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| Global Commercial Telematics Market Growth |
The global Commercial Telematics Market is estimated to be valued at US$ 54.96 Bn in 2023 and is expected to
exhibit a CAGR of 16% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The commercial telematics market provides navigation, fleet management, fuel tracking
and other value-added services to commercial fleets through telematics systems
installed in vehicles and mobile devices. Telematics systems offer real-time
vehicle location, mileage reports, route optimization and driver behavior
monitoring to businesses operating large vehicle fleets. They help fleet
operators improve vehicle utilization, reduce fuel costs, enhance driver and
vehicle safety. With rising number of commercial vehicles, the demand for
telematics solutions has increased in industries like transportation and
logistics, construction, mining etc.
Market key trends:
One of the major trends in the commercial telematics market is the move towards
data-driven fleet management. Telematics systems generate vast amount of
vehicle and driver data that can be analyzed to identify inefficient routing,
optimize fuel usage and monitor driver behavior. With advances in IoT and data
analytics, fleet operators are able to gain valuable insights from telematics
data to further increase operational efficiency. Another trend is the
integration of advanced technologies like artificial intelligence and
predictive diagnostics in telematics solutions. This is allowing proactive
maintenance of fleet assets and prevent vehicle breakdowns. Emerging
connectivity technologies such as 5G are also expected to enhance the
capabilities of commercial telematics in the coming years.
Porter’s Analysis
Threat of new entrants: The Global
Commercial Telematics Market Growth requires high initial investments
and the presence of established players poses significant entry barriers for
new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
availability of alternatives and differentiated offerings by various vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power
due to the availability of substitute components and less differentiation in
components.
Threat of new substitutes: Moderate threat as alternatives like GPS systems and
fleet telematics devices provide similar functionalities.
Competitive rivalry: High due to the presence of numerous global and regional
players offering customized solutions.
Key Takeaways
The global commercial telematics market is expected to witness high growth,
exhibiting a CAGR of 16.% over the forecast period of 2023 to 2030, due to
increasing adoption of fleet management solutions and real-time monitoring
systems.
Regional analysis
North America dominated the commercial telematics market in 2023, accounting
for over 35% of the global revenue, owing to established fleet management
industry and presence of major vendors in the US and Canada. Asia Pacific is
expected to witness the fastest growth over the forecast period supported by
rising commercial vehicle production and expanding transportation sectors in
China and India.
Key players
Key players operating in the commercial telematics market are Verizon
Communications Inc., AT&T Inc., TomTom N.V., MiX Telematics Limited, OnStar
Corporation, Bayerische Motoren Werke AG (BMW), Trimble Inc., Zonar Systems,
Inc., Omnitracs LLC, Inseego Corporation, AirIQ Inc., Bridgestone Corporation,
General Motors Company (GM), Geotab Inc., Michelin Group, Octo Telematics
S.p.A., Omnitracs, LLC, Bell Atlantic Corporation, Continental AG.
Read More: https://www.ukwebwire.com/commercial-telematics-market-scope/