Global Commercial Telematics Market Size - Global Industry Analysis, Market Size, Opportunities and Forecast 2022 - 2030
The global market for commercial telematics accounted for US$ 53 Bn in 2021 and is anticipated to reach US$ 166 Bn by 2030 with a CAGR of 14% from 2022 to 2030.
Businesses and governments are increasingly equipping vehicles with telematics systems that transmit location and other data during the manufacturing process, improving efficiency and productivity by assisting in the management of vehicle fleets and the coordination of supply chains, emergency services, and household deliveries. Managers may design speedier delivery routes or coordinate travel to eliminate wasted voyages with a real-time view of all of an organization's vehicles. Connectivity can also be utilized to provide alerts about mechanical or electrical problems, indicators of driver drowsiness, or temperature fluctuations in a refrigerated truck. Telematics systems may also assist businesses to ensure that their staff is driving safely and efficiently, saving money on insurance, greenhouse gas emissions, and fuel costs.
The key to overcoming mobility-related issues is vehicle connectivity. It is the foundation for the vehicle's, drivers', and passengers' interactions with their surroundings. Passengers will enjoy increased comfort and safety as a result of it. To optimize vehicle fleet operation, it provides driving assistance and makes vehicle maintenance easier throughout its life cycle.
Telematics devices capture and transmit vehicle-specific data and GPS to a centralized server through 4G and cellular networks, General Packet Radio Service (GPRS), or satellite connection. The data is then categorized, processed, and optimized for consumer user interfaces.
Automotive telematics technology is frequently embedded directly into fleet cars by modern commercial vehicle manufacturers. Installation of aftermarket GPS devices is also possible.
Fuel consumption, location, speed, idling time, sudden acceleration or braking, and automobile issues are all common telematics data points. Reduced fuel costs, increased productivity, and improved driver safety, improved vehicle visibility through precise tracking, maintaining ELD (Electronic Logging Device) compliance, data-driven vehicle maintenance schedules, and more precise payroll management are all advantages of vehicle telematics analytics.
Government laws requiring the installation of GPS trackers and satellite navigation are a major driver of business telematics demand. Furthermore, in certain locations, the installation of telematics solutions in light commercial vehicles is required, which is likely to boost demand for embedded OEM telematics over the projection period.
Solution type, application, end-user, and region are the four categories of the global commercial telematics industry. OEM and aftermarket are the bifurcations of solution-type segments. The aftermarket section of the global commercial telematics market has dominated the market in the past and will continue to do so during the projected period.
Based on the application sector, the segmentation includes services and solutions. Based on our analysis, the solutions are likely to display an impressive growth all through the forecast period 2022 – 2030.
Furthermore, the end-users are sub-segmented into transportation and logistics, insurance, media & entertainment, healthcare, vehicle manufacturers/dealers, government agencies, and others. According to end-user, transportation and logistics will have a decent market share in the worldwide commercial telematics market. Currently, 96 percent of organizations use telematics in their fleets, with communication functions sent over 3G/4G and real-time data utilized for optimal fleet operation.
Global Commercial Telematics Market Geographical Competition
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the segmentation of the worldwide Commercial Telematics industry. North America dominated the market with the majority of the share in 2021. A high need for connected vehicles is one of the key factors likely to boost commercial telematics market demand over the next seven years. In developed regions like North America and Europe, the technology has attained maturity. Furthermore, North America's commercial telematics market domination is mostly due to the large need for business telematics in transportation and logistics activities. Aside from that, Europe will have the second-largest commercial telematics market share. The use of the commercial telematics ecosystem has resulted from the acceptance of mobile resource management and machine-to-machine communication.
Global Commercial Telematics Industry Segment Analysis
Market By Solution Type
Market By Application
Market By End-User
· Transportation and Logistics
· Media & Entertainment
· Vehicle Manufacturers/Dealers
· Government Agencies
Commercial Telematics Market Leading Companies
This section of the study honors the market's top vendors AT&T Inc., Verizon Communications Inc., Bayerische Motoren Werke AG (BMW), MiX Telematics Limited, TomTom N.V., Trimble Inc., and OnStar Corporation are the key companies mentioned in the research.
Commercial Telematics Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa