05-May-2021 | Zion Market Research
The global commercial telematics market accounted for USD 39 Billion in 2020 and is expected to reach USD 108 Billion by 2028, growing at a CAGR of 13.9% from 2021 to 2028.
With the presence of a large pool of participants, the global commercial telematics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Verizon Communications Inc., Trimble Navigation Limited, AT&T, Telefonica, and MiX Telematics Limited are some of the key vendors of commercial telematics across the world. These players across commercial telematics market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the commercial telematics market study.
Citing an instance, in August 2018, ARI, a leading global car & truck fleet services provider, announced new data integration service with Ford Commercial Solutions for offering seamless telematics services to its fleet customers. Reportedly, the deal will support Ford Commercial Solutions’ Data Services integration with ARI insights, a fleet management portal of ARI, thereby offering real-time visibility into the fleet operations. The strategic move is anticipated to impact the growth of commercial telematics market over the years to come.
As estimated in this report, the global commercial telematics market stood at US$ 39 billion in 2020. Witnessing a tremendous rise during the period from 2016 to 2028, the revenue in this market is expected to reach US$ 108 billion by the end of the forecast period. The main types available in this market are aftermarket telematics and OEM telematics. Among them, the demand for OEM telematics is relatively higher and the trend is anticipated to remain so over the next few years, notes the commercial telematics market research report.
High Demand For Effective Connectivity To Impel Market Growth
“Increased smartphones acceptance, lower connectivity costs, and access to high-speed web technologies are anticipated to boost commercial telematics market growth in the years ahead,” says the author of this commercial telematics market study. Apart from this, favorable government policies along with rising application across insurance, construction, infotainment, emergency warning systems, asset management, utilities, transportation, and healthcare are forecast to accelerate the commercial telematics market demand.
Elevated costs associated with the initial deployment of telematics technology & lack of awareness about commercial telematics, however, is projected to inhibit the commercial telematics market’s growth over the coming years. Nevertheless, the effective integration of web and mobility is expected to offer lucrative avenues for the business in the next few years, normalizing the impact of hindrances on commercial telematics market, reports the study.
High Popularity Of Technology In Transport & Logistics To Spur Growth
Regionally, North America has been leading the worldwide commercial telematics market and is anticipated to continue on the dominant position in the years to come, states the commercial telematics market study. Humungous demand for commercial telematics in transport & logistics activities is the main factor behind the dominance of the North America commercial telematics market.
The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include Verizon Communications Inc., AT&T, TomTom, MiX Telematics Ltd., OnStar LLC., BMW, Trimble Navigation Limited, and Telefonica.
Browse the full “Commercial Telematics Market By Type (OEM Telematics And Aftermarket Telematics), By Application (Insurance Telematics, Fleet / Asset Management, Satellite Navigation, Infotainment, Remote Alarm And Monitoring, Telehealth Solutions), By End User (Healthcare , Construction, Transportation And Logistics, Government And Utilities, And Insurance) : Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/commercial-telematics-market
The report segments the Commercial Telematics market into:
By End User Type
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