The global commercial telematics market size reached US$ 54.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 152.1 Billion by 2028, exhibiting a growth rate (CAGR) of 19.2% during 2023-2028.
Commercial telematics refers to a technological solution used to monitor a wide range of information about a vehicle or an entire fleet. It assists in monitoring deliveries, determining routes, improving vehicle efficiency, communicating with drivers, and detecting vehicle maintenance requirements. It offers transparency in operations, improves accountability and safety, enhances productivity and overall operational efficiency, and boosts route planning and fleet optimization for better performance.As a result, it is commonly used in commercial vehicles, including cargo vans, tractor-trailers, and buses, and heavy construction equipmentto gain real-time data.
Commercial Telematics Market Trends:
Increasing sales of commercial and passenger vehicles, coupled with rising concerns about the safety and security of the drivers and passengers, represents one of the major factors positively influencing the demand for commercial telematics worldwide. In addition, commercial telematics is widely employed in the construction industry to reducethe fuel consumption of heavy construction equipment and machinery on-site. This, in confluence with the growing construction activities worldwide on account of rapid urbanization, improving income levels, and expanding global population, is creating a positive outlook for the market. Apart from this, the integration of the internet of things (IoT) and fifth-generation (5G) technology supports the faster transfer of high-quality content,facilitates smart routing and tracking, provides on-road assistance,and enhances the experience of the users.This, along with the implementation of favorable government policies to mandate commercial vehicle tracking and the development of video-based telematics, is anticipated to provide a positive thrust to the market in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial telematics market report, along with forecasts at the global, regional and country level from 2023-2028. 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
Solution dominates the market as it comes with multiple advanced features that optimize the analysis of connected vehicles effortlessly.
Breakup by System Type:
The embedded represents the largest system typeas it allows vehicles to connect to the internet.
Breakup by Provider Type:
Aftermarket holds the total market share of commercial telematics as it offers the advantages of customization, flexibility, data transparency, and cost optimization.
Breakup by End Use Industry:
Transportation and Logistics
Media and Entertainment
Government and Utilities
Travel and Tourism
Transportation and logistics exhibit a clear dominance in the market due to expanding global trade activities and the rising demand for fleet management solutions.
Breakup by Region:
Middle East and Africa
North America holds the majority of the global commercial telematics market share due to the rising focus on improving passenger and driver safety in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are AirIQ Inc., Bridgestone Corporation, General Motors Company (GM), Geotab Inc., Michelin Group, MiX Telematics International (Pty) Ltd, Octo Telematics S.p.A., Omnitracs, LLC, Trimble Inc., Bell Atlantic Corporation, and Continental AG.
Key Questions Answered in This Report
1. What was the size of the global commercial telematics market in 2022?
2. What is the expected growth rate of the global commercial telematics market during 2023-2028?
3. What are the key factors driving the global commercial telematics market?
4. What has been the impact of COVID-19 on the global commercial telematics market?
5. What is the breakup of the global commercial telematics market based on the type?
6. What is the breakup of the global commercial telematics market based on the system type?
7. What is the breakup of the global commercial telematics market based on the provider type?
8. What is the breakup of the global commercial telematics market based on the end use industry?
9. What are the key regions in the global commercial telematics market?
10. Who are the key players/companies in the global commercial telematics market?