Press release
Commercial Telematics Market - Future of Trucking by Cartrack, Daimler Fleetboard, Fleet Complete, Geotab, Microlise, Masternaut, Navistar, Omnitracs, TomTom International, Verizon Connect, Zonar Systems
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According to a recent report published by Allied Market Research, titled,"Global Commercial Telematics Market by Solution Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2030,"the 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.
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.
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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.
Key Findings of the Commercial Telematics Market:
o The OEM segment in solution generated the highest revenue in 2017.
o In 2017, the solution segment was the highest revenue contributor in the application category.
o By end user, the transportation & logistics segment generated the highest revenue in 2017.
o Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
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In 2017, North America contributed the highest market revenue, followed by Europe, Asia-Pacific, and LAMEA.
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