Commercial Telematics Market, Share, Growth, and Industry Analysis, By Type (Solutions and Services), By Application (Automotive, Logistics and Distribution, Healthcare, Manufacturing, Insurance, Government and Utilities, and Media and Entertainment) and Regional Forecast to 2032

Updated On: 02 September 2024

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MARKET REPORT OVERVIEW

The global Commercial Telematics Market size was USD 65.7 billion in 2023 and the market is projected to touch USD 404.10 billion by 2032, exhibiting a CAGR of 19.91% during the forecast period.

It provides the user with a lot of features that make this particular product service work efficiently and effectively. One major element driving the market's growth is the rising incidence of traffic accidents. Also, the shift from car ownership to MAAS, the increasing acceptance of telematics-based insurance, and fleet management are all anticipated to present growth prospects for the commercial vehicle telematics industry. This factor has augmented the commercial telematics market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. To create different diagnostic solutions for commercial vehicles, manufacturers in the region are working together. One can record the vehicle's speed and internal behavior with the use of a GPS and diagnostics system. To track the whereabouts and actions of the vehicle, telematics systems are mostly utilized by fleet management firms, auto insurance companies, and others. An increase in surgical procedures for target diseases. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to automotive industry.  Therefore, a small influence from COVID-19 is anticipated on the commercial telematics market share.

LATEST TRENDS

"Commercial Vehicles  to Drive Market Growth"

A latest trend has been witnessed to proliferate the market growth. Since the telematics industry is reliant on vehicle demand, the market growth rate is expected to be accelerated by rising demand for safety management systems, fleet tracking systems, and insurance telematics in addition to increased demand for mall trucks, pick-up vans, and other light commercial vehicles.  A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

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MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Solutions and Services amongst which the leading segment is the Solutions.

• Solutions: It is nothing but a type of telematics with the Solutions.
• Services: It is basically a type that of telematics with the Services.

By Application

Based on application the global market can be categorized into Automotive, Logistics and Distribution, Healthcare, Manufacturing, Insurance, Government and Utilities, and Media and Entertainment amongst which the leading segment is the Automotive.

• Automotive: It is just an application where it is used by
• Logistics and Distribution: It is nothing but an application where it is used by Logistics and Distribution.
• Healthcare: It is just an application where it is used by
• Manufacturing: It is nothing but an application where it is used by Manufacturing.
• Insurance: It is just an application where it is used by
• Government and Utilities: It is nothing but an application where it is used by Government and Utilities.
• Media and Entertainment : It is just an application where it is used by Media and Entertainment.

DRIVING FACTORS

"AI to Boost the Market"

This is the major factor attributing the growth of this particular market. The linked truck industry is growing thanks in part to the growing production of vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) in light commercial vehicles. Fuel consumption, vehicle maintenance, and other factors can all be optimized with the use of telematics technology. Growing demand for autonomous trucks and the commercial vehicle industry's high acceptance rate of contemporary technologies like AI, machine learning, and enhanced driver support systems are helping to propel the market's expansion.  These factors are anticipated to drive the market growth during the forecast period.

"Automotives to Expand the Market"

This is the second major factor attributing the growth of this particular  market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. Significant digital revolution has occurred in the automotive sector. Mobility integration and IoT have brought about changes in the way things are done in the automotive industry. To give drivers and passengers the highest level of comfort and customized experiences, modern automakers are incorporating state-of-the-art technology into their cars. It is for this reason that there is more focus on developing car telematics systems. These factors are anticipated to drive the market growth in the present times and also during the forecast period.

RESTRAINING FACTOR

"High Cost and Data Privacy to Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. It has been witnessed that this particular market has experienced immense trouble in the supply chains which has resulted in the restrain for this market growth. Regarding AI-commercial vehicle telematics, there are worries regarding data security and privacy. Enterprises must exercise caution in the acquisition and utilization of client data, and guarantee the security of the data.  This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. 

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REGIONAL INSIGHTS

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Dominating the Market due to Advanced Technology"

Asia Pacific is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period. As a result of the existence of major automakers in nations like China, India, Japan, and so on, the Asia Pacific region is predicted to hold the largest share and increase at a significant rate throughout the course of the projected year. The rate of industry expansion is also being aided by the expanding government initiatives in the area. 

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Novadaq Technologies, Inc. (U.S.)
• PerkinElmer (U.S.)
• Olympus (Japan)
• Medtronic (Ireland)
• Karl Storz (Germany)

INDUSTRIAL DEVELOPMENT

October 2020: This particular company has attributed the market growth in terms of revenue and shares system. Through a cooperation between Zonar and Navistar, clients of Navistar will be able to utilize the OnCommand Connection platform from Zonar Telematics Control Units throughout their whole fleet via a single gateway, independent of the brand or model of vehicle. Zonar will also work with Navistar's Gateway Integrations, which will simplify software solutions by utilizing International's factory-installed telematics devices. This development has proved that the company will continue to proliferate this particular product market growth.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.