PORTLAND, Oregon, January 24, 2019 /PRNewswire/ --
Increase in adoption of connectivity solutions, government regulations for promoting installation of vehicle telematics, rise in demand for intelligent transportation systems, and improved performance of autonomous vehicles would drive the growth of the global commercial telematics market.
Allied Market Research recently published a report, titled, "Commercial Telematics Market by Solution Type (OEM and Aftermarket), Application (Solutions and Services), and End User (Transportation and Logistics, Insurance, Healthcare, Media & Entertainment, Vehicle Manufacturers/Dealers, and Government Agencies): Global Opportunity Analysis and Industry Forecast, 2018-2030". According to the report, the global commercial telematics market was pegged at $27.07 billion in 2017 and is expected to account $144.44 billion by 2030, registering a CAGR of 13.8% through 2030.
Growing trend of connectivity solutions and increasing need for easy diagnosis of vehicles drive the growth of the market. Moreover, government regulations for vehicle telematics supplement the growth of the market. However, concerns related to data hacking, high cost of installation, and lack of uninterrupted & seamless internet connectivity hamper the market growth. On the contrary, development of intelligent transportation systems and improved performance of autonomous vehicles are expected to create promising opportunities for the market players in the coming years.
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OEM segment to create lucrative opportunities through 2030
OEM segment held the largest share in 2017, contributing more than half of the total market revenue, owing to the large number of vehicles embedded with OEM-installed telematics solutions, which enable fleet management companies to monitor their fleet and effectively manage their resources. Moreover, the segment is expected to portray the fastest CAGR of 14.8% during the forecast period, owing the growing demand for company-fitted telematics solutions backed with government regulations mandating their use. Furthermore, the aftermarket segment is expected to witness steady growth during the forecast period.
Services segment to manifest fastest growth through 2030
The services segment is expected to register the CAGR of 15.3% during the study period, owing to increasing adoption of commercial telematics solutions worldwide. Moreover, telematics service providers help customers with designing, consultation, integration, and deployment of telematics solutions, which would boost the growth of the segment. However, the solutions segment accounted for the largest share in 2017, contributing nearly three-fourths of the total revenue, as they provide various products to customers such as location-based solution and remote fleet management.
Transportation and logistics segment to hold lion's share through 2030
The transportation and logistics segment held the largest share in 2017, accounting for nearly half of the total revenue, owing to features such as better fleet management, access to real-time information, and quick vehicle diagnostics. However, the healthcare segment is expected to register the fastest CAGR of 18.3% during the forecast period, owing to the increasing applications of telematics such as telehealth. The other segments analyzed in the report include insurance, media & entertainment, vehicle manufacturers/dealers, and government agencies.
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North America to dominate the market throughout forecast period
The commercial telematics market in North America accounted for about 45.4% share of the global market revenue in 2017, owing to expansion of commercial telematics network due to surge in the number of connected cars. However, Asia-Pacific region is expected to manifest the fastest CAGR of 17.9% through 2030, owing to partnerships between telematics companies and AI solution providers coupled with innovations from telematics companies. The other regions analyzed in the report include Europe and LAMEA (Latin America, Middle East, and Africa).
Major market players
The major market players analyzed in this report include Cartrack, Fleet Complete, Microlise, Mix Telematics, Omnitracs, Trimble Inc., Zonar Systems, Daimler Fleetboard GmbH, Geotab Inc., Masternaut Limited, Navistar Inc., TomTom International BV, and Verizon Connect.
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