Portland, OR -- (SBWIRE) -- 06/16/2017 -- Commercial Telematics Market is expected to garner $49.12 billion by 2020, registering a CAGR of 18.4 % during the forecast period 2014-2020. The study includes an analysis of drivers, restraints, opportunities and competition, in the key geographies which include in North America, Europe, Asia-Pacific(APAC) and Latin America, Middle East, Australia(LAMEA).
Telematics industry has grown from traditional navigation services to broadened scope in vehicle tracking, monitoring, fleet management, location-based services and traffic and weather information. The report segments the market by type viz., automotive OEM and aftermarket. Among these, the automotive OEM is expected to grow at a higher rate given the technological alliance between telematics service providers and device manufacturers due to its varied application in many verticals including healthcare, media and entertainment, insurance and logistics. Transportation and logistics segment is observed to have the largest share in the total market size by revenue in 2013 and will remain the largest revenue-generating end user segment given the need for vehicle diagnostics and vehicle tracking etc. The technology is also witnessing increased adoption from sectors such as insurance and healthcare.
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Aftermarket, a segment categorized on the basis of type of telematics, is expected to grow swiftly and remain the largest revenue generator, contributing to over 50% of the total market revenue throughout the forecast period (2014-2020). In addition, fleet/asset management as an application segment, is the highest revenue-generating solution, contributing about 50% of the total commercial telematics solutions market revenue. In certain economies like Brazil and China, the government legislations mandate the adoption of telematics given the rising concern of vehicle tracking and safety and security, thereby driving the demand for telematics solutions.
Key findings of Commercial Telematics Market:
- The growth of the global commercial telematics market would be supplemented by the increased adoption across key sectors such as Logistics and transportation, Insurance, Media and Entertainment and Healthcare during the forecast period (2014 - 2020)
- The need for vehicle tracing, safety and security, government regulations would continue to positively drive the global commercial telematics market over the analysis period (2014-2020)
- Fleet/Asset management solution is one of the most prominent solutions present in the market. It led the market with a share of almost 50% of the global telematics market, followed by Insurance telematics solution and expected to remain dominant in our analysed period.
- Asia-Pacific as well as LAMEA is forecast to be one of the most lucrative markets, in terms of growth given the supportive government regulations and the growing automotive market
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The report also outlines the competitive environment of the commercial telematics market, providing a comprehensive comparative study of the key organic and inorganic strategies that the market leaders are adopting to achieve an edge over their competitors. In addition to the product launches, the companies are adopting alliance and partnership as key strategy to gain a higher market share. Companies such as AT&T, Harman and TomTom have collaborated with different industry experts to gain access to the market and technologies. Prominent companies profiled in the report include Verizon, Harman, TomTom, AT&T, Vodafone, Ford Motors, BMW, Telefonica, Mix Telematics and Trimble Navigation Ltd.
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