Commercial Vehicle Telematics Market 2022 Share, Recent Trends, Growth Opportunities, Business Boosting procedure, Analysis of Competitive Landscape and Forecast 2030
Research Reports
Mar 30, 2022
Commercial Telematics Market-Overview
The rise in demand from the Automotive and Insurance Industry is likely to benefit the Commercial Telematics Market 2022. The information & communication technology industry reports are shaped by Market Research Future, which pinpoints market options for expansion. An 18.5?GR is estimated to lead to an income of USD 42 Billion by 2023.
The rise in demand for real-time information to devices is expected to set a favorable tone for the commercial telematics market trends in the upcoming period. The fortification of the automotive sector is estimated to yield positive results for the commercial telematics market in the upcoming period.
Competitive Analysis
The outstanding companies in the commercial telematics market are Harman International Industries, Inc.( U.S.), Bayerische Motoren Werke AG (Germany), TomTom Telematics B.V. (Netherlands), Verizon Communications, Inc.(U.S.), AT&T Inc. (U.S.), Vodafone Group Plc (U.K), Telefónica S.A. (Spain), Ford Motor Company (U.S.), Trimble Inc. (U.S.), Telematics International Ltd (South Africa), and Mix among others.
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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.
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Segmental Analysis
The segmental examination of the commercial telematics market is conducted on the basis of solutions, type, end-users, and region. On the basis of regions, the commercial telematics market includes Europe, North America, Asia Pacific, and the rest of the regions. Based on the type, the commercial telematics market is segmented into fleet telematics, vehicle telematics, insurance telematics, and others. Based on the end-users, the commercial telematics market is segmented into insurance, media & entertainment, government agencies, transportation and logistics, healthcare, and others. Based on the solutions, the commercial telematics market is segmented into navigation and location-based, V2v and V2i, infotainment, remote alarm & monitoring, telehealth, and others.
Detailed Regional Analysis
The regional scrutiny of the commercial telematics market includes regions such as Europe, North America, Asia Pacific, and the rest of the regions. The North American regional market is one of the critical regions in the world in terms of the market segment in the commercial telematics market as self-install on-board diagnostics devices are gaining the peak market in the North American region. The commercial telematics market in the European region is anticipated to observe express augmentation in the approaching period. The use of commercial telematics in the insurance industry is chiefly dominated by hardwired aftermarket black boxes, which have enormous demand in the commercial telematics market. While, the Asia-Pacific nations like Japan, China, and South Korea is an up-and-coming market for the commercial telematics market and is expected to be the highest CAGR in the coming year.
Industry Updates:
April 2020 Radius Telematics has noted a significant spike in the stealing of commercial vehicles and plant ever since the COVID-19 lockdown. With numerous offices, factories, and construction sites closed up, and thieves are seen to be taking benefit of isolated locations. Radius Telematics purchased two companies in the previous year that had a considerable share of their business in the vehicle and plant security, and both are reporting a noteworthy spike in thievery.
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