Global Commercial Telematics Market is expected to foresee significant growth. APAC to lead the growth!
- Vikas Kumar
- November 19, 2022
- AUTOMOTIVE, NEWS
- Commercial Telematics Market, Commercial Telematics Market forecast, Commercial Telematics Market Growth, Commercial Telematics Market news, Commercial Telematics Market Share, Commercial Telematics Market Size, Commercial Telematics Market Trend
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The global commercial telematics market is expected to witness a significant CAGR of around 20% during the forecast period owing to the rising concerns about fleet safety, mandatory government regulations towards vehicle maintenance & tracking, the need for operational competency in fleet management, and the rapidly increasing number of fleets are also fueling the growth of the market. Vehicle telematics is used to describe vehicle onboard communication services and applications that communicate with one another via GPS receivers and other telematics device.
Telematics solutions such as fleet/asset management systems assist in the smooth operation of a business by recognizing unsafe driver habits, reducing excess fuel usage, and providing a strategy for more efficient routes. Operators can use fleet management systems to find vehicles on demand, gather and preserve engine problem data, and spot unsafe driving tendencies like idling, forceful braking, and speeding. Thus, with rising focus on passenger and driver safety, adoption of telematics solutions to increase during 2022-2028. For instance, according to the American Trucking Association (ATA), the number of fleet vehicles in the US is around 37.9 Mn trucks registered for business purposes in 2019.
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Based on type, the commercial telematics market is divided into solutions and services. In 2020, solutions category accounted for the major share in the global market owing to the growing adoption of telematics in the insurance industry coupled with the increasing safety and security regulation are some of the factors that are expected to fuel the market growth in the forecast period. In September 2022, Philadelphia Insurance Companies (PHLY) vehicle telematics tool, PHLYTRAC, has reached a new milestone, logging more than one billion miles in customer vehicles. According to the press release, PHLYTRAC has lowered the frequency of accidents for users by 19PHLYTRAC alerts organizations of dangerous driving behaviors such as speeding and hard braking so they can take action to lower the risk of driver-related accidents. PHLYTRAC has been installed in nearly 70,000 commercial vehicles for over 2,000 policyholders in all 50 states.
Based on provider type, the commercial telematics market is divided into OEM and aftermarket. The OEM telematics provider type segment is expected to witness faster growth rate during the forecast period. As, nearly every commercial sector that uses vehicles for transportation uses vehicle telematics systems, which give fleet managers and analysts vital vehicle telematics data that drives insights, boosts productivity, lowers costs, and enhances driver safety. Thus, most major OEMs already provide vehicles with factory-embedded telematics hardware that can be integrated with a software intended expressly for fleet management analytics and business insights. For instance, in 2021, Ford launched telematics-based commerical vehicle maintenance service ‘FORDLiive’. FORDLiive enables smart maintenance, allowing scheduling of servicing at the most efficient time and providing notifications when an action is identified that could help prevent a breakdown.
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For a better understanding of the market adoption of the commercial telematics, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The APAC commercial vehicles telematics market is expected grow at a considerable CAGR during the forecast period. The rising adoption of advanced technologies and growing concern for the security and safety of vehicles are factors driving the growth of the market in the region. The adoption and penetration of vehicle telematics solutions is on the rise – even though the automotive industry has been struggling recently, mainly due to chip shortage and aftermath of COVID-19 resulting in low sales. However, in developing countries like India and China, there is a huge opportunity for key vendors to increase their market share. Furthermore, the increasing focus of fleet managers on operational efficiency and the advent of remote fleet management will bolster the market growth in the coming years. Moreover, growing fleet safety and security concerns are augmenting the need for proper fleet management ultimately surging the growth of the market during the forecast period.
Some of the major players operating in the market include Robert Bosch GmbH, Airbiquity Inc., Verizon Communications Inc., Masternaut Limited, Mix Telematics, Omnitracs LLC, Zonar Systems, Harman International, Trimble Inc., and Teletrac Navman.
Global Commercial Telematics Market Segmentation
Market Insight, by Type
Market Insight, by Provider Type
Market Insight, by Region
- North America
- The United States
- Rest of North America
- The United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Airbiquity Inc.
- Verizon Communications Inc.
- Masternaut Limited
- Robert Bosch GmbH
- Mix Telematics
- Omnitracs LLC
- Zonar Systems
- Harman International
- Trimble Inc
- Teletrac Navman