Commercial Telematics Market size is anticipated to cross USD 95 Billion by the end of 2033, growing at a CAGR of 15% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of commercial telematics was USD 22 Billion. The growth of the market can be attributed to the growing demand for technological solutions in commercial automobiles. Telematics is the approach of keeping track of the location and movement of a vehicle by the amalgamation of the Global Positioning System (GPS) and the on-board diagnostics system. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2020, globally, 21,787,126 units of commercial vehicles were manufactured, which increased to 23,091,693 units in 2021.
Telematics is of consolidated field enclosed in, telecommunications and vehicular technologies. Technology of sending, receiving, and storing information and informatics for applications in vehicles and to control vehicles on the move. The science of telecommunications and informatics applied in wireless technologies and computational systems. 802.11p, the IEEE standard in the 802.11 and also referred to wireless access for the vehicular environment (WAVE), is the primary standard that addresses and enhances intelligent transport system (ITS). The growth of commercial telematics market is credited rising adoption of the internet all over the world. There are few countries such as Japan and South Korea, where 5G is available. As of March 2022, the 4G network is widely available in most countries, and is the most widely used network.
Growth Drivers
Challenges.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
15% |
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Base Year Market Size (2022) |
USD 22 Billion |
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Forecast Year Market Size (2033) |
USD 95 Billion |
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Regional Scope |
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End-user (Transportation & Logistics, Insurers, Healthcare, Media & Entertainment, Vehicle Manufacturers, Government Agencies)
The global commercial telematics market is segmented and analyzed for demand and supply by end-users into transportation & logistics, insurers, healthcare, media & entertainment, vehicle manufacturers, and government agencies. Out of the six types of end users, the transportation & logistics segment is estimated to gain the largest market share over the projected time frame. Vehicle telematics helps in monitoring the vehicle schedules, and behavior of the driver. It also helps in tracking the vehicle and the estimated time of arrival. The growth of the segment can be attributed to the increasing use of online services for food and grocery delivery. Around 38% of American consumers had used a food delivery app as of March 2020 to order food. 47% of Americans utilized a food delivery app by March 2021. Moreover, in America, almost everyone orders food online, and nearly 86% of people order online food at least once a month. Furthermore, segment growth is also expected on the account of rising trends in online shopping. In 2021, there were around 2 billion people who did online shopping, worldwide.
Solution Type (OEM, Aftermarket)
The global commercial telematics market is also segmented and analyzed for demand and supply by solution type into OEM and aftermarket. Amongst these segments, the OEM segment is anticipated to garner the largest revenue by the end of 2033, backed by the increasing strategic partnerships of automobile manufacturers with telematics service providers. For instance, in March 2017, General Motors announced a strategic partnership with Spareon to facilitate telematics solutions to General Motor’s fleet customers.
Our in-depth analysis of the global commercial telematics market digestive health market includes the following segments:
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By Solution Type |
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By Application |
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By End User |
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Asia Pacific Market Forecast
The Asia Pacific commercial telematics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the integration of the internet of things (IOT) and fifth generation (5G) technology. 5G is commercially available in 14 markets, with others including India and Vietnam. 5G adoption is set to grow across Asia-Pacific, with more than 400 million 5G connections by 2025. Moreover, the rising cases of car accidents in the region is also expected to augment the market growth. According to the statistics of Accidental Deaths & Suicides in India 2021, traffic accidents in India have jumped from 368,828 in 2020 to 422,659 in 2021.
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Author Credits: Abhishek Verma, Hetal Singh
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