Telematics are the cornerstone of efficient logistic systems as well as fleet management systems. The global market size for commercial telematics is anticipated to exceed USD 45.0 billion by 2022. Rising fuel prices along with advancements in mobile connectivity across the automotive segment provides several growth opportunities.
High demand for connected vehicles is one of the primary factor expected to fuel market demand over the next seven years. The technology is matured in developed regions including North America and Europe; however market penetration for the same is somewhat on a lower side.
Aftermarket telematics is expected capture a sizeable market share in 2014, which may be attributed to surge in demand for applications including infotainment and satellite navigation. However, over the next few years the OEM telematics segment may witness high demand in comparison to aftermarket telematics owing to increasing partnerships among telematics service providers and automobile manufacturers.
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Government mandates pertaining to installation of GPS trackers and satellite navigation play a key role in driving market demand. Further, installation of telematics solutions in light commercial vehicles has been mandated in several regions, which is expected to drive the demand for embedded OEM telematics segment over the forecast period. In 2014, the segment accounted for more than 60% of the overall OEM telematics market share.
Telematics adoption by commercial fleets has several benefits as the technology empowers fleet-based organizations to lower fuel consumption. Recent, upsurge in internet and cellphone usage has drastically led to decline in cost for mobile terminals and telecom charges. On account of which the telematics market is expected to witness high growth across the commercial vehicle segment over the foreseeable future.
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Key competitors in this market place are largely focused on location and tracking-based products. However, new entrants are now focusing on computational science and data analytics software that these systems utilize to provide more advanced products to its customers. Presently, when majority of the market players are focused on proving location-based tracking products, this initiative by emerging players to provide greater value than its competitors through provision of advanced data streaming analytics solutions, is expected to drive market demand significantly.
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