Global Commercial Telematics Market – Drivers and Forecasts by Technavio – Business Wire (press release)

LONDON–(BUSINESS WIRE)–Technavio
analysts forecast the global
commercial telematics market
to grow at a CAGR of more than
18% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global
commercial telematics market
for 2017-2021. The market is
segmented based on product (solution and services), end-user
(logistics and transportation, insurance, healthcare, media and
entertainment, vehicle manufacturers, and government agencies), platform
(embedded systems, tethered systems, and smartphone integration
systems), and geography (the Americas, EMEA, and APAC).

The commercial telematics market will witness a rapid increase in market
revenues due to the increased awareness of safety and security services
among consumers. The demand for vehicles with Internet connectivity is
escalating among consumers and businesses. Consumers use this feature to
reduce fuel consumption, enable safe driving, and avoid traffic
congestion. The growing emphasis on personalization, customization, and
seamless on-the-go experiences is responsible for the rapid growth in
the demand for high-end vehicle systems in the automotive industry.

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Technavio ICT
research analysts highlight the following three factors that are
contributing to the growth of the global commercial telematics market:

  • Globalization of the telematics supply chain
  • Increasing adoption of driver assistance systems
  • Growth of embedded telematics solutions

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Globalization of the telematics supply chain

Global trade activities have increased the fragmentation of logistics
and production centers, creating new markets for commercial vehicle
telematics. Supply chains have to be broken up into multiple stages
with an increase in manufacturing costs in developed countries and the
continued search for low-cost sources. Assembly operations are
outsourced to countries, such as China, where the manufacturing costs
are lower to reduce costs.

Rohan Roy Thomas, a lead machine
to machine (M2M) and connected devices
research analyst at
Technavio, says, “Business-driven M2M services are urged to witness
globalization in a seamless and cost-conscious manner, which is
specifically high for a business that includes activities to ensure
continuous tracking and asset management. M2M connectivity serves across
international boundaries as well as over sea and land for innovative
technology developments, such as satellite network services. These
networks, such as GPS, Wi-Fi, and radio frequency identification
technologies, enable organizations to track their modes of transport.”

Increasing adoption of driver assistance systems

Autonomous vehicles (AVs) is a major innovation in the automotive
industry that could profoundly secure social, economic, and mobility
benefits. A sophisticated level of autonomous or unmanned technology
vehicles are already in existence, but the scenario is changing
incrementally to make these technologies commercially available in the
market.

“On-drive management includes features that allow the car driver to
reach the destination in a quicker and a cost-efficient way. For
instance, it provides real-time information regarding the traffic
updates, parking information or garage space availability, and fuel
consumption details. It creates comfort and fitness to drive and
provides medical assistance in case of emergency situations. It
automatically alerts drivers as per environmental adjustments,”
adds
Rohan.

Growth of embedded telematics solutions

Automotive companies are increasingly deploying embedded telematics in
vehicles to monitor system failures and vehicle performance to meet
customer demand for wireless connectivity. The percentage of new vehicle
sales with embedded telematics is expected to reach more than 75% of the
on-road cars in the US and more than 35% globally by 2018.

Europe is slightly ahead of North America and the Asia-Pacific in terms
of the penetration of telematics in new vehicles shipped. The growing
volume of vehicles with embedded devices helps to cut down device
prices. Thus, insurers and customers find it easier to embrace
usage-based insurance (UBI) products. For instance, State Farm and GMAC
offer their UBI products to subscribers of GM’s OnStar service and Ford
Motor’s Drive Sync program.

Top vendors:

  • MiX Telematics
  • TomTom Telematics
  • Trimble
  • Verizon

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is a leading global technology research and advisory company. Their
research and analysis focuses on emerging market trends and provides
actionable insights to help businesses identify market opportunities and
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