Telematics uses a wireless network to provide information generated from automobiles utilized in the automotive industry, according to the TechSci Research report "Global Commercial Telematic Market-Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F". Telematics insurance helps individuals become better drivers by providing information, while telemetry in the healthcare sector simply gives acquired data and sensor information. Mercedes-Benz, Citroen, BMW, Vauxhall, and Peugeot all incorporate telematics as a standard feature in their vehicles. Telematics aids in gathering data such as driving habits, vehicle location, activity, and engine diagnostics, which is then visualized on software that aids in fleet operating management. Fleet management businesses, auto insurance providers, and others use telematics to track the whereabouts and driving habits of their fleets of vehicles, and it makes use of GPS technology to assist in tracking vehicle speed.
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Segmentation of the Global Commercial Telematic Market can be done based on solution, application type, end-user, region, and company. As of 2021, services dominate the market in terms of application type, but it is expected that solutions will gain a decent share in the coming year. Automotive manufacturers in Europe have observed that the service segment generates most of the revenue in the commercial telematics market. Telematics offers various services such as real-time communication, software for vehicle maintenance and safety monitoring, and detection of harsh acceleration or braking.
All these services have been generating high amount for the telematics companies and due to this commercial vehicle manufacturing company are installing telematics sensors at higher rate.
Europe currently holds the highest market share in the regional segment of the commercial telematic market, and it is expected to continue growing in the forecasted year. In several European countries, it is mandatory to install the 112-based eCall in-vehicle alarm system in all new commercial vehicles and passenger cars, which has resulted in the installation of around 8.1 million units in commercial vehicles in 2022 alone. The forecasted year 2028F is expected to see an increase in the installation of about 15.04 million units in commercial vehicles. The demand for technology that facilitates online diagnostic, navigation, and safety has led to the expansion of the market for commercial and passenger vehicles. The key forces driving vehicle telematics include European Union legislation, local policy regulations, the rise in automotive vehicle production, and narrow profits in the transportation sector. Telematics technology has become increasingly popular and widespread due to the growing variety of telematics products and services, as well as focused government regulations and industry-specific guidelines.
In the end-user segment, the transport and logistics has the highest market share among the other segments. The telematics companies have generated higher revenue from various end user such as healthcare, media & entertainment, vehicle manufactures/dealers, etc. All these users have helped the telematics and automotive industry to grow a decent revenue from this user. In various countries across the globe, commercial vehicles are mostly used by these end users and by the help of telematics in the vehicle owners can find it easy to drive. By seeing the demand from these end user commercial telematics market, it is anticipated to grow in the coming years.
One the main restriction for the global commercial telematics market is that the high installation cost in the commercial vehicles as the fleet size of the vehicles across the various countries are higher as the cost associated with the system, such as, maintenance, installation, and recurring subscription charges, among others, may vary and would become unaffordable for small businesses to implement. This high installation cost may restrict the adoption of telematics among the vehicle owner in many countries.
Some of the major players operating in the global commercial telematics market include:
- AirIQ Inc
- TomTom Telematics BV
- Trimble Inc
- WirelessCar AB
- Verizon Communications Inc
- OCTO Telematics S.p.A
- GeoTab Inc
- Mix Telematics International (Pty) Ltd
- Google Inc
- Omnitracs LLC
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“Many companies are investing in research and development of telematics, which will introduce the electric commercial vehicle with telematics that will meet the demand of the buyers in the market, also many companies are focusing to make the product cost effective for the commercial vehicle users. In many countries the adoption of telematics has increased as the purchasing power of the vehicle owners are increasing and they are willing to pay more for their safety."said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Commercial Telematics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Solution (OEM, & Aftermarket), By Application (Solutions, Services), By End User (Transport and Logistics, Insurers, Healthcare, Media & Entertainment, Vehicle Manufactures/dealers, & Government Agencies), By Region, Competition has evaluated the future growth potential of global Commercial Telematic Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Commercial Telematic Market.
About TechSci Research:
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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