Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Commercial Telematics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027"
LOS ANGELES, July 05, 2021 (GLOBE NEWSWIRE) -- The Global Commercial Telematics Market is expected to grow at a CAGR of around 14.0% from 2020 to 2027 and reach the market value of over US$ 106.5 Bn by 2027.
North America dominates the commercial telematics market; Asia Pacific to register fastest growing CAGR in the forecast period
Commercial vehicle telematics market in North America is highly competitive due to the presence of numerous players is one of the prominent factors that foster the growth of global commercial telematics market. The market expansion can be attributed to the increase in the integration of smart phones or tablets with automobiles to improve the driving experience. Furthermore, the market's growth has been aided by the cumulative collaboration of the commercial vehicle telematics market with the automobile insurance industry.
The increased adoption of the next-generation telematics protocol, or NGTP, has improved the delivery of telematics services, resulting in the proliferation of telematics technology. The rise in the use of commercial vehicle telematics and related services is also due to the rising cost of connectivity, the growing government mandate for positioning vehicle tracking in commercial vehicles, and the rising demand for smart phones.
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Since the safety aspect has been one of the market's preliminary functionalities, safety and compliance solutions are some major factors that are expected to drive the Asia Pacific Commercial Vehicle Telematics Market growth. Compliance is integrated into specific solutions by solution providers for facilitating speed control, laws and regulations, and controlling timeline reporting, among other things. This also aids in the incorporation of government directives and guidelines for the deployment of commercial vehicle telematics technology in North America.
Rising fuel prices, combined with advancements in mobile connectivity across the automotive segment, present several opportunities for growth. Government mandates requiring the installation of GPS trackers and satellite navigation systems play a significant role in driving commercial telematics market demand. One of the primary factors expected to fuel commercial telematics market demand over the next seven years is high demand for connected vehicles.
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Rising trend of connectivity solutions bolster the growth of global commercial telematics market
Over time, smart phones have altered the definition of connectivity. People want to stay connected to the outside world even when they are travelling. Because connectivity has become a necessity, automobile manufacturers are incorporating connectivity solutions into their vehicles in order to increase vehicle sales. Consumers expect their vehicles to perform tasks similar to those performed by computers and smart phones. Implementing connectivity solutions in vehicles has risen to the top of the priority list for automakers. Many connectivity solutions are integrated in modern cars, which require internet service to perform their respective functions. In a car, connectivity can be provided through embedded, integrated, or tethered connectivity solutions.
The global commercial telematics market is segmented as solution type, application, and end-user. By solution type, the market is classified into OEM and aftermarket. Based on application, the market is bifurcated into solution and services. Further, end-user is segmented as transportation and logistics, insurance, healthcare, media & entertainment, vehicle manufacturers/dealers, and government agencies.
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The prominent players of commercial telematics involve Verizon Communications Inc., AT&T Inc., TomTom N.V., MiX Telematics Limited, OnStar Corporation, Bayerische Motoren Werke AG (BMW), Trimble Inc., and among others.
Some of the key observations regarding commercial telematics include:
- In June 2018, Verizon Communications Inc. announced extension of strategic partnership with Ford Commercial Solutions. Verizon Connect, through its acquisition of Telogis, has delivered hardware and services to Ford fleets since the launch of its partnership with Ford in 2011, and was the first to initiate service on Ford's embedded hardware last year.
- In January 2020, Geotab announced availability of the Geotab Integrated Solution for General Motors (GM). The solution, which launched at Geotab's largest Connect conference to date, allows fleet managers to access their compatible Chevrolet, Buick, GMC and Cadillac vehicle data within the MyGeotab platform via a factory-fit, GM-engineered embedded OnStar module, providing fleet managers with access to one dedicated portal of powerful tools to meet all connectivity needs for today's fleets.
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