Commercial Telematics Market – Overview
The commercial telematics market is anticipated to showcase significant growth. The growing number of subscribers and market players are showing a higher level of penetration in commercial telematics market. Other factors such as increased market penetration of smart phones, lowered connectivity cost, availability of high speed internet technologies such as LTE, greater governmental mandate in terms of safety compliance mandates, road infrastructure constraints, and driver monitoring is fuelling the market growth. According to a recent study report published by the Market Research Future, the global market of Commercial Telematics is booming and expected to gain prominence over the forecast period.
The global Commercial Telematics Market is expected to grow at USD 42 Billion by 2023, at 18% of CAGR between 2017 and 2023.
Verizon Communications, Inc. (U.S.), Harman International Industries, Inc. (U.S.), TomTom Telematics BV (Netherlands), AT&T Inc. (U.S.), Vodafone Group Plc (U.K), Ford Motor Company (U.S.), Bayerische Motoren Werke AG (Germany), Trimble Inc. (US), Telefónica S.A. (Spain), and Mix Telematics International Ltd (South Africa) are some of the prominent players at the forefront of competition in the Global Commercial Telematics Market and are profiled in MRFR Analysis.
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April 26, 2017 – Verizon Telematics announced the launched of ELD-ready bundles that address the needs of fleets requiring an ELD solution. The ELD-ready bundles are developed to conform to certain technical specifications and serve as a one-stop shop for customers who need to meet the ELD mandate requirements before the deadline.
Jan. 24, 2018–.Verizon Communications Inc. announced the acquisition of Movildata International, a Spain-based provider of commercial fleet management solutions. This strategic acquisition strengthens Verizon Telematics’ market position in European markets.
Commercial Telematics Market – Competitive Analysis
The market of Commercial Telematics market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Commercial Telematics Market – Segmentation
Segmentation by Type: Comprises vehicle telematics, fleet telematics, insurance telematics and others.
Segmentation by Solutions: Comprises Remote Alarm & Monitoring, Navigation and Location Based Infotainment, V2v and V2i, Tele-Health and Others.
Segmentation by End-Users: Comprises Media & Entertainment, Government agencies, Transportation and Logistics, Insurance, Healthcare and Others.
Segmentation by Regions: Comprises North America, Europe, APAC and Rest of the World.
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Commercial Telematics Market – Regional Analysis
North America region accounts for highest market share in commercial telematics market owing to key industry players such as Verizon Communications, Inc. (U.S.), Harman International Industries, Inc. (U.S.), TomTom Telematics BV (Netherlands), AT&T Inc. (U.S.). The implementation of regulatory norms such as the ELD (electronic logging device) mandate 101 by the government body, Federal Motor Carrier Safety Administration (FMCSA) in the U.S is fuelling the market growth in the region. It is observed that, the company’s has significant establishment in the local market. US contributes large amount of revenue in the commercial telematics market in the region. Asia Pacific region is expected to be growing at the highest CAGR. The increasing e-commerce and logistics industry and development in connectivity technologies such as Wi-Fi, Bluetooth, cellular networks and satellite communications is aiding the market growth. However, lack of awareness of telematics solutions, high prices of telematics equipment and low average purchasing power is anticipated to hamper the growth of the telematics industry.
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