IMARC Group, a leading market research company, has recently releases report titled “Commercial Telematics Market Report by Type (Solution, Services), System Type (Embedded, Tethered, Smartphone Integrated), Provider Type (OEM, Aftermarket), End Use Industry (Transportation and Logistics, Media and Entertainment, Government and Utilities, Travel and Tourism, Construction, Healthcare, and Others), and Region 2024-2032”, The study provides a detailed analysis of the industry, including the global commercial telematics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the commercial telematics market?
The global commercial telematics market size reached US$ 65.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 273.4 Billion by 2032, exhibiting a growth rate (CAGR) of 16.8% during 2024-2032.
What is commercial telematics?
Commercial telematics refers to a technological solution that is primarily adopted for long-distance communication and transmission of information in commercial automobiles. It is utilized for monitoring vehicle location and movement through global positioning systems (GPS) along with tracking automobile diagnostics via onboard diagnostic systems. Commercial telematics also offers maintenance insights, safety tracking, insurance risk assessment, etc. Owing to this, numerous insurance providers are adopting commercial telematics to monitor driver behavior for analyzing risk factors and adjusting insurance policies accordingly.
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What are the growth prospects and trends in the commercial telematics industry?
A significant growth in the transportation sector, along with the rising adoption of smart transportation systems, is primarily stimulating the market growth. Moreover, the growing deployment of digital devices, such as smartphones, tablets, laptops, etc., has led to the incorporation of advanced connectivity solutions by manufacturers. These solutions provide more accurate insights, enhance vehicle efficiency, and enable smart routing and tracking, thereby further improving the overall driving experience. Additionally, the introduction of open-source frameworks and other technology-neutral systems for integrating back-end components and technical adjustments in commercial vehicles is also propelling the global market. Moreover, the implementation of various government policies mandating commercial vehicle tracking, along with the advent of video-based telematics, are further expected to bolster the market growth in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Fleet Tracking and Monitoring
- Driver Management
- Insurance Telematics
- Safety and Compliance
- V2X Solutions
- Professional services
- Managed services
Breakup by System Type:
- Smartphone Integrated
Breakup by Provider Type:
Breakup by End Use Industry:
- Transportation and Logistics
- Media and Entertainment
- Government and Utilities
- Travel and Tourism
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AirIQ Inc.
- Bridgestone Corporation
- General Motors Company (GM)
- Geotab Inc.
- Michelin Group
- MiX Telematics International (Pty) Ltd
- Octo Telematics S.p.A.
- Omnitracs, LLC
- Trimble Inc.
- Bell Atlantic Corporation
- Continental AG.
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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