Press release
Global Commercial Telematics Market Projected to Surpass $134.11 Billion by 2029 with 20% Annual Growth
Commercial Telematics Market Size
The growth of the commercial telematics market is anticipated to be propelled by the rise in the sales of commercial and passenger vehicles. The demand for commercial and passenger cars has surged due to economic growth and technological advancements. Economies that are growing afford consumers increased buying power, enhancing the demand for transportation services and car sales. For fleet managers, aspects such as advanced safety systems and telematics solutions have further augmented vehicle appeal, efficiency, and operational streamlining. For instance, the France-based trade federation, International Organization of Motor Vehicle Manufacturers, indicated in January 2024 that there was a considerable jump in the sales of commercial vehicles in 2023, hitting 12,892,621, compared to 11,371,749 units sold in 2022. Likewise, the sales of passenger cars escalated from 2,858,575 in 2022 to 3,116,647 in 2023. Both sectors exhibited significant growth, underlining a robust recovery and a swelling demand in the auto sector. Thus, the escalating sales of commercial and cars are fanning the growth of the commercial telematics market.
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What is the future CAGR of the commercial telematics market, and how will it impact industry expansion?
In recent years, the size of the commercial telematics market has seen a swift expansion. The projection suggests an increase from $54.85 billion in 2024 to $64.14 billion in 2025, with a compound annual growth rate (CAGR) of 16.9%. Factors that led to growth in the past include initial adoption challenges, the replacement of legacy systems, shifts in consumer behavior, evidenced ROI, and the emergence of IoT and big data.
In the upcoming years, the commercial telematics market size is anticipated to undergo a significant expansion. The market is projected to reach a value of "$134.11 billion in 2029, experiencing a compound annual growth rate (CAGR) of 20.3%. The expansion during the forecast period can be linked to a move towards sustainability, applications specific to different industries, rising demand for real-time analysis, increasing needs for cost efficient operations and the advent of self-driving vehicles. The period under forecast projects major trends including the evolution of connectivity, fleet management enhancement, adherence to safety and compliance norms, advancements in data analytics and AI, and integration with self-driving vehicles.
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What are the most significant trends transforming the commercial telematics market today?
The rise in technological progression is a notable trend visible within the commercial telematics market. Firms within this market are sparking innovation with new products to maintain their competitive standing. For example, ATrack Technology Inc., a Taiwan-based manufacturer of telematics hardware, introduced the AK300 LTE vehicle tracker in December 2022, designed to boost the effectiveness of fleet management. The tracker offers real-time vehicle tracking, relaying data like vehicle positioning, mileage, speed, fuel consumption, and engine condition. It also has the capacity to identify abnormal vehicle conditions and negative driving actions like idling and speeding, offering fleet managers the means to initiate preventative maintenance and enhance driver conduct.
Which key market segments comprise the commercial telematics market and drive its revenue growth?
The commercial telematics market covered in this report is segmented -
1) By Type: Solutions, Services
2) By System: Embedded, Tethered, Smartphone Integrated
3) By Provider: Original Equipment Manufacturer (OEM), After market
4) By End User: Transportation And Logistics, Insurance, Healthcare, Media And Entertainment, Vehicle Manufacturers Or Dealers, Government Agencies, Other End-Users
Subsegments:
1) By Solutions: Fleet Management Solutions, Vehicle Tracking Solutions, Driver Behavior Monitoring Solutions, Route Optimization Solutions, Fuel Management Solutions
2) By Services: Installation Services, Consulting Services, Maintenance And Support Services, Data Analytics Services
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What regions are at the forefront of commercial telematics market expansion?
North America was the largest region in the commercial telematics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global commercial telematics market report during the forecast period. The regions covered in the commercial telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the commercial telematics market?
Major companies operating in the commercial telematics market include 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
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What Is Covered In The Commercial Telematics Global Market Report?
• Market Size Forecast: Examine the commercial telematics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the commercial telematics market for a structured understanding.
• Key Players Overview: Analyze major players in the commercial telematics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the commercial telematics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the commercial telematics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the commercial telematics market.
• Industry Challenges: Identify potential risks and obstacles affecting the commercial telematics market.
• Competitive Landscape: Review strategic developments in the commercial telematics market, including expansions, agreements, and new product launches.
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