Zion Market Research, the market research group announced the analysis report titled ‘Commercial Telematics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2021’
The study concludes that the global Commercial Telematics Market is expected to grow at a CAGR of 18.0% between 2016 and 2021. The market revenue of $20.42 billion in 2016, is expected to reach $ 55.14 billion by 2021. The main drivers for the growth of the market increase in numbers of women working outside the home.
Telemetric is an interdisciplinary field that includes telecommunications, vehicular technologies, road transportation, road safety, electrical engineering and computer science. Commercial telematics market includes the telematics used by the light, medium and heavy commercial vehicles. Commercial telematics is preferably used in a variety of applications such as infotainment, insurance telematics, fleet/asset management, satellite navigation, telehealth solutions, and others like including emergency warning systems. OEM telematics and aftermarket telematics are two main types of commercial telematics.
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The global commercial telematics market is mainly driven by the increasing demand for connectivity, helping government rules & regulations and increasing application across various industries, mainly in the healthcare and insurance sector. Increasing market penetration of smart phones, reducing connectivity cost, accessibility of high-speed internet technologies is another driving factor that is expected to boost the commercial telematics market during the years to come. However, a high initial cost concerned in deploying telematics technology and lack of awareness is a major restraint that may slow down the growth of commercial telematics market. Furthermore, increasing digital insurance and integration of web & mobility is likely to open new opportunities for commercial telematics market in near future.
Based on types of commercial telematics, the market is segmented into OEM telematics and aftermarket telematics. Among two, the OEM telematics was one of the leading segment and it accounted for significant share of entire global commercial telematics market in 2015. Aftermarket telematics was another key outlet for embedded system market which is accounted for over 58% share of the total market.
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A range of application segments of commercial telematics market includes insurance telematics, fleet / asset management, satellite navigation, infotainment, remote alarm and monitoring, telehealth solutions and others. Fleet and asset management was leading segment in commercial telematics market and it accounted for over 28% market share of the total market in 2015. Fleet and asset management sector followed by insurance telematics and infotainment sector is also expected to show strong growth in the coming years.
Commercial telematics market can be segmented based on end-users into healthcare, construction, transportation and logistics, government and utilities, insurance, and manufacturing. Transportation and logistics emerged as the leading end-user segment by accounting for over 54% share of the global market in 2015. It is expected to grow at a significant rate during the forecast period. Insurance and healthcare are expected to witness the significant growth in the years to come. Government and utility segment is also expected to grow at the moderate rate in next few years.
In terms of revenue, North America dominates the commercial telematics market. North America was followed by Europe and Asia-Pacific in the same year. Asia Pacific commercial telematics market is expected to grow at a moderate rate due to the rapidly growing number of automobiles sold in the region. Europe is expected to be the fastest growing region in next few years. Latin America and the Middle East & Africa is also expected to have moderate growth during the coming years.
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Some of the key players in the commercial telematics market include AT&T, Verizon Communications Inc., MiX Telematics Ltd., Trimble Navigation Limited, TomTom, OnStar LLC., BMW, Verizon, and Telefonica.
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