Commercial Telematics Market is Expected to Reach $144,440.7 Million by 2030 | Key Players are Cartrack, Daimler Fleetboard GmbH, Fleet Complete, Geotab, Microlise, Masternaut Limited

global commercial telematics market was valued at $27,069.2 million in 2017, and is projected to reach $144,440.7 million by 2030, registering a CAGR of 13.8% from 2018 to 2030.

Telematics is methodology of monitoring the location and movement of vehicle by combination of Global Positioning System (GPS) and on-boards diagnostics systems. With the help of GPS and diagnostics system, it is possible to record the speed and internal behavior of the vehicle. Telematics systems are majorly adopted by the automobile insurance companies, fleet management companies, and others to monitor the location and behavior of the vehicle. The global commercial telematics market refers to the services and solutions that are adopted for monitoring and controlling a commercial vehicle through a telecommunication device. A Fleet Telematics System (FTS) allows the exchange of information between a commercial vehicle fleet and the central authority, which enables them to keep a track of vehicle diagnostics and location.

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Telematics is a relatively new technology. Events such as unauthorized access to multiple car connectivity solutions or breaking into the in-vehicle connectivity system can restrict the commercial telematics market. The major security concern is that the hacker has access to the computer system of the cars as well as to the data that it collects and stores. Thus, hacking threats of vehicle with telematics systems is one of the factors expected to hamper the growth of the market.

At present, North America dominates the market, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global commercial telematics market in 2017, whereas Canada is expected to grow at a significant rate in North America during the forecast period.

Factors such as government regulations for vehicle telematics and rise in trend of connectivity solutions fuel the growth of the commercial telematics market. In addition, ease of vehicle diagnosis boosts the market growth. However, threat of data hacking and high installation cost hinder the market growth. Moreover, unavailability of uninterrupted & seamless connectivity restricts the growth of the market. Conversely, intelligent transportation system and improved performance of autonomous vehicles are anticipated to provide remunerative opportunities for the market expansion.

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Key Findings of the Commercial Telematics Market:
•The OEM segment in solution generated the highest revenue in 2017.
•In 2017, the solution segment was the highest revenue contributor in the application category.
•By end user, the transportation & logistics segment generated the highest revenue in 2017.
•Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

KEY PLAYERS
•Cartrack
•Daimler Fleetboard GmbH
•Fleet Complete
•Geotab
•Microlise
•Masternaut Limited
•Mix Telematics
•Navistar Inc.
•Omnitracs
•TomTom International BV
•Trimble
•Verizon Connect
•Zonar Systemss.

In 2017, North America contributed the highest market revenue, followed by Europe, Asia-Pacific, and LAMEA.

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