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Commercial Telematics Market Analysis by Solution Type (OEM, and Aftermarket); by Application (Solution, and Services); and by End-Users (Transportation & Logistics, Insurers, Healthcare, Media & Entertainment, Vehicle Manufacturers, and Government Agencies) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Zonar Systems expands ecosystems of Smart Mobility Solutions for Pupil Transportation with record growth. Zonar’s smart fleet mobility solutions provide school districts with real-time, actionable data to increase school bus safety, efficiency, and accountability.
  • Webfleet Solutions B.V. and Bridgestone teaming up to launch its eagerly anticipated integrated solution called Fleetcare, which delivers enhanced efficiency and reduced operating costs to fleet.  

Global Commercial Telematics Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~15%

Base Year Market Size (2022)

 ~ USD 22 Billion

Forecast Year Market Size (2033)

~ USD 95 Billion

The global commercial telematics market is estimated to garner a revenue of USD 95 Billion by the end of 2033 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 22 billion in the year 2022. Telematics is the methodology of monitoring the location and movement by vehicle by combination of Global Positioning Systems (GPS). The growth of the market can primarily be attributed to the growing demand of technological solutions in commercial automobiles. Telematics is approach of keeping track of the location and movement of vehicle by amalgamation of Global Positioning System (GPS) and on-board diagnostics system. According to 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.

Commercial-Telematics-Market-Scope

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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). 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.

Global Commercial Telematics Market: Growth Drivers and Challenges

Growth Drivers

  • Government Rules and Regulations for the Safety and Security – Government regulations for vehicle telematics are driving the growth of the market. For instance, in April 2018, government of India passed rule for all the public transport vehicles over six-seater capacity should have tracking device installed in them.
  • Increasing Adoption of GPS Connectivity in Automobiles- For instance, over 60% of American drivers use GPS service in their vehicles. 
  • Decreasing Cost of Sensors- As per research, worldwide revenue from automotive sensors is expected to exceed USD 50 billion in 2025.
  • 5G Connectivity to Create Opportunities for Market of Commercial Telematics - The growing development of 5G technology for enhanced internet connectivity solution is anticipated to generate lucrative growth opportunities for the market over the forecast period. For instance, 5G subscriptions grew by 70 million in 2021 to around 620 million in 2022.

Challenges

  • Cyber-Security Concerns to Restrict the Market Growth.
  • Network Safety Concerns to Limit Market Growth of Commercial Telematics

The global commercial telematics market is 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.

Major Macro-Economic Indicators Impacting the Market Growth

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Major-Macro-Economic-Indicators-Impacting-the-Market-Future

Global Commercial Telematics Market Regional Synopsis

Regionally, the global commercial telematics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by 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.

Commercial-Telematics-Market-Analysis

The global commercial telematics market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global commercial telematics market includes the following segments:

By Solution Type

  • Automotive OEM Services
  • Aftermarket Telematics

By Application

  • Solutions
  • Services

By End User

  • Transportation and Logistics
  • Insurance
  • Healthcare
  • Media & Entertainment
  • Vehicle Manufacturers/Dealers
  • Government Agencies

Top Featured Companies Dominating the Global Commercial Telematics Market

  • Zonar Systems, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Trimble Inc.
  • Verizon Telematics, Inc.
  • Omnitracs LLC
  • Inseego Corporation.
  • MiX Telematics
  • Octo Group S.p.A
  • Microlise Telematics Pvt. Ltd.
  • Harman International Industries
  • Webfleet Solutions B.V.

 

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