Primary Drivers and Top Restraints
Telematics systems find major use in fleet management companies, automobile insurance companies, and others for monitoring the location as well as the behavior of the vehicle. The global commercial telematics market consists of the services and solutions that are needed to monitor and control a commercial vehicle using a telecommunication device. A Fleet Telematics System (FTS) helps in exchanging information between a commercial vehicle fleet and the central authority, allowing the latter to track vehicle diagnostics along with the location.
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Further, the market size is expanding on the back of strict government regulations pertaining to vehicle telematics coupled with the emerging trend of connectivity solutions. There has been a surge in government rules and regulations in various regions, which are aimed at ensuring the security, safety, and tracking of vehicles, which is bound to stimulate market growth. To illustrate, in April 2018, the Indian government implemented a rule, wherein every public transport vehicle with more than six-seater capacity should be equipped with a tracking device.
Over the years, smartphones have managed to change the overall definition of connectivity. Even while traveling, people now prefer to stay connected with the outer world, which pushes the need for connectivity. With connectivity becoming the need of the hour, a number of automobile manufacturers are integrating connectivity solutions with their vehicles to drive automobile sales. Today’s consumer is more demanding and expects their vehicles to be able to perform tasks that are a lot similar to smartphones and computers. As a result, the implementation of connectivity solutions within the vehicle has become the main focus for automobile manufacturers in the market. Numerous connectivity solutions are now a part of modern cars, which are backed up by the internet to perform certain functions.
Leading Vendors
Leading vendors enlisted in MRFR analysis that are shaping the commercial telematics market are Mix Telematics International Ltd (South Africa), Vodafone Group Plc. (UK), Harman International Industries, Inc. (US), Trimble Inc. (US), Bayerische Motoren Werke AG (Germany), Verizon Communications, Inc. (US), AT&T Inc. (US), Telefónica S.A. (Spain), TomTom Telematics BV (Netherlands), Ford Motor Company (US), to name a few.
Market Segmentation
Type, solution, and end-user are the primary segments as per which the commercial telematics market has been studied by MRFR experts.
Given the type segment, the market includes Vehicle Telematics, Fleet telematics, and Insurance Telematics, among others.
Solution-wise, the market has been considered for Navigation and location-based, Remote Alarm & Monitoring, V2v and V2i, Tele-health, and Infotainment, among others.
The end-users of commercial telematics market are Government agencies, Media & Entertainment, Insurance, Healthcare and Transportation and Logistics, among others.
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Regional Insight
Europe, North America, Asia Pacific (APAC) and the Rest-of-the-World (RoW) are the primary markets for commercial telematics extensively analyzed in the MRFR report.
North America has been identified as the most profitable market for commercial telematics and has managed to seize the largest share. Latest reports reveal that nearly 35% of government and commercial vehicles in the region come telematics. In addition, the sale of electric vehicles combined with the high production of modern vehicles embedded with the latest telemetry solutions can work in favor of the regional market in the years to come.
The commercial telematics market in Europe shows a lot of promise and can grow significantly in the following years. Commercial telematics in the region is used extensively in the insurance sector, which generates maximum demand for the market. Besides, the booming automotive industry stimulates market growth, in addition to the increasing proliferation of self-installed, onboard diagnostics devices.
The APAC commercial telematics market is growing to be one of the most lucrative markets across the globe. South Korea, China, and Japan are the top markets in the region and are estimated to achieve the highest CAGR during the given timeframe. On top of this, growing emphasis on road safety solutions, mounting awareness about driver safety as well as accident prevention, and policies aimed at enhancing road safety can also boost the market demand in the region.
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