The fast-emerging commercial telematics market 2020 is noticing escalated growth, which has been recorded at a CAGR of 18% by Market Research Future after an in-depth study. It has also noted down that the market has high chances to reach a valuation of USD ~42 Billion by the year 2023, which is being instigated by various factors counting at the world level. Such a growth scene will take place during the years of 2017 to 2023, which is stated to be the market’s forecast period. The market will gain maximum prominence during these years.
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Top Market Contenders
The well-known market contenders in the global commercial telematics market are mentioned as Harman International Industries, Inc.( U.S.), Verizon Communications, Inc.(U.S.), AT&T Inc. (U.S.), TomTom Telematics BV (Netherlands), Ford Motor Company (U.S.), Vodafone Group Plc (U.K), Trimble Inc. (US), Bayerische Motoren Werke AG (Germany), Mix Telematics International Ltd (South Africa) and Telefónica S.A. (Spain).
Top Impacting Factors
The global market for commercial telematics is observing the opportunity of expansion from a series of factors prevailing across the world and affecting the shares accordingly. The foremost factor considered for the market to expand is the rising fuel prices along with a number of advancements in mobile connectivity across the automotive industry that are gathering several growth opportunities. This factor claims the global market of commercial telematics to observe expansion for the future time frame at a rapid pace.
The high demand coming for connected vehicles is considered to be one of the primary factors rising to fuel commercial telematics market demand over the next six years, MRFR finds in its report. The technology is matured mainly in developed regions, which include North America and Europe; however, market penetration for the same is high, resulting in the market gaining more valuation in the forecast period.
MRFR‘s study also reveals in its research that commercial telematics is also expected to capture a sizeable market share attributing to a surge in demand for applications, which includes infotainment and satellite navigation. However, in the next few years, the OEM telematics segment could witness high demand owing to rising partnerships among telematics service providers and automobile manufacturers across the world. With this, the mounting number of subscribers and companies in parallel ways are screening a higher level of infiltration in the commercial telematics market, thus resulting in maximum valuation gain in the assessment period.
To add some more factors, government regulations for vehicle telematics along with a rise in the trend of connectivity solutions are also highly anticipated to augment the growth of the global market. In spite of beneficiary factors, some factors such as high installation cost, the threat of data hacking, and unavailability of uninterrupted & seamless connectivity are some of the factors restricting the growth of the global commercial telematics market during its growth period.
Segmentation of Market: Commercial Telematics
From the viewpoint of segmental analysis, the global commercial telematics market is studied among various segments, such as solutions, type, and end-users.
Among the type segment, the market has included insurance telematics, fleet telematics, vehicle telematics, and others.
Among the solutions segment, the market has included navigation and location-based remote alarm & monitoring, telehealth, V2v and V2i, infotainment, and others.
Among the end-user segment, the market has included media & entertainment, government agencies, insurance, transportation and logistics, healthcare, and others.
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From the viewpoint of the region, the global commercial telematics market study is conducted among crucial regions such as North America, Europe, Asia Pacific, and the rest of the world.
Among these, the market in the North America region is recorded to be one of the top regions across the world in terms of market share in the commercial telematics market. The mature market and its growth are attributed due to having the capability of self-installing nature on-board diagnostics devices. This reason has supported the market by capturing the maximum market in North America.
The commercial telematics market in the Europe region might also witness way beyond growth at a rapid pace in the forthcoming period. The commercial telematics in the insurance industry is mainly being dominated by hardwired aftermarket black boxes, thus has enormous demand in the market. All these are making the market more valuable, creating a strong position for the future.
In the last, the region of Asia-Pacific and its countries, such as Japan, China, and South Korea, are emerging markets for the commercial telematics market. In the future, these regions are expected to be the highest CAGR grossing in the coming year.
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