According to the recent report by IMARC Group, titled “Commercial Telematics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global commercial telematics market size reached around US$ 40.3 Billion in 2020. Commercial telematics refers to the services and solutions that aid in monitoring a commercial vehicle through telecommunication. The location and movement of the vehicle are detected via Global Positioning System (GPS), whereas diagnostic systems help in recording the speed and behavior of the vehicle. A commercial telematics system allows the interchange of information between the central authority and the commercial vehicle through which the activities of the vehicle can be tracked. In case of any unauthorized movement, this system can alert the fleet manager. Besides this, it also helps in fuel management, optimizing maintenance, safety and financing, and driver downtime. As a result, this system is being adopted by several fleet management companies and automobile insurance companies.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Commercial Telematics Market Trends:
The strong penetration of smartphones and laptops has bolstered the trend of connectivity over the past few decades. Apart from this, government regulations are providing an impetus to the market growth. For instance, the Federal Motor Carrier Safety Administration (FMCSA) has mandated the installation of electronic logging devices (ELD) in commercial vehicles in the United States. Furthermore, research and development (R&D) in the field of telematics have led to the introduction of Vehicle-to-Infrastructure (V2I) solutions that are anticipated to gain significant traction in the near future. It allows vehicles to communicate with other vehicles as well as with the local infrastructure by utilizing Wireless Local Area Network (WLAN) and update the drivers with useful information like vacant parking spaces. On account of these factors, the market is expected to experience strong growth during the forecast period (2021-2026).
Market Summary:
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