In a recent published report, Kenneth Research has updated the market report for Commercial Telematics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Commercial Telematics Market products.
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The Commercial Telematics market is estimated to represent a global market of USD 20.53 billion by 2017 with growth rate of 23.8%.
The global commercial telematics is majorly driven by the digitization of vehicles. Companies such as DirectLine, Ctrack, Octo Telematics, and Insure The Box Limited are few players that now integrate telematics with insurance. Over the coming years, new vendors are expected to enter this market on account of the growth potential in this space, supporting the industry growth. The market has been segmented on the basis of solution, services, vehicle type, product, and source. In terms of different solution, fleet management solution emerged as the dominant solution segment in 2017 and accounted for 35% of the overall market revenue share.
Service Type Takeaway
Depending upon service type, consulting and design services dominated the market accounting to over 40% of the share in 2017. Cost-effectiveness of this service and low-cost vehicle tracking is one of the major reason for the service to boom in the commercial telematics market.
Key Vendor Takeaway
The telematics market is consolidated in nature and highly competitive. Key players such as PTC, Inc., Octo Telematics, Verizon, Fleetmatics, Mix Telematics, Omnitracs LLC, and TomTom Telematics are covered under the study scope. Many key companies are focusing on developing novel product portfolio. Fleetmatics is one of the leading companies in the Americas with about 600,000 functional units present in the region.
The acquisition of Telogis by Verizon in has made the market more competitive. Maximum automobile manufacturers with significant presence such as Ford, Scania, and Volvo nowadays provide pre-installed OEMs and fleet telematics devices and solutions either through partnership or independent in the Americas. The awareness of telematics is increasing in Central & South America and solutions and services provided by the OEMs are estimated to rise in the coming years.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPE
Navigation & location-based systems
Safety & security
Remote alarm & incident monitoring solutions
Consulting & design
Integration & deployment
Maintenance & training services
MARKET, BY VEHICLE CATEGORY
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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