Commercial Telematics is Estimated to Witness High Growth
Market Dynamics
Rising Penetration of Connected Vehicles
The increasing adoption of connected vehicle technology is expected to drive the growth of the commercial telematics market. Connected vehicles allow two-way communication between vehicles and devices. This enables live tracking of commercial vehicles and remote diagnostic & monitoring of fleet vehicles. Major automakers are focusing on integrating telematics control units and wireless technologies in commercial vehicles. For instance, General Motors, Ford, and Daimler AG's commercial vehicle division have integrated telematics services in their commercial fleets.
Growing Demand for Fleet Management Solutions
Commercial fleets require constant tracking and monitoring to optimize operations. Commercial telematics provides comprehensive fleet management solutions including vehicle security, maintenance, and fuel management. It helps fleet managers make data-driven decisions to reduce operating costs through efficient route planning, timely vehicle maintenance, and lower fuel consumption. The growing complexity of fleet operations is urging commercial fleet owners to adopt advanced telematics solutions.
Key Takeaways
The Global Commercial Telematics Market Demand is expected to witness high growth over the forecast period driven by rising adoption across industries.
North America currently dominates the market followed by Europe owing to early technology adoption and presence of major telematics vendors in the region. The Asia Pacific region is expected to offer lucrative opportunities and emerge as the fastest growing market due to rapidly growing transportation infrastructure and fleet management needs of emerging economies like China and India.
Key players operating in the commercial telematics market are Infineon Technologies AG, Vishay Intertechnology, Inc., Mitsubishi Electric Corporation, STMicroelectronics N.V., Fuji Electric Co. Ltd., Toshiba Corporation, Hitachi Power Semiconductor Device Ltd., Fairchild Semiconductor International, Inc., Semikron Elektronik GmbH & Co. KG, and ABB Ltd. These players are focusing on developing advanced telematics devices, sensors, connectivity modules and fleet management software to capitalize on growth opportunities.
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