The global Commercial Telematics Market is estimated to be valued at US$ 54.96 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The commercial telematics market provides navigation, fleet management, fuel tracking and other value-added services to commercial fleets through telematics systems installed in vehicles and mobile devices. Telematics systems offer real-time vehicle location, mileage reports, route optimization and driver behavior monitoring to businesses operating large vehicle fleets. They help fleet operators improve vehicle utilization, reduce fuel costs, enhance driver and vehicle safety. With rising number of commercial vehicles, the demand for telematics solutions has increased in industries like transportation and logistics, construction, mining etc.
Market key trends:
One of the major trends in the commercial telematics market is the move towards data-driven fleet management. Telematics systems generate vast amount of vehicle and driver data that can be analyzed to identify inefficient routing, optimize fuel usage and monitor driver behavior. With advances in IoT and data analytics, fleet operators are able to gain valuable insights from telematics data to further increase operational efficiency. Another trend is the integration of advanced technologies like artificial intelligence and predictive diagnostics in telematics solutions. This is allowing proactive maintenance of fleet assets and prevent vehicle breakdowns. Emerging connectivity technologies such as 5G are also expected to enhance the capabilities of commercial telematics in the coming years.
Porter’s Analysis
Threat of new entrants: The Global Commercial Telematics Market Growth requires high initial investments and the presence of established players poses significant entry barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and differentiated offerings by various vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute components and less differentiation in components.
Threat of new substitutes: Moderate threat as alternatives like GPS systems and fleet telematics devices provide similar functionalities.
Competitive rivalry: High due to the presence of numerous global and regional players offering customized solutions.
Key Takeaways
The global commercial telematics market is expected to witness high growth, exhibiting a CAGR of 16.% over the forecast period of 2023 to 2030, due to increasing adoption of fleet management solutions and real-time monitoring systems.
Regional analysis
North America dominated the commercial telematics market in 2023, accounting for over 35% of the global revenue, owing to established fleet management industry and presence of major vendors in the US and Canada. Asia Pacific is expected to witness the fastest growth over the forecast period supported by rising commercial vehicle production and expanding transportation sectors in China and India.
Key players
Key players operating in the commercial telematics market are Verizon Communications Inc., AT&T Inc., TomTom N.V., MiX Telematics Limited, OnStar Corporation, Bayerische Motoren Werke AG (BMW), Trimble Inc., Zonar Systems, Inc., Omnitracs LLC, Inseego Corporation, AirIQ Inc., Bridgestone Corporation, General Motors Company (GM), Geotab Inc., Michelin Group, Octo Telematics S.p.A., Omnitracs, LLC, Bell Atlantic Corporation, Continental AG.
Read More: https://www.ukwebwire.com/commercial-telematics-market-scope/
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.
