The global Commercial Telematics market size is expected to reach close to 162 billion by 2029 with an annualized growth rate of 21.6% through the projected period.
Telematics is defined as, information and telecommunication products that work with a combination of computers and telecommunication services for transferring huge amounts of data in vehicles in real-time. Commercial telematics market Include telematics used by all sizes of commercial vehicles. Today, all leading vehicle manufacturers are finding methods to implement the concept of telematics into their vehicles. Vehicles boost of great connectivity owing to live tracking and to monitor the vehicle.
Increased demand for connected vehicles is the main reason for the development of commercial telematics market. Telematics works with GPS tracking system for navigation and give real-time information to users through shared network and telecommunication services. It is an optimum method to ensure safety of the passengers and the drivers. Owing to the latest advancements in technology transportation companies can also save fuel cost. Commercial telematics also helps users to use wireless calling through Bluetooth devices.
Commercial telematics market is also influenced to a large extent by the emerging smart phone industry. Rise in internet and cellphone has increased reduction in the prices of calling through cell phones. Technology has enabled fleet service providers to provide online vehicle status, GPS tracking, tele-health solutions and services based on location. The embedded OEM (original equipment manufacturer) sector contributes to 60% of the overall commercial telematics market size.
Government mandates with respect to installing of GPS trackers and satellite navigation contribute towards growth of commercial telematics market. Furthermore, the installation of telematics is compulsory in many regions for light commercial vehicles. Owing to the government regulations there is a growing demand in insurance, infotainment, construction, utilities, emergency warning systems, and healthcare sectors. Among these the insurance sector is estimated to grow at the highest rate. In March 2016, the Japanese government collaborated with the U.S. and Europe for Research and development on the subject of autonomous vehicles.
Global commercial telematics market is segmented on the basis of Applications, Vehicle Type, Product, Source and Region. Based on applications the commercial telematics market is divided into solutions and services. The solutions segment can be further classified as fleet/assets management, tele health, infotainment, vehicle-to-vehicle/ vehicle-to-infrastructure and others. Services segment includes design and consulting, deployment and integration and training and maintenance. Furthermore, on the basis of End user it can be divided as Transportation & logistics, vehicle manufacturers/dealers, healthcare, insurance, media and entertainment and government agencies. On the basis of source Telematics can be divided into Aftermarket and OEM. On the basis of region it can be classified as North America, Europe, APAC, LAMEA.
Key players in the Global commercial telematics market are Verizon, Ford Motors Co, Harman, TomTom, Telefonica, AT&T, Vodafone Group Plc and BMW and many others. The key players are focusing on providing effective location based tracking system, whereas the new applicants are working on data analytics software and computational science.
Various segmentation for Global commercial telematics market are,
- Fleet/Asset Management
- Navigation and location based
- Insurance Telematics
- V2v and V2i
- Remote Alarm & Monitoring
- Design & Consulting
- Integration & Deployment
- Maintenance & Training
By End Users:
- Transportation and Logistics
- Media & Entertainment
- Vehicle manufacturers/dealers
- Government agencies
- North America