Commercial Telematics Market Overview:
The Commercial Telematics market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Commercial Telematics Market, as well as the reasons for variations in the industry’s growth in various locations.
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Global Commercial Telematics Market is expected to reach $ 45.94 Bn. by 2027, at a CAGR of 20.10% during the forecast period.
Market Scope:
Post completion of market engineering, which included calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, thorough primary research was done to acquire information and verify and validate important numbers. To perform market estimating and forecasting for the overall market segments and sub-segments described in this research, both top-down and bottom-up methodologies, as well as multiple data triangulation methods, were widely employed throughout the whole market engineering process. Extensive qualitative and quantitative analysis is also performed on all of the figures obtained during the whole market engineering process in order to provide essential information throughout the report.
Dynamics:
The expanding strategic alliances between telematics service providers and automakers are key factors driving the commercial telematics market. The industry is changing as a result of the rise of usage-based insurance, digital distribution channels, and other disruptors. By delivering profitable growth through the transmission of real-time information, we can significantly reshape the insurance industry while also unlocking opportunities within an insurer’s current customer base and new market segments. When precise information about vehicle operations and driver performance can be easily analysed and interpreted and there is a high demand for connected vehicles, risk management and underwriting procedures become more effective. Both a lack of knowledge and a high initial cost will constrain the market.
Segmentation:
According to End-Users, it is anticipated that during the forecast period, Transportation and Logistics will hold the majority of the market share. The freight industry is experiencing better opportunities as a result of the expanding global economy, shifting governmental regulations, and other factors. The manufacturing and distribution processes are expanding as a result of trends in the national or regional economy, which has an impact on the demand for transportation. Carriers need to be effective given current market conditions, technological advancements, and government-assisted regulations. There are more middle-class people in the world than there used to be, and both big and small businesses want to increase their market share.
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Key Players:
Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Commercial Telematics market are as follows:
• OnStar LLC
• Trimble Navigation Ltd
• TomTom
• Masternaut Ltd
• ORBCOMM Inc
• WirelessCar AB
• Verizon Communications Inc
• Omnitracs LLC
• MiX Telematics Ltd
• OCTO Telematics S.p.A
• AirIQ Inc
• WEX Inc
• GeoTab Inc
• AT&T Inc
• Cisco Systems Inc
• Google Inc
• Systems and Technology Corp
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Regional Analysis:
Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Commercial Telematics market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Commercial Telematics Market:
Due to a break in operations, end-user sectors where Commercial Telematics are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Commercial Telematics manufacturers, affecting the development of the Commercial Telematics market in 2020. End-user business demand for Commercial Telematics has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Commercial Telematics Market Report are:
- Which segment had the largest share in the Commercial Telematics market in 2021?
- What is the competitive landscape of the Commercial Telematics market?
- Which are the key drivers aiding the Commercial Telematics market growth?
- Which region has the maximum share in the Commercial Telematics market?
- What will be the CAGR of the Commercial Telematics market during the forecast period (2022-2027)?
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