Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- Commercial Telematics Market Highlights:
Market Research Future (MRFR) analyzes opportunities and trends engulfing the market in relation to component prices and the automotive sector.
Commercial telematics encompass a range of communication technologies which allows fleet drivers to relay information to the central authority of the organization and vice-versa. They are adopted in major volumes by insurance companies, fleet managers, and others to track and monitor the goods in vehicles. The global commercial telematics market.
Competitive Outlook:
Prominent names in the global commercial telematics market include AT&T Inc., Mix Telematics International Ltd, Verizon Communications, Inc., Telefónica S.A., TomTom Telematics BV, Vodafone Group Plc, Bayerische Motoren Werke AG, Ford Motor Company, Trimble Inc., Harman International Industries, Inc., and others.
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Market Outlook:
The global commercial telematics market size can touch USD 42 billion by 2023. It can display a CAGR of 18% from 2017 to 2023. Rising number of subscribers coupled with companies investing in telematics as a medium of communication are likely to drive market growth. Services and full-fledged solutions by company experts can augur well for the market. In 2014, Vodafone Group acquired Cobra Automotive Technologies S.p.A. and will provide the complete range of telematics services and security solutions to the automotive and insurance sector.
Investments in research and development (R&D) activities for development of control & communication systems, utilization of drones for remote sensing, and demand for telematics in automotive applications are other market drivers. Government regulations supporting the trend of telemetry combined with the high need for connectivity solutions are primed to spur the market growth.
High installation costs, unavailability of high Internet speeds, and threats of hacking pose a challenge to the market.
Segmentation Analysis:
The global Commercial Telematics Market is segmented by type, solution, and end-user.
By type, it is segmented into insurance telematics, fleet telematics, vehicle telematics, and others.
By solution, it is segmented into tele-health, infotainment, V2V and V2I, remote alarm & monitoring, navigation and location based, and others.
By end-user, it is segmented into transportation & logistics, media & entertainment, healthcare, insurance, government agencies, and others.
Regional Analysis:
Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are major regions considered in the commercial telematics market report.
North America is expected to dominate the market till 2023 due to installation of on-board diagnostic devices in all kinds of vehicles. It is reported that close to 35% of government and commercial vehicles in North America are equipped with telematics. Sales of electric vehicles and development of new range of vehicles embedded with the latest telemetry solutions are likely to bode well for the market.
The Europe commercial telematics market was primarily driven by hardwired aftermarket black boxes. The region has latent potential from the integration of hands-free calling service in cars. The transition to portable navigation solutions and seamless connectivity between vehicles can drive the regional market growth. Other applications of electronic toll payment, pay-as-you-drive insurance, and vehicle relationship management are likely to create future opportunities for the market in the forthcoming years.
The APAC region is touted to register the highest CAGR over the forecast period due to the booming automotive hub in China, India, and Japan. Emphasis on road safety solutions, rising awareness about driver safety and accident prevention, and policies for improving road safety are factors which can drive the regional market demand. The advent of 4G networking communication technology and penetration of smartphones combined with the expanding logistics and transportation sectors will further augment the market size.
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Industry News:
The Volkswagen Group has developed an online tool which allows companies to input their fleet and telematics data for calculating the required powertrain for each function. The future launch of zero-emission vehicles in the U.K. by 2020 can witness the integration of such advanced technology.
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