Commercial Telematics Market - Overview
The rise in demand from the automotive and insurance
industry likely to benefit the Commercial Telematics Market 2020. The information &
communication technology industry reports are shaped by Market Research Future,
which pinpoints market options for expansion.
An 18% CAGR is estimated to lead to an income of USD 42 Billion by 2023.
The rise in demand for real time information to
devices is expected to set a favorable tone for the commercial telematics
market trends in the upcoming period. The fortification of the automotive
sector is estimated to yield positive results for the commercial telematics
market in the upcoming period.
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Segmental Analysis
The segmental examination of the commercial
telematics market is conducted on the basis of solutions, type, end-users, and
region. On the basis of regions, the commercial telematics market includes Europe,
North America, Asia Pacific, and the rest of the regions. Based on the type,
the commercial telematics market is segmented into fleet telematics, vehicle
telematics, insurance telematics, and others. Based on the end-users, the
commercial telematics market is segmented into insurance, media &
entertainment, government agencies, transportation and logistics, healthcare,
and others. Based on the solutions, the commercial telematics market is
segmented into navigation and location-based, V2v and V2i, infotainment, remote
alarm & monitoring, telehealth, and others.
Detailed Regional Analysis
The regional scrutiny of the commercial telematics
market includes regions such as Europe, North America, Asia Pacific, and the
rest of the regions. The North American regional market is one of the critical
regions in the world in terms of the market segment in the commercial
telematics market as self-install on-board diagnostics devices are gaining the
peak market in the North American region. The commercial telematics market in
the European region is anticipated to observe express augmentation in the
approaching period. The use of commercial telematics in the insurance industry
is chiefly dominated by hardwired aftermarket black boxes, which have enormous
demand in the commercial telematics market. While, the Asia-Pacific nations
like Japan, China, and South Korea is an up-and-coming market for the
commercial telematics market and is expected to be the highest CAGR in the
coming year.
Competitive Analysis
The revamping of distribution channels is also
expected in the coming years with a particular focus on using robots for the
logistic function on a larger scale than before. The fortification of the human
resource is estimated to be the critical point being addressed in these times
of uncertainty. The rebooting of manufacturing activities is another strategic
aspect that is being emphasized to ensure that the supply of the end product
can be reasonably ensured to the users in the market. The market is in a
condition of flux due to the rapid and severe changes in the global economy.
The market players are taking the steps that are necessary to ensure that the
market survives the turbulent period and emerge recovered in the future. The
support of the administration in countries around the world is estimated to
have a significant impact on the development of the market in the upcoming
period.
The outstanding companies in the commercial
telematics market are Harman International Industries, Inc.( U.S.), Bayerische
Motoren Werke AG (Germany), TomTom Telematics B.V. (Netherlands), Verizon
Communications, Inc.(U.S.), AT&T
Inc. (U.S.), Vodafone Group Plc (U.K), Telefónica S.A. (Spain), Ford Motor
Company (U.S.), Trimble Inc. (U.S.), Telematics International Ltd (South
Africa), and Mix among others.
Industry Updates:
April 2020 Radius Telematics has noted a significant
spike in the stealing of commercial vehicles and plant ever since the COVID-19
lockdown. With numerous offices,
factories, and construction sites closed up, and thieves are seen to be taking
benefit of isolated locations. Radius Telematics purchased two companies in the
previous year that had a considerable share of their business in the vehicle
and plant security, and both are reporting a noteworthy spike in thievery.
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