Global Commercial Telematics Market Size 2024, Forecast To 2033
6 Mar, 2024
The commercial telematics market size has grown rapidly in recent years. It will grow from $47.46 billion in 2023 to $56.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to initial adoption challenges, legacy systems replacement, evolving consumer behavior, demonstrated ROI, rise of IoT and big data. The commercial telematics market size is expected to see rapid growth in the next few years. It will grow to $110.14 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to the shift towards sustainability, industry-specific applications, increasing demand for real-time insights, cost efficiency demands, emergence of autonomous vehicles. Major trends in the forecast period include connectivity evolution, fleet management optimization, safety and compliance, data analytics and AI, integration with autonomous vehicles.
Global Commercial Telematics Market Key Driver
The increasing sales of commercial and passenger vehicles are expected to propel the growth of the commercial telematics market going forward. The demand for commercial and passenger automobiles has increased as a result of economic expansion and technical improvements. Growing economies provide consumers greater purchasing power, which boosts demand for transport services and automobile sales. For fleet managers, technological elements including advanced safety systems and telematics solutions have further improved vehicle allure, effectiveness, and operational optimization. For instance, in January 2022, according to the Office of Energy Efficiency and Renewable Energy, a US-based government agency under the U.S. Department of Energy, sales of new light-duty vehicles rose to 14.9 million in 2021 a 3% increase over 2020. Therefore, the increasing sales of commercial and passenger vehicles are driving the growth of the commercial telematics market, with its market size in 2023 being sales of new light-duty vehicles rose to 14.9 million in 2021 a 3% increase over 2020, and in 2024, it being a 3% increase over 2020.
Get A Free Sample Of The Global Commercial Telematics Market ReportGlobal Commercial Telematics Market Segments
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), Aftermarket
4) By End User: Transportation And Logistics, Insurance, Healthcare, Media And Entertainment, Vehicle Manufacturers Or Dealers, Government Agencies, Other End-Users
By Geography:The regions covered in the commercial telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the commercial telematics market in 2023. 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
Major Commercial Telematics Industry Players
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
Get The Full Global Commercial Telematics Market Report
Commercial Telematics Market Overview
Commercial telematics refers to the use of technology to collect data related to the operation of commercial vehicles, such as trucks, buses, and delivery vans. This data can include information about the vehicle's location, speed, fuel consumption, engine performance, and driver behavior, among other things.
Commercial Telematics Global Market Report 2023 provides data on the global commercial telematics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The commercial telematics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.