A research report on the global commercial telematics market, published by Transparency Market Research (TMR), estimates the market to expand at a CAGR of 18.0% during the period from 2014 and 2020. In 2013, the market stood at US$14.67 bn and it is expected attain a value of US$46.18 bn by the end of the forecast period.The research report is titled “Commercial Telematics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
Browse the full Commercial Telematics Market (By Type - OEM Telematics (Embedded and Hybrid) and Aftermarket Telematics (Embedded and Portable); By Application - Fleet/Asset Management, Satellite Navigation, Infotainment, Insurance Telematics, Telehealth Solutions, Remote Alarm and Monitoring, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020 report at http://www.transparencymarketresearch.com/commercial-telematics-market.html
Commercial telematics is a technology that connects computers and telecom services and allows the transfer of large amounts of information in vehicles in real-time. The telematics products utilized by light, medium, and heavy commercial vehicles are the key components of the global commercial telematics market. The rising trend of strategic partnerships between telematics service providers and automobile manufacturers has boosted this market significantly over the past few years. The increasing penetration of this technology in various other industries such as healthcare and insurance is likely to provide an opportunity-rich market to participants in the near future.
The report studies the global commercial telematics market on the basis of the type, application, end user, and the region. Based on the type, the market has been classified into aftermarket telematics and OEM telematics. In 2013, the aftermarket telematics segment led the global market with a share of approximately 59%. However, the OEM telematics segment is expected to register the highest growth in the market over the forecast period.
Based on application, the study classifies the global market into satellite navigation, fleet/asset management, infotainment, telehealth solutions, insurance telematics, remote alarm and monitoring and other application. The fleet/asset management segment emerged as the biggest application area for commercial telematics in 2013, holding a share of 30%. However, the insurance telematics segment is likely to register the fastest CAGR of 34.70% during the forecast period.
The healthcare, transportation and logistics, construction, insurance, government and utilities, and manufacturing industries have been identified as the major end users of commercial telematics in this research report. The demand for commercial telematics is the highest from transportation and logistics segment. In 2013, the segment accounted for a share of 55% in the overall demand generated in the market. Analysts expect this trend to continue over the forecast period, notes the study.
Regionally, the global market for commercial telematics has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. North America dominated the overall market in 2013. The high adoption rate of commercial telematics solutions in various sectors such as government, logistics, transportation, and utilities owing to the soaring internet penetration in this region, has propelled this market in North America significantly in the recent past. However, Europe is likely to record the fastest growth in this market during the forecast period. eCall and several other initiatives by the European Union are likely to fuel the demand for commercial telematics in this region over the next few years.
The market for commercial telematics is also expected to gain impetus in Asia Pacific as the demand from economies such as Japan, India, China, and Australia is likely to increase in the coming years, states the market report.
Analysts have also performed a competitive analysis on the major participants in the worldwide market for commercial telematics in this study. By applying analytical tools such as SWOT analysis on companies, they have determined strengths and weaknesses of the companies profiled in the report. The analysis also provides insights into opportunities and threats that these companies are likely to witness in the near future.
OnStar LLC, Trimble Navigation Ltd., TomTom N.V., Masternaut Ltd., ORBCOMM Inc., WirelessCar AB, Verizon Communications Inc., Omnitracs LLC, and MiX Telematics Ltd. are the leading market players, mentioned in this research report.
The global commercial telematics market is segmented into:
- OEM Telematics
- Embedded OEM Systems
- Hybrid OEM Systems
- Aftermarket Telematics
- Embedded Aftermarket Telematics
- Portable Aftermarket Telematics
- Fleet / Asset Management
- Satellite Navigation
- Insurance Telematics
- Telehealth Solutions
- Remote Alarm and Monitoring
By End User
- Transportation and Logistics
- Government and Utilities
- North America
- Asia Pacific
- Rest of the World
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