Portland, OR, Aug. 26, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global commercial telematics market was estimated at $27.06 billion in 2017 and is expected to hit at $144.44 billion by 2030, registering a CAGR of 13.8% from 2018 to 2030. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Government regulations for vehicle telematics, increase in the trend of connectivity solutions, and ease of vehicle diagnosis drive the growth of the global commercial telematics market. On the other hand, threat of data hacking, high installation cost, and lack of uninterrupted & seamless internet connectivity restrain the growth to some extent. Nevertheless, intelligent transportation system and enhanced performance of autonomous vehicles are expected to create multiple opportunities in the near future.
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The OEM segment to lead the trail by 2030
Based on the solution type, the OEM segment contributed to more than half of the total market revenue in 2017. The same segment is also expected to cite the fastest CAGR of 14.8% through 2018–2030.
The solutions segment to rule the roost during the study period
Based on application, the solutions segment accounted for nearly three-fourths of the total market share in 2017. The services segment, on the other hand, would grow at the fastest CAGR of 15.3% during the estimated period.
North America garnered the major share in 2017
Based on geography, the North America region generated the largest share in 2017, contributing to more than two-fifths of the total market. Simultaneously, the Asia-Pacific region is projected to showcase the fastest CAGR of 17.9% throughout the forecast period.
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Leading market players
The key market players analyzed in the global commercial telematics market report include Daimler Fleetboard GmbH, Verizon Connect, Cartrack, Geotab Inc., Omnitracs, Microlise, Masternaut Limited, Zonar Systems, Mix Telematics, Navistar Inc., TomTom International BV, Trimble Inc., Fleet Complete, and others. These market players have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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