The Global Market for Commercial Vehicle Telematics is Projected to Reach US$43.7 Billion by 2022
The Emerging New Era of
Pervasive Intelligence Drives Global Demand for Commercial Vehicle Telematics, According
to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Commercial Vehicle Telematics market. The global market for Commercial Vehicle Telematics is
projected to reach US$43.7 billion by 2022, driven by the growing importance of intelligence in enabling road
transport efficiencies and relieving traffic congestions in overburdened
transportation systems worldwide.
As the world enters a new era of
real-time intelligence, the ability to access the ever growing mountains of
data is gaining significance. As cars
become more connected and digital lifestyles become more important and relevant
than the engineering design of the engine, the role of telematics will become
larger. Defined as the transfer of information over telecommunication
platforms, telematics is one of the earliest enablers of vehicle connectivity.
Telematics is the combination of location technology, wireless communications,
and in-vehicle electronics, which can be used to receive, send, and store
information. Automotive telematics has and still continues to evolve from
telematics 1.0 to the current telematics 4.0. While telematics 1.0 brought in
breakthroughs in hands-free calling & navigation, telematics 2.0
commercialized portable navigation and satellite radio and telematics 3.0
unleashed comprehensive end-to-end in-vehicle connectivity. The telematics
ecosystem is growing as vehicle independent services like on-demand
infotainment & navigation evolve into vehicle-centric services such as
diagnostics, usage based insurance, fleet management, electronic toll &
parking payments, safety and security and other vehicle to vehicle services.
Governments worldwide are legislating
mandatory telematics regulations to enable intelligent traffic management
against the backdrop of ever growing vehicular traffic and road infrastructure
limitations. Also, strict road safety
regulations are encouraging the installation of telematics systems into vehicles
both in the OEM and the aftermarket. As the number of smart city initiatives
increase in various parts of the world, telematics will play an important role
in efficient mass vehicular transportation. Auto OEMs are continuing to focus
on the technology to offer branded connectivity in an attempt to differentiate
their products in the marketplace. Vehicle insurance companies are seeking to
leverage telematics to reduce their risk by implementing usage-based insurance
(UBI) or telematics-based insurance. The logistics industry is embracing the technology
in a massive way to enable more efficient fleet management through vehicle
tracking and location. Consumers/vehicle owners are exhibiting interest in
telematics as a technology capable of supporting their always connected,
digital lifestyles from in-vehicle emergency assistance, global positioning
system (GPS) navigation, weather and traffic information/updates to local
searches charging stations, restaurants etc.
As
stated by the new market research report on Commercial Vehicle
Telematics,
the United States represents the largest market worldwide. Asia-Pacific is
forecast to emerge as the fastest growing market with a CAGR of 23.8% over the
analysis period, led by factors such as stable economic growth, growing investments
in intelligent transportation technologies, strong growth in trade and
logistics, exploding eCommerce market and the parallel rise in urban freight
mobility, imposition of mandatory telematics regulations by several local
governments in the region, and developments in connectivity technologies like cellular
networks, Wi-Fi, Bluetooth and satellite commutations.
Major players in the market include Airbiquity
Inc., AirIQ Inc., Agero Inc., BOX Telematics Ltd., BSM Technologies Inc., CalAmp,
Ctrack, Davis Instruments, Fleetmatics Group PLC, Geotab Inc., Intelligent
Telematics, Omnitracs LLC, OnStar Corporation, Orbcomm Inc., Qualcomm Inc., Telit
Wireless Solutions, Transport Management Solutions Ltd., Trimble Transport
& Logistics, and Zonar Systems, among others.
The
research report titled “Commercial Vehicle Telematics:
A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies.
The report provides market estimates and projections for all major
geographic markets such as the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India,
and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin
America) and Rest of World. The global market is analyzed by following types –
Aftermarket and OEM. The global market is also analyzed by the following
End-use sectors – Insurance, Transport & Logistics, and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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