The Report “Commercial Telematics Market: By Vehicle Type (Truck, Semi-Trailer, Motor Coach, Taxicab, Trailers & Others); By Components (Communication, Sensors, Control Unit, Audio/Video); By Services (Safety & Security, Navigation, Fleet Management, Usage Based Insurance)- With Forecast (2015 – 2020)”, according to a recent study from IndustryARC the Commercial Telematics market to reach $24.7 billion by 2020
Browse 34 Market Tables, 75 Figures spread through 224 Pages and an in-depth TOC on “Commercial Telematics market”
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Commercial Telematics are classified based on their Services Offered as:
- Safety and Security
- Information and Navigation Systems
- Fleet Management
- Usage Based Insurance
- Emergency notification
- Remote Diagnostics and Billing services.
In 2014, fleet management segment accounted for the largest share followed by the fast growing billing services segment. The growing demand for operational efficiencies in the industry is set to drive adoption of fleet management and safety and security telematics. Services such as driver monitoring and emergency calling are utilized in conjunction with fleet management services in order to improve the safety of employees. The key driver is, however, the recovering automotive market. Automotive industry is exhibiting positive gains recovering from recession, with increase in the number of unit sales. This creates a bigger potential market for commercial telematics services.
The Top five companies in the Commercial Telematics market include:
- CalAmp Corp (U.S.)
- Fleetmatics Group PLC (U.S.)
- Bosch (Germany)
- Descartes (Canada)
- Trimble Navigation Ltd (U.S.)
These companies held a low combined market share of around 50% share in the market in 2014. However other players such as AGM Telematics (UK), Continental AG (Germany), Box Telematics (UK) and Astrata Group (Singapore) give stiff competition to these companies. The leading companies are focused on innovative product strategies and expanding through mergers and acquisitions in this dynamic market.
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Commercial Telematics market generated revenue of $14.2 billion in 2014 and is projected to grow at 9% CAGR through 2020, according to a recent study from IndustryARC. The commercial telematics market is exhibiting high growth due to increased adoption in security and safety market as well as a significant price drop resulting in increased adoption in the APAC region. This high growth rate is also attributed to the increased demand for connected vehicles.
Commercial Telematics are classified based on their vehicle type as- trucks, semi-truck trailer, bus or coach, taxicab, trailers and others. Trucks remain the largest end-user segment for the Commercial Telematics market for the year 2014. The trucks segment accounts for nearly 40% of the overall revenue for commercial telematics market. The taxicab segment currently accounts for around 20% of the market but is projected to exhibit significant growth. The decreasing cost of telematics is a driver for this market. Advancing technologies are resulting in decrease in production costs of telematics products allowing deployment of telematics services by taxicab companies.
Americas market was the biggest market in 2014 followed by Europe. The APAC region is poised to grow at a very high CAGR due to growing economy leading to high adoption of commercial telematics, particularly in taxicab for fleet management. The increasing innovation in technology and declining prices that overcome the price sensitivity in this region are also set to propel the adoption. The ROW region is poised to exhibit extremely low growth due to economic fluctuations.
Governmental regulations have been passed that will make telematics devices compulsory in vehicles or offer tax credits for use of such devices. The declining costs and growing awareness combined with the projected growth in the automotive market will result in the market size for commercial telematics exhibiting rapid growth.
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