The commercial telematics market to grow by USD 13.01 billion from 2022 to 2027; North America accounts for 33% of market growth- Technavio

NEW YORK, Jan. 17, 2024 /PRNewswire/ — The commercial telematics market is estimated to grow by USD 13.01 billion from 2022 to 2027, growing at a CAGR of almost 5.88%. The commercial telematics market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer commercial telematics market are AB Volvo, Agero Inc., Airbiquity Inc., AT and T Inc., Bridgestone Corp, Continental AG, Fleet Complete, Geotab Inc, Mercedes Benz Group AG, Michelin Group, Microlise Group Plc, MiX Telematics Ltd., Navistar International Corp., OCTO Telematics S.p.A, Omnitracs LLC, SmartDrive Systems Inc., Trimble Inc., Verizon Communications Inc., Visteon Corp., and Volkswagen AG. 

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Company Offering:

Agero Inc.: The company offers commercial telematics with exciting opportunities to better support drivers and their vehicles.Airbiquity Inc.: The company offers commercial telematics with a combination of proven and reliable technology, IT system and third-party ecosystem integration, and 99.9% service delivery uptime.Michelin Group: The company is one of the leading company in commercial telematics for the fleet management.

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By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market. North America is estimated to contribute 33% to the growth of the global market during the forecast period. The growth of the regional market is driven by the rising adoption of connected car technologies and the increasing demand for enhanced sound quality combined with advanced features, such as navigation systems and vehicle noise compensation, as well as in-vehicle connectivity. The volume of sale of luxury cars in North America is higher than in other regions. This enables OEMs to facilitate the adoption of advanced connected car technologies like advanced driver assistance systems (ADAS).

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Impactful driver- Increasing adoption of driver assistanceKey Trend – Advanced analytics on telematics data to reduce the severity of risksMajor Challenges – The complexity of telematics software and hardware designs 

 Market Segmentation

By Product, the market is classified into segments solutions and services. The market share growth by the solutions segment will be significant during the forecast period. The segment is driven by the growing sales of commercial vehicles globally and the increased deployment of infotainment systems for communication, entertainment, and navigation in commercial vehicles by automakers.

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The Commercial Telematics Market is evolving rapidly with advancements in Fleet Management, Telematics Solutions, and GPS Technology. Connected Vehicles leverage Telematics Devices for real-time monitoring, remote diagnostics, and in-vehicle communication. Navigation systems, IoT, and Mobile Connectivity enhance efficiency. Big Data Analytics drives insights for predictive maintenance and fuel management. Geofencing and V2X communication ensure safety, while ELD compliance is facilitated through Electronic Logging Devices. The integration of cloud-based solutions and Intelligent Transportation Systems creates a robust ecosystem. Commercial Telematics extends to Insurance Telematics, UBI, Autonomous Vehicles, and Asset Tracking, shaping the future of automotive technology.

Related Reports:

The fleet telematics systems market is estimated to grow at a CAGR of 23.18% between 2022 and 2027. The size of the market is forecast to increase by USD 69.57 billion.
The Global Automotive On-Board Diagnostics (OBD) Market size is estimated to grow by USD 35,638.36 million between 2022 and 2027 accelerating at a CAGR of 18.29%.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product 

7 Market Segmentation by Platform

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio