Overview and Scope
Commercial telematics refers to the use of technology to collect data related to the operation of commercial vehicles, such as trucks, buses, and delivery vans. This data can include information about the vehicle’s location, speed, fuel consumption, engine performance, and driver behavior, among other things.
Sizing and Forecast
The commercial telematics market size has grown rapidly in recent years. It will grow from $47.46 billion in 2023 to $56.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to initial adoption challenges, legacy systems replacement, evolving consumer behavior, demonstrated roi, rise of iot and big data.
The commercial telematics market size is expected to see rapid growth in the next few years. It will grow to $110.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to shift towards sustainability, industry-specific applications, increasing demand for real-time insights, cost efficiency demands, emergence of autonomous vehicles. Major trends in the forecast period include connectivity evolution, fleet management optimization, safety and compliance, data analytics and ai, integration with autonomous vehicles.
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Segmentation & Regional Insights
The commercial telematics market covered in this report is segmented –
1) By Type: Solutions, Services
2) By System: Embedded, Tethered, Smartphone Integrated
3) By Provider: Original Equipment Manufacturer (OEM), Aftermarket
4) By End User: Transportation And Logistics, Insurance, Healthcare, Media And Entertainment, Vehicle Manufacturers Or Dealers, Government Agencies, Other End-Users
North America was the largest region in the commercial telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global commercial telematics market report during the forecast period. The regions covered in the commercial telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing sales of commercial and passenger vehicles are expected to propel the growth of the commercial telematics market going forward. The demand for commercial and passenger automobiles has increased as a result of economic expansion and technical improvements. Growing economies provide consumers greater purchasing power, which boosts demand for transport services and automobile sales. For fleet managers, technological elements including advanced safety systems and telematics solutions have further improved vehicle allure, effectiveness, and operational optimization. For instance, in January 2022, according to the Office of Energy Efficiency and Renewable Energy, a US-based government agency under the U.S. Department of Energy, sales of new light-duty vehicles rose to 14.9 million in 2021 a 3% increase over 2020. Therefore, the increasing sales of commercial and passenger vehicles are driving the growth of the commercial telematics market.
Key Industry Players
Major companies operating in the commercial telematics market report are Geotab Inc., Masternaut Limited, MiX Telematics Limited, Omnitracs LLC, TomTom International BV, Verizon Communications Inc., American Telephone and Telegraph Company, OnStar Corporation, Bayerische Motoren Werke AG, Zonar Systems Inc., Inseego Corporation, Vontier Corporation, Microlise limited, Solera Holdings Inc., Continental AG, Daimler AG, Karooooo Ltd., Michelin SCA, CalAmp Corp., Fleetmatics Group PLC, Garmin Ltd., Transics International NV, Trimble Navigation Limited, Webtech Wireless Inc., Wireless Matrix Corporation, XRS Corporation, Actsoft Inc., AirIQ Inc., AssetWorks LLC, Autotrac Comércio e Telecomunicações Ltd., Azuga Inc., Blue Tree Systems Ltd., CarrierWeb LLC
The commercial telematics market report table of contents includes:
1. Executive Summary
2. Commercial Telematics Market Characteristics
3. Commercial Telematics Market Trends And Strategies
4. Commercial Telematics Market – Macro Economic Scenario
5. Global Commercial Telematics Market Size and Growth
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31. Global Commercial Telematics Market Competitive Benchmarking
32. Global Commercial Telematics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Commercial Telematics Market
34. Commercial Telematics Market Future Outlook and Potential Analysis
35. Appendix
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