Commercial Telematics Market Size to Surpass USD 162 Bn by 2030
According to Precedence Research, the global commercial telematics market size is expected to surpass around USD 162 billion by 2030 and expanding growth at a CAGR of 21.6% over the forecast period 2022 to 2030.
Tokyo, July 13, 2022 (GLOBE NEWSWIRE) -- The global commercial telematics market size was valued at USD 34.85 billion in 2021. The growing government command for executing vehicle observing in business vehicles, as well as expanded interest for cell phones, is the essential drivers of the business. These elements improve the reception of telematics items and administrations. The reception of the NGTP convention, rising cell phone use, the diminishing expense of sensors, and the extending government order for the organization of telematics in business vehicles are factors adding to the market's fast extension. These components are additionally anticipated to influence the overall market's future. Nonetheless, the market is hampered by security and protection concerns.
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Regional Snapshots
During the projected period, Asia Pacific is assessed to have the best portion of the market. Local financial mix, international alliances, web based business, and digitization are only a couple of the essential powers that are projected to reshape the region. Global firms are moving into this locale to exploit this pattern and the related development prospects. China is at the core of this expanding New Asia, as minimal expense fabricating passes on the country and moves to Vietnam, Cambodia, Laos, and wilderness markets. Asia Pacific is supposed to build its portion of the worldwide cargo sending business, while Europe and North America are supposed to fall.
Key Takeaways:
North America commercial telematics market was reached at USD 11.78 billion in 2021.
North America has contributed highest revenue share 52% in 2021.
Asia Pacific is growing at a registered CAGR of 26.5% from 2022 to 2030.
By application, the solution segment has contributed 82% of market share in 2021.
By end user, the transportation and operations segment has garnered 32% revenue share in 2021.
The OEM segment is projected to grow at a CAGR of 15.2% from 2022 to 2030.
The services segment is predicted to hit at a registered CAGR of 15.3% from 2022 to 2030.
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Scope of the Report
Report Attributes | Details |
Market Size in 2021 | USD 34.85 Billion |
Revenue Forecast by 2030 | USD 162 Billion |
CAGR | 21.6% from 2022 to 2030 |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | Zonar Systems, Inc., Trimble Inc., Verizon Telematics, Inc., Omnitracs LLC, Inseego Corporation |
Market Dynamics
Drivers
Sensor Cost Reduction to Drive Commercial Telematics Adoption
The diminishing costs of vehicle sensors and telematics gadgets are driving their reception in arising countries like India and South Korea's shipping and armada the executives areas. Accordingly, expanded interest for business telematics in these locales' medium to huge scope ventures is probably going to drive market extension all through the conjecture period. Besides, specialized progressions in the creation cycles of these gadgets permit producers to supply telematics gadgets at available costs, which drives the market further. Besides, the developing use of cell phones and IoT gadgets for telematics information gathering is supposed to affect market development. Cell phones are pervasive, making them ideal for telematics tasks.
Expanding Usage-Based Insurance Adoption to Drive Market Growth
Use based insurance has a contract expense that is straightforwardly connected with vehicle use. Insurance firms use telematics gadgets to screen constant vehicle use and afterward set installments in light of that use. Thus, rising acknowledgment of use based protection (UBI) in created economies is probably going to advance market development before very long. Besides, the Covid19 pandemic has upset the production network, decreasing transportation and armada exercises around the world. Many armada proprietors are changing from customary insurance contracts to UBI plans to exploit the advantages, producing a requirement for telematics frameworks.
Restraints
Network safety Concerns Will Limit Market Growth
Telematics gadgets use web availability and cloud administrations to convey constant information. Worries about network safety and information security have become main concerns for armada proprietors, further restricting business sector advancement. Besides, as a youthful innovation, telematics presently can't seem to enter a few arising and devastated countries, blocking industry development. With the development of V2V and V2I correspondence advancements, more prominent correspondence is causing security and protection stresses over data and information, which might block Commercial telematics market Growth. Coronavirus in 2020 was one more hindrance to the overall market. Thus, the main organizations have expanded their restriction so they might make extra adjustments in their strategies to construct the commercial telematics market.
Opportunities
5G Connectivity Will Open Up Market Opportunities
Over the projected period, the market is supposed to profit from the fast advancement of 5G innovation for expanded web availability arrangements. Moreover, the developing advancement and reception of independent portability is probably going to open up new open doors for the business before long. The developing ubiquity of cell phones energizes the reception of telematics arrangements and administrations, making new possibilities for the commercial telematics Industry. Also, the developing government order for telematics utilization in business vehicles has energized advancement and extension for producers and administrators. The developing interest for telematics is opening up new possibilities in the overall Commercial telematics market. Overall fundamental players are executing new methodologies and plans to improve request and make extra possibilities in the worldwide Commercial telematics market.
Challenges
The rising network empowered by the advancement of V2V and V2I correspondence innovations is presenting security and protection worries for data and information, representing a test for the overall commercial telematics market. As per the commercial telematics market Analysis study, the overall market has been especially centered around the issues and working steadily to fix the issue.
Report highlights
The market is separated into two sections in light of arrangement type: OEM and post-retail. Because of expanded interest for secondary selling telematics for route and amusement benefits, the reseller's exchange classification held the greatest piece of the pie of 85.1 percent in 2020.
The market is separated into arrangements and administrations in light of use. The arrangement classification held the greatest piece of the pie of 81.7 percent in 2020 and was anticipated to keep up with its strength all through the figure period.
The diminishing costs of vehicle sensors and telematics gadgets are driving their reception in arising countries like India and South Korea's shipping and armada the board areas. Accordingly, expanded interest for business telematics in these districts' medium to enormous scope endeavors is probably going to drive market development all through the conjecture period.
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Recent developments
Octo Telematics molded a fundamental simultaneousness with Guidewire Software Inc., a general security programming supplier arranged in the United States, in February 2017. Octo Telematics has transformed into a response accessory in GuidewirePartnerConnect, an overall association of Guidewire things.
TomTom Telematics and OBS Logistics, a vehicle the board programming ace, molded a support in May 2017 to cultivate another vehicle assessment reply for haulage and tasks associations. The new system would uphold the recording of exact information for DVSA and Fleet Operator Recognition Scheme consistence records.
Market Segmentation
By Type
Aftermarket
OEM
By Application
Solution
Fleet Tracking and Monitoring
Driver Management
Insurance Telematics
Safety and Compliance
V2X Solutions
Others
Services
Professional services
Managed services
By System Type
Embedded
Tethered
Smartphone Integrated
By End user
Government Agencies.
Media and Entertainment
Insurers
Vehicle Manufacturers/Dealers
Transportation & Logistics
Others
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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