According to the report, global demand for commercial telematics market was valued at USD 20.42 billion in 2015 and is expected to generate revenue of USD 55.14 billion by end of 2021, growing at a CAGR of slightly above 18.0% between 2016 and 2021.
Commercial telematics is used in a variety of applications such as infotainment, insurance telematics, fleet/asset management, satellite navigation, telehealth solutions, and others like including emergency warning systems. Commercial telematics is fleet- and trucking-segment-targeted automotive information and communication technologies to use embedded technology and mobile & aftermarket devices. Commercial telematics is used in a number of end-use industries such as healthcare, construction, transportation and logistics, government and utilities, insurance, and manufacturing.
Increasing demand for connectivity and increasing application across various industries, mainly in the healthcare and insurance sector are expected to be the major drivers for the global commercial telematics market. Rising market penetration of smartphones, reducing connectivity cost, accessibility of high-speed internet technologies is expected to support the commercial telematics market growth in the near future. However, the high cost of telematics equipment and lack of awareness may curb the demand for commercial telematics within the forecast period.
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The commercial telematics market is segmented on the basis of different types including OEM telematics and aftermarket telematics. OEM Telematics was one of the leading segments and it accounted for significant share of entire global commercial telematics market in 2015. Aftermarket Telematics was another key outlet for embedded system market which is accounted for over 58% share of the total market in 2015.
The commercial telematics market is segmented into applications such as insurance telematics, fleet / asset management, satellite navigation, infotainment, remote alarm and monitoring, telehealth solutions and others. Fleet and asset management application dominated the market with over 28% of the total commercial telematics market share in 2015. Growing demand from another application segment such as insurance telematics and infotainment sector is also expected to support market growth in the coming years.
Commercial telematics market was dominated by transportation and logistics segment in 2015 and which accounted for more than 54% share of the overall market. Insurance and healthcare are expected to witness the significant growth in the years to come.
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North America acquired the majority of share for commercial telematics market due to the demand for transportation and logistics. Europe is expected to be the fastest growing region in next few years. Demand from countries such as Japan, China, India, and Australia is anticipated to drive the Asia Pacific commercial telematics market in the years to come.
Some of the key players in commercial telematics market include AT&T, Verizon Communications Inc., MiX Telematics Ltd., Trimble Navigation Limited, TomTom, OnStar LLC.,BMW, Verizon, and Telefonica.