According to the new market research report by IndustryARC titled “Commercial Automotive Telematics Market: By Vehicle Type (Truck, Semi-Trailer, Motor Coach, Taxicab, Trailers & Others); By Components (Communication, Sensors, Control Unit, Audio/Video); By Services (Safety & Security, Navigation, Others); By Geography – Forecast(2018-2023)”, the market is driven by the increased demand for connected vehicles and a surge in telematics fleet management services customers across each industry.
Americas continues to lead the Commercial Automotive Telematics Market share during 2018-2023.
The Americas is the largest market for telematics accounting for revenue of $8.66 billion in 2017, followed by Europe and Asia-Pacific. This region is projected to exhibit high growth due to the low penetration of the market in Latin America and in Americas, it is estimated to reach $13.96 billion by 2023. The U.S is the largest market in this region (and globally) and is projected to continue throughout the forecast period. The APAC region is forecast to exhibit high growth as awareness rises, resulting in increased adoption. The APAC region is projected to grow from revenue of $4.04 billion in 2017 to $7.16 billion in 2023. The growing infrastructure capabilities and government programs supporting telematics industry will also help in market growth. In the European region, growth will be largely driven by the governmental regulations, making emergency notification systems mandatory. The RoW region is forecast to exhibit a slow growth of 6.7% CAGR through 2023 as uncertain economic conditions coupled with distinct lack of awareness regarding telematics products will affect the market adoption. In Americas, Trucks segment is projected to register highest growth of $5.31 billion by 2023 at a CAGR of 7.82%.
Asia-Pacific is projected to register highest growth rate of 10.5% CAGR throughout the forecast period, followed by Europe and Americas.
Selected / Sample Analysis done in the Commercial Automotive Telematics Report:
Usage based insurance present high growth opportunities in Europe
Usage based insurance (UBI) is a fast growing market, with major growth projected in Europe. The major growth for UBI is forecast in Western European countries such as U.K, Italy, France and Germany. The UBI market is also projected to show good growth in APAC, Americas and Russia. Low cost of insurance with UBI is a major reason for the growth. Because of high premium costs for younger drivers with traditional insurance, UBI presents an opportunity to attract a customer base. The competition is currently fragmented and growth opportunity is very high in this market. The market share is estimated to grow through consolidation. The growing deployment of telematics devices in vehicles in Europe presents an opportunity to offer UBI at lower costs. This lower cost will significantly propel market adoption. The UBI market is estimated to grow at a high rate. The UBI telematics market presents an opportunity for telematics service providers as it is estimated to be a high growth market globally, with Europe leading the market.
Emerging Economies: High Growth Regions
Lower penetration in commercial telematics market, especially in the BRIC countries, presents an opportunity for companies to expand into this business. In 2013, there was a lack of awareness and infrastructure in the APAC region. However, the awareness of telematics is on the rise and government initiatives are set to resolve infrastructure challenges. As a result, connected cars market in China is projected to exhibit high growth. Fleet management market in China is estimated to grow at a substantial rate. The growing infrastructure to support commercial telematics is also set to drive the market. The lack of awareness of telematics in the APAC region is a major roadblock and market penetration is low in 2013. However, with increasing awareness this is estimated to grow. This presents an opportunity to gain a foothold in a potential market.
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Excerpts on Commercial Automotive Telematics Market Growth Factors:
Changing governmental regulations as well as growth in the fleet management market is set to drive the commercial automotive telematics market growth during the forecast period.
The growth of smart-phones has accelerated the integrated telematics services that are used for real time updates and alerts. The increased sales of automobiles as well as smart-phone devices are set to propel the telematics market.
Increased customer demand for telematics in vehicles, especially cars is projected to propel the market growth.
The declining costs of telematics devices are set to increase penetration and open up new opportunities for this market in APAC and South America.
Key Players of the Commercial Automotive Telematics Market:
The Top five companies in the Commercial Telematics market include: CalAmp Corp (U.S.), Fleetmatics Group PLC (U.S.), Bosch (Germany), Descartes (Canada) and Trimble Navigation Ltd (U.S.). CalAmp Launches LMU-200 High Value CDMA Vehicle tracking device and introduces LMU-330 GPS Tracking Unit for Stolen vehicle recovery and commercial vehicle and trucking applications. Bosch recently introduced its new SMA1300 triaxial sensors for advanced telematics and infotainment applications.
Commercial Automotive Telematics Market Report is Segmented as below:
Commercial Automotive Telematics Market By Market Offering Type:
Commercial Automotive Telematics Market By Vehicle Type:
Service or Utility Trailer
Tilt Based Trailer
Bus or Coach
Passenger Vehicle Fleet
Commercial Automotive Telematics Market By Device Type:
Plug and Play
Commercial Automotive Telematics Market – By Components
Telematics Control Unit
Global Navigation Satellite System (GNSS)
Global Positioning System (GPS)
Bluetooth Low Energy
Commercial Automotive Telematics Market – By Services Offered
Safety And Security Services
Driver Behavior Monitoring
Crash Reconstruction System
Black Box Device / On Board Recorder
Seat Belt Usage Monitoring
Amplitude Modulation(AM) /Frequency Modulated (FM) Radio
Information And Navigation Systems
Location Based Services
Off Board And Hybrid Navigation
Fleet Management Systems
Courier and Delivery Fleet
Transportation and Logistics Fleet
Construction and Heavy Equipment Fleet
Food and Beverage Fleet
Oil and Gas Mining Fleet
Police and First Responders Fleet
Waste Management Fleet
Insurance Risk Assessment
Emergency Notification Services
Commercial Automotive Telematics Market By Geography ( Covers 28+ Countries )
Commercial Automotive Telematics Market Entropy
Companies Citied / Interviewed
AGM TELEMATICS LTD
ROBERT BOSCH CAR MULTIMEDIA GMBH
INTHINC TECHNOLOGY SOLUTIONS, INC.
VERIZON TELEMATICS INC.
GENERAL MOTORS COMPANY
What can you expect from the report?
The Commercial Automotive Telematics Market Report is Prepared with the Main Agenda to Cover the following 20 points:
Market Size by Product Categories
Top 10 End user Analysis
Mergers & Acquisition Analysis
Demand Analysis (By Revenue & Volume)
Country level Analysis (10+)
Market Shares Analysis
Value Chain Analysis
Supply Chain Analysis
Current & Future Market Landscape Analysis
Revenue and Volume Analysis
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