The global commercial telematics market 2020 and its plan is preparing to increase its investment in funds as it seeks to hit a ~18% hike target in the face of the economic slowdown caused by the coronavirus pandemic. The figures are accumulated by Market Research Future that focuses on the study over the commercial telematics market and comes out to be gaining USD ~42 Billion by the end of 2023. The growth period is calculated to be between 2017 and 2023.
Top Industry Players
The high-flying players in the global commercial telematics market are listed as Harman International Industries, Inc.( U.S.), Verizon Communications, Inc.(U.S.), AT&T Inc. (U.S.), TomTom Telematics BV (Netherlands), Ford Motor Company (U.S.), Vodafone Group Plc (U.K), Trimble Inc. (US), Bayerische Motoren Werke AG (Germany), Mix Telematics International Ltd (South Africa), and Telefónica S.A. (Spain).
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The commercial automotive telematics market is gaining traction due to factors such as a remarkable rise in the adoption of telematics technology in support of reducing connectivity and sensor cost. This has projected to encourage the growth of the global commercial vehicle telematics market in the next few years. The telematics data can be harnessed to make better business decisions and strategies, which approximate to drive the entire market in the near future.
The research report of MRFR also offers comprehensive scrutiny of the global commercial vehicle telematics market, throwing light on the present and future opportunities. The market is projected to witness high growth in the coming years is causative of the rising number of road accidents. This has been one of the foremost factors accelerating the growth of the global market.
In fact, the use of Smartphones and 4G technology is likely to act as a foremost prospect for the market players to invest in the market to expand it. The brisk development of the logistics and transportation industries is anticipated to enhance the development of the global commercial vehicle telematics market all over the assessment period.
Furthermore, development in telematics, along with connected vehicles, is escalating the demand for the automotive telematics market. Telematics has become an ideal differentiator for car manufacturers, owing to some advancement such as automatic emergency call devices, anti-theft tracking, and GPS anti-theft devices. These factors are altogether boosting the demand of the automotive telematics market to a great extent.
The study compiles essential information that the American commercial automotive telematics market held 46% of the global market share in 2017 in support of the growing demand for connected cars with safety and security systems. Autonomous cars are propelling the widespread of commercial telematics in the U.S. Escalating penetration of connected devices such as tablets and Smartphones is attributing to the rising demand for commercial cars in this region. Additionally, escalating concerns regarding the safety and security features in the automotive industry are also contributing to the growth of the U.S. commercial, automotive telematics market.
The global commercial telematics market is studied for the segments such as type, solutions, and end-users.
The type segment has included fleet telematics, vehicle telematics, insurance telematics, and others.
The solutions segment has included navigation and location, remote alarm & monitoring, V2v and V2i, infotainment, telehealth, and others.
The end-users segment has included media & entertainment, government agencies, insurance, healthcare, transportation and logistics, and others.
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The regionally bifurcated names in the study of the global commercial telematics market are Asia Pacific, Europe, North America, and the rest of the world.
North America is one of the leading regions across the world in terms of market share as self-install on-board diagnostics devices are capturing the entire market in North America.
The commercial telematics market in the European region is imagined to observe rapid growth in the impending period. Commercial telematics in the insurance industry is primarily led by hardwired aftermarket black boxes and has massive demand in the market.
Whereas, Asia-Pacific countries like Japan, China, and South Korea is a promising market for commercial telematics market and anticipated to be the highest CAGR in the coming year. The Asia Pacific is estimated to record a healthy growth throughout the forecast period. The high growth of this region is accredited to growing awareness among consumers regarding the safety of drivers and the avoidance of accidents. Besides, the untapped markets are approximate to generate promising growth opportunities for the market players. Furthermore, favorable government rules and regulations are vague to accelerate the growth of the commercial vehicle telematics market in the Asia Pacific throughout the assessment period.
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