Transparency Market Research, a leading market research and analysis firm, has released a new report, detailing the global commercial telematics market. According to the report, titled ‘Commercial Telematics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020’, the global market is rising at an 18.0% CAGR from 2014 to 2020, to grow from a valuation of close to US$14.7 bn in 2013 to US$46.2 bn in 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
The global market for commercial telematics is segmented on the basis of market type into OEM telematics and aftermarket telematics. This refers to the stage when the telematics systems are introduced into the vehicle, with OEM telematics systems being installed during manufacture and aftermarket telematics being bought and installed by the customers themselves. Among these two sales channel segments, aftermarket commercial telematics dominate the market, with a 59% share in 2013.
These services are majorly used to provide services such as satellite navigation and infotainment options. The advent of modern wireless connectivity has enhanced both these application sectors, with wireless streaming of infotainment options catching on rapidly among the customer pool.Due to growing government support for the installation of safety telematics services such as satellite navigation and GPS location tracking, the OEM commercial telematics market is expected to expand at a higher CAGR than aftermarket telematics in the forecast period. Government regulations in developed countries with some of the highest concentrations of vehicles, such as the U.S., the U.K., and Germany, are supportive of and often mandate the incorporation of commercial telematics in new vehicles, particularly passenger vehicles. This will help the global commercial telematics market massively.
Among the product types within OEM telematics, embedded commercial telematics hold a dominant 68% share in the commercial telematics market. Hybrid telematics are the other category of commercial telematics and are expected to remain behind embedded commercial telematics in the coming years.
Within the product category of aftermarket commercial telematics, the major sub-segments are portable and embedded commercial telematics. Unlike the OEM commercial telematics sector, embedded telematics trail in this category, with portable commercial telematics leading with a 71% revenue share in the aftermarket telematics market.
“The main reason for this is the easier upgrading possible with portable telematics,” explains a lead TMR analyst. “Replacing embedded telematics systems can be a bothersome task, which doesn’t affect automobile manufacturers, but aftermarket buyers are attracted to portable telematics.”
According to application, fleet and asset management and insurance telematics are the two major segments of the global commercial telematics market: while fleet and asset management led demand from the global market in 2013 with a 30% share, the insurance telematics market is expected to rise at a rampant 34.70% CAGR in the forecast period.
The major commercial telematics market players profiled in the report include Verizon Communications Inc., MIX Telematics Ltd., Masternaut Limited, Omnitracs LLC, WirelessCar AB, and OnStar LLC.
The global commercial telematics market is segmented as follows:
Commercial Telematics Market, by Type
- OEM Telematics
- Embedded OEM Systems
- Hybrid OEM Systems
- Aftermarket Telematics
- Embedded Aftermarket Telematics
- Portable Aftermarket Telematics
Commercial Telematics Market, by Application
- Fleet/Asset Management
- Satellite Navigation
- Insurance Telematics
- Telehealth Solutions
- Remote Alarm and Monitoring
Commercial Telematics Market, by End-use Industry
- Transportation and Logistics
- Government and Utilities
Commercial Telematics Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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