The global commercial telematics market reached a value of US$ 46 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 129.3 Billion by 2027, exhibiting a CAGR of 19.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Commercial telematics refers to the technological solution used for long-distance transmission of information in commercial automobiles. It is used for monitoring the location and movement of vehicles through global positioning systems (GPS) and on-board diagnostic systems to track vehicle diagnostics. It is also used for monitoring trailers and non-motorized assets and alerting the fleet manager in case of any unauthorized movement. Apart from this, commercial telematics also offers insurance risk assessment, maintenance insights and safety tracking. Insurance providers use this technology to monitor driver behavior that enables them to determine risk factors and adjust insurance policies accordingly.
Commercial Telematics Market Trends:
Significant growth in the transportation industry across the globe is one of the key factors creating a positive impact on the market. Furthermore, the widespread adoption of smart transportation systems is stimulating the growth of the market. Due to the increasing utilization of digital devices, such as smartphones, laptops and tablets, automobile manufacturers are integrating sophisticated connectivity solutions to provide more accurate insights about the vehicles. These solutions also aid in improving vehicle efficiency, facilitating smart routing and tracking, providing on-road assistance and enhancing the driver’s overall experience. Additionally, various technological advancements, such as the development of open-source frameworks for commercial telematics, are acting as other growth-inducing factors. For instance, Next-Generation Telematics Protocol (NGTP) is a technology-neutral system that is designed to conveniently integrate back-end components and make technical adjustments in commercial vehicles. Other factors, including the implementation of favorable government policies to mandate commercial vehicle tracking, along with the development of video-based telematics, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial telematics market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, system type, provider type and end use industry.
Breakup by Type:
Fleet Tracking and Monitoring
Safety and Compliance
Breakup by System Type:
Breakup by Provider Type:
Breakup by End Use Industry:
Transportation and Logistics
Media and Entertainment
Government and Utilities
Travel and Tourism
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being AirIQ Inc., Bridgestone Corporation, General Motors Company, Geotab Inc., Masternaut Limited. (Michelin), Mix Telematics International (Pty) Ltd., Octo Telematics, Omnitracs LLC, Trimble Inc., Verizon Communications Inc. and Zonar Systems Inc. (Continental AG). Key Questions Answered in this Report
1. What is the size of the global commercial telematics market?
2. What are the key factors driving the global commercial telematics market?
3. What has been the impact of COVID-19 on the global commercial telematics market?
4. What is the breakup of the global commercial telematics market based on the type?
5. What is the breakup of the global commercial telematics market based on the system type?
6. What is the breakup of the global commercial telematics market based on the provider type?
7. What is the breakup of the global commercial telematics market based on the end use industry?
8. What are the key regions in the global commercial telematics market?
9. Who are the key players/companies in the global commercial telematics market?