Commercial Automotive Telematics Market - Forecast (2020 - 2025)
Telematics is the convergence of telecommunications with information and communications technology. The market for Commercial Automotive Telematics is anticipated to grow at a CAGR of 9.1% during 2018-2023 and generate revenues worth $31.09 Billion by 2023. The increasing demand for connected vehicles for better safety management is expected to further drive the market. The sensors components dominated the Commercial Automotive Telematics market with share of over 23%. Majority of the demand was generated from the North American region given the huge amount of research and development taking place in the connected automotive segment.
What is Commercial Automotive Telematics Market?
Commercial telematics is an interdisciplinary branch of information technology and telecommunications, which deals with long distance transmission of information in commercial automobiles. Telematics devices are used to transfer large amount of information from the vehicle to infrastructure. Commercial telematics are used in conjunction with telecommunication systems to provide quick and easy information access. The growth in telecommunications as well as connected vehicles is further driving the telematics market. Subsequently this growth in telematics has led to multiple connectivity features being offered in the vehicle.
This report gives an in-depth segmentation of the market by Types of Vehicles, Components, Services offered and Geographic regions. Trucks, Semi-Trailer, Taxi Cabs, Motor Coach or Bus are the various types of vehicles associated with Commercial Telematics market. Telematics Control Unit, Navigation System, Communication Devices, Audio/Video Interface, Sensors and CAN Bus are the varied range of components deployed across the Commercial Telematics market. The various services offered by the Commercial Telematics market include Safety and Security Services, Entertainment Services, Information and Navigation Systems, Fleet Management Systems, Usage Based Insurance, Emergency Notification Services, Remote Diagnostics and Billing Services
What are the major applications for Commercial Automotive Telematics Market?
Commercial Automotive Telematics is used for vehicle tacking, vehicle maintenance, security, safety of passengers and many other applications. The increasing instances of high speed and highway collisions are majorly driving the market. Various government's initiatives to curb the accidents and provide immediate assistance to the drivers and passengers is further strengthening the market demand. The vehicle sensors and controllers can measure the driving performance of the vehicles along with the GPS location and fuel consumption and this data can further be analyzed and used for further reporting. The Commercial Telematics can prove to be the future of transportation, thereby improving the traffic flow, reducing travel times and mileage, preventing accidents, optimizing safety issues as well as facilitating fleet management and maintaining these vehicles
Market Research and Market Trends of Commercial Automotive Telematics Ecosystem
With huge amounts of data required to be analyzed, the 2G technology is being replaced by 4G and 5G which can process, send and receive huge amounts of data in a short span. The present day on board monitoring devices are being installed with 4G or 5G networks. The increase in speed is also broadening the application scope. For instance, Consumers who were once tracking vehicles using GPS are also using real-time driver safety coaching, fleet maintenance, and fuel and productivity tools. This would enable the commercial vehicle fleet managers to increase the productivity of the vehicles.
Smart phones and Tablets have become a part of our daily routine, these devices are being integrated with the vehicles in order to transfer the on board information to the smartphones for easy assessment of real-time information. This allows the vehicle owners to monitor the speed-related accidents, control maintenance costs, and decrease fuel bills, etc.
Social media is playing an important role in the present day scenario, it allows small companies to automatically broadcast their presence. For instance a mobile library, mobile health care vans, etc. parks into a particular neighborhood, and a notification is sent to the user's smartphone. This technology enables the businesses to reach to the customers with ease and efficiency.
For years, insurance companies, police, and other stake holders had to rely on the witness information in case of any accidents or collisions. With telematics playing a significant role, many such stakeholders are trying to relay on such trusted firsthand information which gives them visual proof and precise informations. Enabling these kind of technology would restrict the unsafe driving practices like speeding, hard braking and rapid acceleration.
Who are the Major Players in Commercial Automotive Telematics Market?
The companies referred in the market research report include CalAmp Corp, Astrata Group (Omnitracs), Masternaut, Descartes, Fleetmatics, Qualcomm, Intel, and more than 10 other companies.
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