Global Commercial Telematics Market Projected to Touch USD 114.28 Bn By 2025

Posted on 2018-01-03 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-Jan-03 — /EPR Network/ —Market Research Reports Search Engine (MRRSE) has been serving as an active source to cater intelligent research report to enlighten both readers and investors. This research study titled “Commercial Telematics Market “

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Commercial telematics is used in various applications such as fleet/asset management, satellite navigation, infotainment, insurance telematics, telehealth solutions, remote alarm and monitoring, and others (including emergency warning systems and wireless vehicle safety communication). Commercial telematics caters to a number of end-use industries including transportation and logistics, healthcare, construction, government and utilities, insurance, and manufacturing. The global commercial telematics market was valued at USD 14.67 billion in 2013 and is expected to grow at a CAGR of 18.0% during the forecast period 2014 – 2020.

OEM telematics and aftermarket telematics are the two types of commercial telematics. Further, OEM telematics include embedded OEM systems and hybrid OEM systems; and aftermarket telematics include embedded aftermarket telematics and portable aftermarket telematics. OEM telematics are already installed in vehicles by automobile manufacturers whereas aftermarket telematics include solutions that are installed by the users of vehicles post purchase. Increasing partnerships between automobile manufacturers and telematics service providers is driving the market for OEM telematics. Further, government mandates for installations of telematics devices such as GPS devices and satellite navigators in commercial vehicles is also driving the growth of commercial telematics market.

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Of the mentioned applications, fleet/asset management is one of the most important applications of commercial telematics. Vehicle tracking, driver behavior analysis, navigation, entertainment, and asset monitoring are some of the functions carried out by commercial telematics solutions. In recent years, vehicle theft rates in countries such as Brazil and the U.S. are increasing, which is leading to the increased adoption of insurance telematics solutions. Furthermore, telematics is finding wide applications in industries such as healthcare, and government and utilities. Japan, Germany, U.S. and China are experiencing significant growth in the commercial telematics market for healthcare applications due to rising investments in technology to upgrade healthcare facilities in these countries. However, high cost incurred in initial installation and by network service providers are some challenges for wide adoption of commercial telematics solutions.

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In 2013, North America was the largest market for commercial telematics in terms of revenue. The region has experienced significant adoption of commercial telematics solutions across industries such as transportation and logistics, and government and utilities. This is attributed mainly to high internet penetration in the North American region. Europe is expected to be the fastest growing region owing to the eCall initiative by the European Union. Demand from countries such as Japan, China, India, and Australia is expected to drive the Asia Pacific commercial telematics market in the coming years. Brazil is experiencing very high vehicle theft rate. As per Brazil’s State Department of Public Safety and national traffic department in Rio de Janeiro, everyday 7 or 8 vehicles out of 100,000 are stolen. CONTRAN 245 is an initiative by the Brazilian government for mandatory installation of tracking devices in vehicles sold and manufactured in Brazil.

The global commercial telematics market is led by players such as MiX Telematics Ltd., Omnitracs LLC, Verizon Communications Inc., WirelessCar AB, ORBCOMM Inc., Masternaut Limited, TomTom N.V., Trimble Navigation Limited, and OnStar LLC., among others.

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