Portland, OR, March 18, 2021 (GLOBE NEWSWIRE) -- 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.
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:
- 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.
- Vehicle manufacturing & sales, on the other hand, were suspended during the first phase of the lockdown, which further impacted the market.
- However, as the regions are entering recovering phases and situations are getting better than before, the commercial telematics market is expected to recoup soon.
The report offers a detailed segmentation of the U.S. commercial telematics market based on solution type, application, end-user, and region.
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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.
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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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.
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Similar Reports We Have on Automotive Telematics Industry:
Commercial Telematics Market by Solution Type (OEM and Aftermarket), Application (Solutions and Services), and End User (Transportation and Logistics, Insurance, Healthcare, Media & Entertainment, Vehicle Manufacturers/Dealers, and Government Agencies): Global Opportunity Analysis and Industry Forecast, 2018–2030.
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