a decent revenue from this user. In various countries across the globe, commercial vehicles are mostly used by these end users and by the help of telematics in the vehicle owners can find it easy to drive. By seeing the demand from these end user commercial telematics market, it is anticipated to grow in the coming years.
One the main restriction for the global commercial telematics market is that the high installation cost in the commercial vehicles as the fleet size of the vehicles across the various countries are higher as the cost associated with the system, such as, maintenance, installation, and recurring subscription charges, among others, may vary and would become unaffordable for small businesses to implement. This high installation cost may restrict the adoption of telematics among the vehicle owner in many countries.
Some of the major players operating in the global commercial telematics market include:
- AirIQ Inc
- TomTom Telematics BV
- Trimble Inc
- WirelessCar AB
- Verizon Communications Inc
- OCTO Telematics S.p.A
- GeoTab Inc
- Mix Telematics International (Pty) Ltd
- Google Inc
- Omnitracs LLC
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“Many companies are investing in research and development of telematics, which will introduce the electric commercial vehicle with telematics that will meet the demand of the buyers in the market, also many companies are focusing to make the product cost effective for the commercial vehicle users. In many countries the adoption of telematics has increased as the purchasing power of the vehicle owners are increasing and they are willing to pay more for their safety."said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Commercial Telematics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Solution (OEM, & Aftermarket), By Application (Solutions, Services), By End User (Transport and Logistics, Insurers, Healthcare, Media & Entertainment, Vehicle Manufactures/dealers, & Government Agencies), By Region, Competition has evaluated the future growth potential of global commercial telematic market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global commercial telematic market.
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The global Commercial Telematics Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the commercial telematics market include Cartrack, Daimler Fleetboard GmbH, Fleet Complete, Geotab Inc., Microlise, Masternaut Limited, Mix Telematics, Navistar Inc., Omnitracs, TomTom International BV, Trimble Inc., Verizon Connect, Zonar Systems,.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Commercial Telematics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/commercial-telematics-market/download-sampleMarket DynamicsThe global commercial telematics market is expected to witness significant growth owing to the growth of the transportation industry and the growing demand for connected automobiles in order to ensure efficient fleet management and logistic systems.
Acceptance of smart transport systems and extensive use of digital gadgets like smartphones, tablets, and laptops will further stimulate market growth.
Other factors that contribute to the market growth are technological advancements in commercial telematics, for example, NGTP and favorable policies by the government.
