Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global commercial telematics market size was USD 34.79 billion in 2020. The market is projected to grow from USD 40.18 billion in 2021 to USD 158.31 billion in 2028 at a CAGR of 21.6% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Commercial Telematics Market, 2021-2028.”According to our analysts, the increasing penetration of telematics in developing countries across the globe is dramatically fueling market growth. Furthermore, government guidelines concerning fleet management and road protection are anticipated to thrust market growth in the upcoming years.
Industry Development
June 2021: Ford procured Electrophile, which is a battery management and fleet monitoring software, provider. Ford owns two electric vehicles in the pipeline, F-150 Lighting Pro & E-Transit cargo van, intended to object commercial clients.
Get Request a Sample Copy of the Commercial Telematics Market Report: https://www.fortunebusinessinsights.com/enquiry/sample/commercial-telematics-market-106314
Commotion in Supply Chain amid COVID-19 to Hinder Demand for Commercial Telematics
The COVID-19 pandemic endures affecting the automotive industry. Furthermore, several guidelines and norms applied by the government, such as the limitation on industrial manufacturing, import-export trades, transportation and travel constraints, and others, have disturbed the supply chain cycle.
Likewise, interruption in the supply chain and a substantial deterioration in fleet administration & trucking industry demand have had a negative influence on market growth. However, amplified demand for use-grounded insurance amid the pandemic has affirmatively impacted the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/commercial-telematics-market-106314
Declining Price of Sensors to Fuel Acceptance of Commercial Telematics
Reducing costs of the automotive sensors and telematics gadgets are driving their implementation in trucking and fleet management industries of developing nations such as India, and South Korea, among others.
Therefore, growing demand for commercial telematics in the medium, as well as large scale industries in these regions, is projected to enhance the commercial telematics market growth over the forecast period. Furthermore, technological progressions in the production procedures of these gadgets also empower the manufacturers to deliver telematics devices at reasonable costing, which further impacts the market.
Segmentation
On the basis of solution type, the market is segregated into OEM and aftermarket. The aftermarket segment held the largest market share of 85.1% in 2020 due to the rising demand for aftermarket telematics for navigation and infotainment services. In terms of application, the market is classified into solutions and services.
By end-user type, the market is categorized into transportation & logistics, insurers, healthcare, media and entertainment, vehicle manufacturers/dealers, and government agencies. Geographically, the market is branched into North America, Asia Pacific, Europe, and Latin America, and the Middle East & Africa.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/commercial-telematics-market-106314
Regional Insights
North America held the largest commercial telematics market shares and dominated the market in 2020 with a market size worth USD 11.50 billion. North America has the biggest penetration of telematics in comparison with other regions.
Europe held the second-largest market share in 2020. The robust existence of telematics in principal nations, comprising the U.K. and Italy, fuels the market growth.
Asia Pacific is estimated to observe speedy growth with a CAGR of 25.9% over the forecast period. Rising penetration of telematics in developing economies such as China, India, Japan, and South Korea are projected to augment growth in the region.
Competitive Landscape
Verizon Connect delivers a wide variety of telematics software. Its solutions comprise fleet dash-cam software, root optimization software, driver management & safety software, fleet tracking software, road assistance software, and others.
List of Key Players Covered in this Market Report
- Geotab Inc. (Oakville, Canada)
- Trimble Inc. (U.S.)
- TomTom Telematics BV (Netherlands)
- Verizon Telematics, Inc. (U.S.)
- Mix Telematics International (Pty) Ltd (South Africa)
- Zonar Systems, Inc. (U.S.)
- Octo Telematics Ltd. (U.K.)
- Omnitracs LLC (U.S.)
- Masternaut Limited. (U.K.)
- Microlise Group Ltd. (U.K.)
- Inseego Corporation (U.S.)
- Volkswagen Commercial Vehicles (U.K.)
- Continental AG (Germany)
Quick Buy - Commercial Telematics Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/106314
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Commercial Telematics Market - By Application (in Value)
- Impact of COVID-19
- Global Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Commercial Telematics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solutions
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Application
- Solutions
- Services
- Market Analysis, Insights and Forecast – By End-User
- Transportation and Logistics
- Insurers
- Healthcare
- Media & Entertainment
- Vehicle Manufacturers/Dealers
- Government Agencies
- Market Analysis, Insights and Forecast – By Country
- United States
- By Application
- Solutions
- Services
- By Application
- Canada
- By Application
- Solutions
- Services
- By Application
- Mexico
- By Application
- Solutions
- Services
- By Application
- United States
TOC Continued…
Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/commercial-telematics-market-106314
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
