Telematics Market – Scenario
The global commercial telematics market is expected to grow at USD ~42 Billion by 2023, at ~18% of CAGR between 2017 and 2023. The companies such as Verizon Communications, Inc. (U.S.), Harman International Industries, Inc. (U.S.), TomTom Telematics BV (Netherlands), Vodafone Group Plc (U.K), Bayerische Motoren Werke AG (Germany), are the leading provider of commercial telematics solutions. In August 2014, Vodafone Group Plc. has acquired Cobra Automotive Technologies S.p.A to provide full range of value-added security, telematics services and managed M2M connectivity to the automotive and insurance industry.
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The commercial telematics are widely used in industries for transmitting the real time information to the devices. The increasing number of subscribers and companies are showing a higher level of penetration in commercial telematics market. It is widely used in automotive industries which will show a rapid growth by the end of the forecasted period. In North America, it is estimated that approximately 35% of all commercial and government vehicles are equipped with telematics.
The global commercial telematics market is bifurcated on the basis of type, solutions, end- users and region. The type is segmented into vehicle telematics, fleet telematics, insurance telematics and others. The solutions is segmented on the basis of remote alarm & monitoring, navigation and location based, infotainment, V2v and V2i, tele-health and others. The end-users is segmented into government agencies, media & entertainment, transportation and logistics, insurance, healthcare and others. The region includes North America, Europe, Asia Pacific and rest of the world.
The regional analysis of commercial telematics market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is one of the leading region across the world in terms of market share in commercial telematics market as self-install on-board diagnostics devices are capturing maximum market in North America. The commercial telematics market in Europe region is expected to witness rapid growth in the forthcoming period. The commercial telematics in insurance industry are largely dominated by hardwired aftermarket black boxes and has huge demand in the market. Whereas, Asia-Pacific countries like China, Japan and South Korea is an emerging market for commercial telematics market and expected to be the highest CAGR in the coming year.
Telematics Market – Key Players:
Prominent players profiled in MRFR Analysis and are at the forefront of the competition in the market are Harman International Industries, Inc. (US), Verizon Communications, Inc. (US), TomTom Telematics BV (Netherlands), Vodafone Group Plc. (UK), AT&T Inc. (US), Ford Motor Company (US), Trimble Inc. (US), Bayerische Motoren Werke AG (Germany), Mix Telematics International Ltd (South Africa), and Telefónica S.A. (Spain).
Telematics Market – Segments
The MRFR analysis is segmented into four key dynamics for an easy grasp.
By Types: Vehicle Telematics, Fleet telematics, and Insurance Telematics among others.
By Solutions: Remote Alarm & Monitoring, Navigation and location based, Infotainment, V2v and V2i, and Tele-health among others.
By End- Users: Media & Entertainment, Government agencies, Transportation and Logistics, Insurance, and Healthcare among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World (RoW).
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Telematics Market – Industry/Innovation/Related News:
August 07, 2018 – ARI (US), a leading provider of revolutionized fleet management technology announced the signing of an agreement with Ford Motor Company (US) to provide Ford with the seamless telematics solutions.
ARI also had announced recently a new data integration service with Ford Commercial Solutions to provide a seamless telematics solution for fleet customers. The said agreement is expected to deliver real-time visibility into the precise operating conditions of vehicles fleet, combining Ford Commercial Solutions’ Data Services product with ARI insights, and ARI’s proprietary fleet management portal.
July 24, 2018 – Ituran Location and Control Ltd. (ITRN – Israel), a leading global provider for stolen vehicle recovery and tracking services, and GPS wireless communications products announced the acquisition of Road Track Holding S.L., a telematics’ company operating primarily in the Latin American region. The deal aligns with the Ituran’s strategy to acquire a synergistic business to enable the company to accelerate our long-term growth and reach.
Telematics Market – Regional Analysis
The North America commercial telematics market dominates the global market with the largest market share owing to the proliferation of self-installed, onboard diagnostics devices that are capturing maximum market.
The commercial telematics market in Europe is expected to witness rapid growth in the years to come. In Europe, the commercial telematics used in the insurance sector has huge market demand. Besides, the well-established automotive industry provides impetus to the market to grow exponentially.
The Asia-Pacific commercial telematics market is emerging as one of the most lucrative markets globally. Markets in countries such as China, Japan, and South Korea are expected to register the highest CAGR during the forecast period.
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