The strong penetration of smartphones and laptops has bolstered the trend of connectivity over the past few decades.
IMARC Group, a leading market research company, has recently releases report titled “Commercial Telematics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global commercial telematics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the commercial telematics market?
The global commercial telematics market size reached US$ 54.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 152.1 Billion by 2028, exhibiting a growth rate (CAGR) of 19.2% during 2023-2028.
What is commercial telematics?
Commercial telematics includes technological solutions designed to monitor information such as vehicle safety, efficiency, and productivity regarding commercial vehicles through telecommunication. They are installed in commercial vehicles offering real-time data on driver behavior, traffic conditions, and vehicle performance. They employ accelerometers, cellular modems, and global positioning systems (GPS) receivers to track the vehicle’s location, speed, direction, and movement and measures the braking, acceleration, and cornering. The cellular modem sends this data to a remote server for processing and analysis.
It enables the interchange of information exchanged between a central authority and the commercial vehicle, allowing vehicle activity tracking. It also determines unsafe practices such as speeding or harsh braking and offers feedback to drivers to promote safe driving habits and notifies the fleet manager in the event of any unauthorized movement. In addition, it helps optimize maintenance, facilitate fuel management, improve safety, minimize fuel consumption, and increase productivity. Owing to these benefits, commercial telematics is widely adopted in media and entertainment, government and utilities, travel and tourism, construction, transportation and logistics, and healthcare sectors across the globe.
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What are the growth prospects and trends in the commercial telematics industry?
The market is primarily driven by growing concerns regarding the safety and security of drivers and passengers. Additionally, the increasing sales of commercial and passenger vehicles and the escalating demand for fleet management solutions to enhance operational efficiency, minimize costs, and comply with regulatory requirements are contributing to the market growth. In line with this, the widespread adoption of commercial telematics in the construction industry is to reduce fuel consumption in heavy construction equipment and machinery at job sites due to rising disposable income, rapid urbanization, and growing population are influencing the market growth. Moreover, numerous technological advancements, such as the incorporation of the Internet of Things (IoT), big data analysis, artificial intelligence (AI), and fifth-generation (5G) technology, enabling faster and higher-quality content transfer, smart routing and tracking, on-road assistance, and improved user experience, represent another major growth-inducing factor. Besides this, the integration of radio frequency identification (RFID), and real-time data analytics, has enhanced the accuracy and reliability of telematics systems, accelerating the product adoption rate. Along with this, the implementation of government regulations requiring commercial vehicle tracking and the development of video-based telematics are propelling the market growth.
Apart from this, the commercial telematics market is growing at different rates in numerous regions, with North America being the largest market due to the increasing focus on enhancing passenger and driver safety, several technological advancements, and rising demand for fleet management solutions across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in July 2020, Tata Motors introduced the Fleet Edge, which offers real-time vehicle tracking, fuel consumption, and breakdown reports.
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NEWS PROVIDED BY
IMARC Services Private Limited
July 12, 2023, 07:05 GMT