Commercial Telematics
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Commercial Telematics Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the commercial telematics market has witnessed a swift growth. It’s estimated that its size will expand from $54.85 billion in 2024 to $64.14 billion in 2025, highlighting a compound annual growth rate (CAGR) of 16.9%. Factors contributing to this growth during the historic period include challenges faced in the initial adoption, replacement of legacy systems, changing consumer behavior, proven ROI, as well as the emergence of IoT and big data.
How Will the Commercial Telematics Market Size Evolve and Grow by 2029?
The market size for commercial telematics is anticipated to witness a surge in growth over the approaching few years, expanding to “”$134.11 billion by 2029 with a compound annual growth rate (CAGR) of 20.3%. This projected growth during the forecast period is attributable to factors such as the move towards sustainability, applications specific to various industries, a rising demand for insights in real-time, the need for cost efficiency, and the advent of autonomous vehicles. Key trends during this forecast period will encompass the evolution of connectivity, optimization of fleet management, safety and compliance measures, data analytics, artificial intelligence, and integration with autonomous vehicles.
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What Drivers Are Propelling the Growth of Commercial Telematics Market Forward?
The commercial telematics market is projected to experience a growth surge driven by the increasing sales of commercial and passenger vehicles. The demand for these types of vehicles has seen a rise influenced by technological advancements and economic growth. Higher purchasing power resulting from thriving economies translates into an increased need for transportation services and auto sales. For fleet managers, the enticing factors of technological components, particularly advanced safety systems and telematics solutions, have resulted in enhanced vehicle appeal, efficiency, and operation optimization. Illustratively, the International Organization of Motor Vehicle Manufacturers, a French trade association, reported in January 2024 that in 2023 commercial vehicle sales hit 12,892,621, demonstrating a remarkable surge from the 11,371,749 units sold in 2022. Passenger vehicle sales also showed a similar trend, leaping from 2,858,575 in 2022 to 3,116,647 in 2023. These increases in both sectors signify a robust recovery and escalating demand in the automotive industry. Consequently, the escalating sales of commercial and passenger vehicles are Actuating the expansion of the commercial telematics market.
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Which Emerging Trends Are Transforming the Commercial Telematics Market in 2025?
Advancements in technology are emerging as a major trend in the commercial telematics market. Businesses in this sector are developing new products to maintain their hold in the market. For example, ATrack Technology Inc., a firm in Taiwan that creates telematics hardware, unveiled the AK300 LTE vehicle tracker in December 2022 to enhance the effectiveness of fleet management. The AK300 vehicle tracker is equipped for real-time vehicle tracking, presenting data on vehicle location, mileage, speed, fuel usage, and engine condition. It also identifies irregular vehicle status and negative driving habits like idling and over-speeding. This allows fleet managers to carry out proactive maintenance and refine driver conduct.
What Are the Key Segments in the Commercial Telematics Market?
The commercial telematics market covered in this report is segmented –
1) By Type: Solutions, Services
2) By System: Embedded, Tethered, Smartphone Integrated
3) By Provider: Original Equipment Manufacturer (OEM), After market
4) By End User: Transportation And Logistics, Insurance, Healthcare, Media And Entertainment, Vehicle Manufacturers Or Dealers, Government Agencies, Other End-Users
Subsegments:
1) By Solutions: Fleet Management Solutions, Vehicle Tracking Solutions, Driver Behavior Monitoring Solutions, Route Optimization Solutions, Fuel Management Solutions
2) By Services: Installation Services, Consulting Services, Maintenance And Support Services, Data Analytics Services
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Who Are the Key Players Shaping the Commercial Telematics Market’s Competitive Landscape?
Major companies operating in the commercial telematics market include Geotab Inc., Masternaut Limited, MiX Telematics Limited, Omnitracs LLC, TomTom International BV, Verizon Communications Inc., American Telephone and Telegraph Company, OnStar Corporation, Bayerische Motoren Werke AG, Zonar Systems Inc., Inseego Corporation, Vontier Corporation, Microlise limited, Solera Holdings Inc., Continental AG, Daimler AG, Karooooo Ltd., Michelin SCA, CalAmp Corp., Fleetmatics Group PLC, Garmin Ltd., Transics International NV, Trimble Navigation Limited, Webtech Wireless Inc., Wireless Matrix Corporation, XRS Corporation, Actsoft Inc., AirIQ Inc., AssetWorks LLC, Autotrac Comércio e Telecomunicações Ltd., Azuga Inc., Blue Tree Systems Ltd., CarrierWeb LLC
What Geographic Markets Are Powering Growth in the Commercial Telematics Market?
North America was the largest region in the commercial telematics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global commercial telematics market report during the forecast period. The regions covered in the commercial telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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