Commercial Telematics Market 2022 Size, Share, Sales, Key Players, and Forecast 2028
The global commercial telematics market size was USD 34.79 billion in 2020. The market is projected to grow from USD 40.18 billion in 2021 to USD 158.31 billion in 2028 at a CAGR of 21.6% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Commercial Telematics Market, 2021-2028.”According to our analysts, the increasing penetration of telematics in developing countries across the globe is dramatically fueling market growth. Furthermore, government guidelines concerning fleet management and road protection are anticipated to thrust market growth in the upcoming years. Moreover, the implementation of commercial telematics is promptly rising among fleet owners, insurers, and OEMs to achieve real-time visions from the automotive such as location, braking, speed, fuel usage, and engine temperature, among others to refine the fleet proficiency and driver performance.
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List of Key Players Covered in this Market Report
Geotab Inc.
Trimble Inc.
TomTom Telematics BV
Verizon Telematics, Inc.
Mix Telematics International (Pty) Ltd
Zonar Systems, Inc.
Octo Telematics Ltd.
Omnitracs LLC
Masternaut Limited.
Microlise Group Ltd.
Inseego Corporation
Volkswagen Commercial Vehicles
Continental AG
Industry Development
June 2021: Ford procured Electrophile, which is a battery management and fleet monitoring software, provider. Ford owns two electric vehicles in the pipeline, F-150 Lighting Pro & E-Transit cargo van, intended to object commercial clients.
Competitive Landscape
Verizon Connect delivers a wide variety of telematics software. Its solutions comprise fleet dash-cam software, root optimization software, driver management & safety software, fleet tracking software, road assistance software, and others.
Moreover, in January 2018, Verizon Connect procured Movildata Internacional, which is a Spain-headquartered commercial fleet management solutions supplier. Through this procurement, the company fortified its spot in Europe through a regional extension approach.
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Regional Insights
North America held the largest commercial telematics market shares and dominated the market in 2020 with a market size worth USD 11.50 billion. North America has the biggest penetration of telematics in comparison with other regions.
Europe held the second-largest market share in 2020. The robust existence of telematics in principal nations, comprising the U.K. and Italy, fuels the market growth.
Asia Pacific is estimated to observe speedy growth with a CAGR of 25.9% over the forecast period. Rising penetration of telematics in developing economies such as China, India, Japan, and South Korea are projected to augment growth in the region.
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