Asia Pacific to lead Commercial Telematics Market through 2028F
The advancement in technologies of telematics and decline in
price of telematic sensors along with the adoption of sensors by the commercial
vehicle manufacturers is driving the market.
According to the TechSci Research
report, "Global Commercial Telematic Market-Industry Size, Share,
Trends, Competition, Opportunity and Forecast, 2018-2028F", Telematics
essentially uses a wireless network to provide information generated from
automobiles utilized in the automotive industry. Telematics insurance provides
information to help individuals become better drivers. Telemetry is applied in
the healthcare sector since it simply gives acquired data and sensor
information. Telematics is a standard feature in vehicles made by
Mercedes-Benz, Citroen, BMW, Vauxhall, and Peugeot. Telematics aids in
gathering data such as driving habits, vehicle location, activity, and engine
diagnostics; this data is then visualised on software that aids in fleet
operating management. Telematics makes use of GPS technology to assist in
tracking vehicle speed. Telematics is used by fleet management businesses, auto
insurance providers, and others to track the whereabouts and driving habits of
their fleets of vehicles.
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TOC on "Global Commercial Telematics Market"
The Global
commercial telematic market can be segmented based on by solution, by application
type, by end-user, by region and by company. Based on application type, services
dominate the market in the year 2021, and it is anticipated that solution will grow
with decent share in the coming year. Many automotive manufacturers in the
European countries have seen that the revenue is mostly generated by the
service segment in the commercial telematic. There are various services such as
telematics helps to communicate in real
time, its software helps in vehicle maintenance and safety monitoring, it also
helps in detection of harsh acceleration or braking, etc.
All
these services have been generating high amount for the telematics companies
and due to this commercial vehicle manufacturing company are installing
telematics sensors at higher rate.
In
the regional segment, Europe has the highest market share and it is anticipated
to grow in the forecasted year. In many European countries, the government
has made it mandatory to install the 112-based eCall in-vehicle alarm system in
all new commercial vehicles and passenger cars. In Europe around 8.1 million
units are being installed in the commercial vehicles in the year 2022. And it
is expected that about 15.04 million units will be installed in the commercial
vehicles in the forecasted year 2028F. The market for commercial and
passenger vehicles is expanding because of the desire for technology that makes
online diagnostic, navigation, and safety easier. The European Union
legislation, local policy regulations, the increase in automotive vehicle
production, and the narrow profits in the transportation sector continue to be
the key forces behind vehicle telematics. The technology has become more
popular and widespread due to the growing variety of telematics products and
services, focused government regulations, and industry-specific guidelines.
In
the end-user segment, the transport and logistics has the highest market share
among the other segments. The telematics companies have generated higher
revenue from various end user such as healthcare, media & entertainment, vehicle
manufactures/dealers, etc. All these users have helped the telematics and
automotive industry to grow a decent revenue from this user. In various countries
across the globe, commercial vehicles are mostly used by these end users and by
the help of telematics in the vehicle owners can find it easy to drive. By
seeing the demand from these end user commercial telematics market, it is
anticipated to grow in the coming years.
One
the main restriction for the global commercial telematics market is that the
high installation cost in the commercial vehicles as the fleet size of the
vehicles across the various countries are higher as the cost associated with
the system, such as, maintenance, installation, and recurring subscription
charges, among others, may vary and would become unaffordable for small
businesses to implement. This high installation cost may restrict the adoption
of telematics among the vehicle owner in many countries.
Some
of the major players operating in the global commercial telematics market
include:
- AirIQ Inc
- TomTom Telematics BV
- Trimble Inc
- WirelessCar AB
- Verizon Communications Inc
- OCTO Telematics S.p.A
- GeoTab Inc
- Mix Telematics International (Pty) Ltd
- Google Inc
- Omnitracs LLC
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“Many companies are
investing in research and development of telematics, which will introduce the
electric commercial vehicle with telematics that will meet the demand of the
buyers in the market, also many companies are focusing to make the product cost
effective for the commercial vehicle users. In many countries the adoption of
telematics has increased as the purchasing power of the vehicle owners are
increasing and they are willing to pay more for their safety."said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Commercial Telematics Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By
Solution (OEM, & Aftermarket), By Application (Solutions, Services), By End
User (Transport and Logistics, Insurers, Healthcare, Media & Entertainment,
Vehicle Manufactures/dealers, & Government Agencies), By Region,
Competition has evaluated the future growth potential of global
commercial telematic market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global
commercial telematic market.
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