New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Telematics Global Market Report 2023" - https://www.reportlinker.com/p06479972/?utm_source=GNW
, AT&T Inc., Inseego Corporation, Volkswagen Commercial Vehicles (U.K.), Continental AG., Cartrack, Daimler Fleetboard GmbH and Fleet Complete.
The global commercial telematics market is expected to grow from $40.35 billion in 2022 to $47.46 billion in 2023 at a compound annual growth rate (CAGR) of 17.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial telematics market is expected to reach $92.30 billion in 2027 at a CAGR of 18.1%.
The commercial telematics market includes revenues earned by entities by providing services including vehicle tracking, remote diagnostics and maintenance monitoring, fuel management and optimization, and driver behavior monitoring and coaching.The primary goal of commercial telematics is to improve the efficiency and safety of commercial vehicle operations.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Commercial telematics refers to the use of technology to collect data related to the operation of commercial vehicles, such as trucks, buses, and delivery vans. This data can include information about the vehicle’s location, speed, fuel consumption, engine performance, and driver behavior, among other things.
North America was the largest region in the commercial telematics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of commercial telematics include solutions and services.A solution is a specific answer or method to address a problem or challenge.
It involves providing a complete and effective resolution to a particular issue or need. They are available in various forms of systems including embedded, tethered and smartphone integrated that are provided through original equipment manufacturers (OEM) and aftermarket for use in various end-users such as transportation and logistics, insurance, healthcare, media and entertainment, vehicle manufacturers or dealers, government agencies and other end-users.
The increasing sales of commercial and passenger vehicles are expected to propel the growth of the commercial telematics market going forward.The demand for commercial and passenger automobiles has increased as a result of economic expansion and technical improvements.
Growing economies provide consumers greater purchasing power, which boosts demand for transport services and automobile sales.For fleet managers, technological elements including advanced safety systems and telematics solutions have further improved vehicle allure, effectiveness, and operational optimization.
For instance, in January 2022, according to the Office of Energy Efficiency and Renewable Energy, a US-based government agency under the U.S. Department of Energy, sales of new light-duty vehicles rose to 14.9 million in 2021 a 3% increase over 2020. Therefore, the increasing sales of commercial and passenger vehicles are driving the growth of the commercial telematics market.
Technological advancements are a key trend gaining popularity in the commercial telematics market.Companies operating in the commercial telematics market are innovating new products to sustain their position in the market.
For instance, in December 2022, ATrack Technology Inc., a Taiwan-based telematics hardware manufacturer, launched AK300 LTE vehicle tracker to improve fleet management efficiency. The AK300 vehicle tracker is capable of real-time vehicle tracking, providing information on vehicle positioning, mileage, speed, fuel consumption, and engine status. It can also detect abnormal vehicle status and negative driving behaviors such as idling and speeding, enabling fleet managers to perform preventive maintenance and improve driver behavior.
In January 2020, Trimble Inc., a US-based construction company acquired Kuebix for an undisclosed amount. With the acquisition of Kuebix, Trimble has the ability to unite its existing customer base of private fleet and commercial carrier companies, which together comprise over 1.3 million commercial trucks operating throughout North America. Kuebix is a US-based cloud-based transportation management system (TMS) provider that offers software solutions.
The countries covered in the commercial telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The commercial telematics market research report is one of a series of new reports that provides commercial telematics optical components market statistics, including commercial telematics optical components industry global market size, regional shares, competitors with a commercial telematics optical components market share, detailed commercial telematics optical components market segments, market trends and opportunities, and any further data you may need to thrive in the commercial telematics optical components industry. This commercial telematics optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479972/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
