The
global commercial telematics market was valued at USD 14.67 billion
in 2013 and is estimated to grow at a CAGR of 18.0% during the
forecast period from 2014 to 2020. The growing adoption of commercial
telematics in insurance and transportation and logistics industries
has emerged as the most significant growth driver for the commercial
telematics market. In 2013, North America was the largest market for
commercial telematics with a share of 31.9% in terms of revenue owing
to the significant demand for commercial telematics due to increased
internet penetration and early adoption of technology.
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Commercial Telematics Market Report with Full TOC at
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Aftermarket
telematics was the largest segment in terms of revenue in 2013 and
accounted for around 59% share of the total commercial telematics
market owing to applications such as satellite navigation and
infotainment. In recent years, the market for OEM telematics is
increasing as compared to aftermarket telematics owing to the
increasing partnerships between automobile manufacturers and
telematics service providers. Government rules mandating the
installation of telematics devices such as GPS tracker and satellite
navigation are driving the adoption of commercial telematics
solutions. Embedded OEM telematics accounted for around 68% share of
the total OEM telematics market. Mandatory installation of telematics
devices in light commercial vehicles is driving growth of the
embedded OEM telematics segment. Furthermore, in 2013, the portable
aftermarket systems segment accounted for around 71% of the
aftermarket telematics market revenue. However, over the forecast
period, embedded aftermarket systems segment is expected to grow at a
higher rate than portable aftermarket telematics.
Fleet
and asset management was the largest application for commercial
telematics in 2013, holding a share of over 30% of the total market.
Growing adoption of commercial telematics among medium and
small-sized fleets is driving market growth. Insurance telematics is
expected to be the fastest growing application segment for commercial
telematics during the forecast period from 2014 to 2020, growing at a
CAGR of 34.7%. Increasing adoption of insurance programs such as pay
as you drive and children driving behavior management are the driving
factors for the growth of commercial telematics market in insurance
industry. Further, transportation and logistics was the largest
end-use industry for commercial telematics in 2013. The segment held
a share of around 55% of the total commercial telematics market. The
market for commercial telematics in healthcare and government and
utilities sectors is also expected to record high growth during the
forecast period. The adoption of commercial telematics is increasing
in the healthcare industry owing to the increased spending on
healthcare services by various countries.
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Key
players in the global commercial telematics market include MiX
Telematics Ltd., Omnitracs LLC, Verizon Communications Inc.,
WirelessCar AB, ORBCOMM Inc., Masternaut Limited, TomTom N.V.,
Trimble Navigation Limited, and OnStar LLC. The market is witnessing
entry of automobile manufacturers into commercial telematics market
with dedicated business units for commercial telematics, which will
intensify the competition among market players in the near future.
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Press Release of Commercial Telematics Market :
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The
global commercial telematics market has been segmented as follows:
Commercial
Telematics Market, by Type
OEM
Telematics
Embedded
OEM Systems
Hybrid
OEM Systems
Aftermarket
Telematics
Embedded
Aftermarket Telematics
Portable
Aftermarket Telematics
Commercial
Telematics Market, by Application
Fleet
/ Asset Management
Satellite
Navigation
Infotainment
Insurance
Telematics
Telehealth
Solutions
Remote
Alarm and Monitoring
Others
Commercial
Telematics Market, by End-use Industry
Transportation
and Logistics
Healthcare
Construction
Government
and Utilities
Insurance
Manufacturing
Commercial
Telematics Market, by Geography
North
America
Europe
Asia
Pacific
Rest
of the World
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