Commercial Telematics Market Size To See Booming Growth | Verizon, Harman, TomTom, Vodafone Group Plc, Ford Motors Co

Telematics are information and telecommunication products that combine computers and telecommunication services for transferring large amounts of data in vehicles in real-time. Commercial telematics market includes the telematics used by light, medium and heavy commercial vehicles. All major automotive manufacturers across the globe are now concentrating on developing and implementing the Telematics concept into their vehicles. Vehicles manufactured today offer unique connectivity solutions for better monitoring and tracking.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

The global commercial telematics market is driven by increased market penetration of smart phones, lowered connectivity cost, availability of high speed internet technologies such as LTE, greater governmental mandate in terms of safety compliance mandates, road infrastructure constraints, and driver monitoring etc. Based on type of Telematics, the market is segmented into Automotive Original Equipment Manufacturers (OEM) and Aftermarket. Currently, Aftermarket has relatively high market share compared to Automotive OEM. However, vehicle manufacturing companies forming collaborations with telematics providers would lead to high growth of Automotive OEM segment.

Based on Applications, Telematics market is segmented into Solutions and Services. Solutions include fleet/asset management, infotainment, tele health, insurance telematics, vehicle-to-vehicle (v2v)/ vehicle to infrastructure (v2i), remote alarm and others. Services include design & consulting, deployment & integration and maintenance & training.

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Further, Telematics market is segmented based on End User i.e. transportation & logistics, healthcare, insurance, media and entertainment, vehicle manufacturers/dealers, and government agencies. Telematics provides integrated route planning, route execution, driver behavior tracking, and vehicle status with its comprehensive set of services.

Geographically, the market is segmented into, North America, Europe, Asia Pacific and LAMEA. In the years to come, Asia-Pacific should be a prominent market, owing to the rapidly growing number of automobiles sold in the region. The increase in sales is primarily driven by the increasing population, and rising disposal income. LAMEA is also growing with a good pace because of increasing government regulations for the safety & security of drivers and vehicles. Technology agreements and collaborations are the key strategies adopted by the market players to enhance their market share. For instance, AT&T is working with automotive manufacturers to provide contextual voice controls, which would help to create a safer driving experience. TomTom has launched the online turn-by-turn navigation service for customers, making it feasible to connect over a network.

Key Benefits

Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market
Porters Five Forces analysis and SWOT analysis of the key market players are provided to illustrate the business strategies adopted by buyers and suppliers
The technology-effective drivers and opportunities are highlighted to describe the top factors responsible for the market growth
Various operating segments of the commercial telematics market are carefully analyzed to measure the potential of the emerging market
The quantitative analysis of the market through 2013-2020 is provided to elaborate the market potential

KEY PLAYERS

Verizon
Harman
TomTom
AT&T
Vodafone Group Plc
Ford Motors Co
BMW
Telefonica
MiX Telematics
Trimble Navigation Limited

KEY SEGMENTS
MARKET BY TYPE

AUTOMOTIVE OEM
Embedded
Hybrid
AFTER MARKET
Embedded
Portable

MARKET BY APPLICATION

SOLUTIONS
Fleet/Asset Management
Navigation and location based
Infotainment
Insurance Telematics
V2v and V2i
Tele-health
Remote Alarm & Monitoring
SERVICES
Design & Consulting
Integration & Deployment
Maintenance & Training

MARKET BY END USER

Transportation and Logistics
Insurance
Healthcare
Media & Entertainment
Vehicle manufacturers/dealers
Government agencies

MARKET BY GEOGRAPHY

North America
Europe
APAC
LAMEA

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This release was published on openPR.