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Commercial Telematics Market Scope, Drivers, Trends And Overview By 2033
Commercial Telematics Market Drivers
According to The Business Research Company's, The commercial telematics market size has grown rapidly in recent years. It will grow from $47.46 billion in 2023 to $56.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to initial adoption challenges, legacy systems replacement, evolving consumer behavior, demonstrated roi, rise of iot and big data.
The commercial telematics market size is expected to see rapid growth in the next few years. It will grow to $110.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to shift towards sustainability, industry-specific applications, increasing demand for real-time insights, cost efficiency demands, emergence of autonomous vehicles. Major trends in the forecast period include connectivity evolution, fleet management optimization, safety and compliance, data analytics and ai, integration with autonomous vehicles.
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Market Drivers and Trends:
The increasing sales of commercial and passenger vehicles are expected to propel the growth of the commercial telematics market going forward. The demand for commercial and passenger automobiles has increased as a result of economic expansion and technical improvements. Growing economies provide consumers greater purchasing power, which boosts demand for transport services and automobile sales. For fleet managers, technological elements including advanced safety systems and telematics solutions have further improved vehicle allure, effectiveness, and operational optimization. For instance, in January 2022, according to the Office of Energy Efficiency and Renewable Energy, a US-based government agency under the U.S. Department of Energy, sales of new light-duty vehicles rose to 14.9 million in 2021 a 3% increase over 2020. Therefore, the increasing sales of commercial and passenger vehicles are driving the growth of the commercial telematics market.
Technological advancements are a key trend gaining popularity in the commercial telematics market. Companies operating in the commercial telematics market are innovating new products to sustain their position in the market. For instance, in December 2022, ATrack Technology Inc., a Taiwan-based telematics hardware manufacturer, launched AK300 LTE vehicle tracker to improve fleet management efficiency. The AK300 vehicle tracker is capable of real-time vehicle tracking, providing information on vehicle positioning, mileage, speed, fuel consumption, and engine status. It can also detect abnormal vehicle status and negative driving behaviors such as idling and speeding, enabling fleet managers to perform preventive maintenance and improve driver behavior.
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Major Key Players of the Market:
Geotab Inc.; Masternaut Limited; MiX Telematics Limited; Omnitracs LLC; TomTom International BV; Verizon Communications Inc.; American Telephone and Telegraph Company; OnStar Corporation; Bayerische Motoren Werke AG; Zonar Systems Inc.; Inseego Corporation; Vontier Corporation; Microlise limited; Solera Holdings Inc.; Continental AG; Daimler AG; Karooooo Ltd.; Michelin SCA; CalAmp Corp.; Fleetmatics Group PLC; Garmin Ltd.; Transics International NV; Trimble Navigation Limited; Webtech Wireless Inc.; Wireless Matrix Corporation; XRS Corporation; Actsoft Inc.; AirIQ Inc.; AssetWorks LLC; Autotrac Comércio e Telecomunicações Ltd.; Azuga Inc.; Blue Tree Systems Ltd.; CarrierWeb LLC
Commercial Telematics Market 2024 Key Insights:
• The commercial telematics market size will grow to $110.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%.
• Booming Automotive Sales Fuel Growth In The Commercial Telematics Market
• Atrack Technology Inc. Elevates Fleet Management With The Launch Of Ak300 Lte Vehicle Tracker
• North America was the largest region in the commercial telematics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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