U.S. Commercial Telematics Market Set for Explosive Growth: Key Trends and Forecasts for 2027

According to the report published by Allied Market Research, the U.S. commercial telematics market generated $2.64 billion in 2019, and is estimated to garner $3.90 billion by 2027, witnessing a CAGR of 7.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, top segments, top investment pockets, regional scenario, and competitive landscape.

Presently, California dominates the market, followed by Texas and Florida. However, Indiana is expected to grow at a higher CAGR during the forecast period.

Telematics/connected devices are a combination of devices, which are installed in a vehicle and used to provide real-time information about the vehicle. They are installed in a vehicle to keep a record of the information related to the driving behavior of the vehicle, status of the vehicle, distance covered by the vehicle, and other things.

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Telematics in a vehicle are connected at the on-board diagnostics port (OBD II Port) of the vehicle, which is located beneath the vehicle steering wheel, thus making the installation of the device in a vehicle an easier process. Once the component is installed in the vehicle, it starts to record the information on numerous aspects such as driving behavior, live status of the vehicle as well as the surrounding of the vehicle.

Telematics are preferred to be installed majorly in commercial fleet as suggested by insurance providers to the fleet owners. With the installation of telematics devices in a vehicle, several benefits can be received such as heavy discount in insurance based on the driving skills of the driver. In addition, they track the driving behavior of the driver and alert the driver in case of rash driving.

Numerous government regulations have been implicated across different states of the U.S., which has encouraged the fleet owners to install telematics/connected devices in their already running vehicles as well as their out of service vehicles. Installation of telematics helps to keep a track of the vehicle condition and provides real-time information about the vehicle. For instance, the government of California has allocated single-source Blanket Purchase Agreement (BPA) to Geotab, a global leader in IoT and connected transportation, to provide commercial fleet with a fully-integrated, best-in-class telematics solution.

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Numerous companies, such as Harman International, AERIS, Redtail Telematics, Connexas, Transpoco, and others, are operating efficiently in the telematics industry and offering better & efficient services to their customers. It includes features such as usage-based insurance, vehicle location & stolen vehicle recovery, and dash camera being the most used services.

Factors, such as government regulations for vehicle telematics and rise in trend of connectivity solutions, drive the growth of the U.S. commercial telematics market. In addition, vehicle diagnostic due to telematics systems also propels the growth of the market. However, threat of data hacking, high installation cost, and lack of uninterrupted & seamless internet connectivity hinder the growth of the market. Furthermore, intelligent transportation system and improved performance of autonomous vehicles impose a remarkable growth opportunity for the U.S. commercial telematics market.

Government regulations for vehicle telematics, surge in trend of connectivity solutions, and ease of vehicle diagnosis fuel the growth of the U.S. commercial telematics market. However, threat of data hacking, high installation cost, and dearth of uninterrupted and seamless internet connectivity hinder the growth up to certain extent. However, intelligent transportation system and improved performance of autonomous vehicle would offer new opportunities in the coming years.

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Covid-19 Scenario:

1. The outbreak of covid-19 has impacted the transportation and logistics industry. This, in turn, affected the growth of the commercial telematics market, as it is directly linked to the industry.

2. Vehicle manufacturing & sales, on the other hand, were suspended during the first phase of the lockdown, which further impacted the market.

3. However, as the regions are entering recovering phases and situations are getting better than before, the commercial telematics market is expected to recoup soon.

Based on country, the market across California contributed to the highest market share in 2019, accounting for nearly one-fifth of the total market, and will maintain its dominance throughout the forecast period. On the other hand, Indiana is expected to grow at the fastest CAGR of 14.2% from 2020 to 2027.

Leading players of the U.S. commercial telematics market analyzed in the report include U.S. Commercial Telematics market include Cartrack, Continental AG, Daimler Fleetboard GmbH, Fleet Complete, Geotab Inc., MiX Telematics, Navistar Inc., Omnitracs, TomTom International BV., and Trimble Inc.

Based on solutions type, the OEM segment held more than half of the total market share in 2019, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to witness at the highest CAGR of 8.7% from 2020 to 2027. The research also analyzes the aftermarket segment.

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Based on application, the solution segment accounted for nearly four-fifths of the total share of the U.S. commercial telematics market in 2019, and is projected to maintain its dominant position during the study period. However, the services segment is expected to manifest the fastest CAGR of 9.0% from 2020 to 2027.

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