According to the recent report by IMARC Group, titled “Commercial Telematics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global commercial telematics market reached a value of US$
54.6 Billion in 2022. 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.
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 grow at a CAGR of 19.2% during the forecast period (2023-2028).
- Based on the type, the market has been bifurcated into services and solutions. The services segment is further divided into managed and professional services, whereas the solution segment is categorized into driver management, safety and compliance, insurance telematics, fleet tracking and monitoring, V2X solutions, and others.
- On the basis of the system type, the market has been segregated into tethered, embedded, and smartphone integrated systems.
- Based on the provider type, the market has been classified into OEM and aftermarket segments.
- On the basis of the end use industry, the market has been divided into media and entertainment; travel and tourism; transportation and logistics; government and utilities; construction; healthcare; and others.
- Region-wise, the market has been categorized into the Middle East and Africa (South Africa, Turkey, Saudi Arabia, and others), Latin America (Brazil, Mexico, and others), North America (Canada and the United States), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), and Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others).
- The competitive landscape of the market has been analyzed in the report, with some of the key players being AirIQ Inc., Bridgestone Corporation, General Motors Company (GM), Geotab Inc., Michelin Group, MiX Telematics International (Pty) Ltd, Octo Telematics S.p.A., Omnitracs, LLC, Trimble Inc., Bell Atlantic Corporation, and Continental AG.
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