NEW DELHI, March 20, 2019
NEW DELHI, March 20, 2019 /PRNewswire/ -- According to a new report Global Commercial Vehicle Telematics Market, published by KBV research, The Global Commercial Vehicle Telematics Market size is expected to reach $85.4 billion by 2024, rising at a market growth of 19.4% CAGR during the forecast period. The vehicle telematics industry provides on-board communication, route plans, tracking location and speed determination of a moving vehicle. The aforementioned information is used by fleet managers and insurers to monitor the travel, status and performance of commercial vehicles. They use the data and communication principle for the transmitting information via wireless technology from a car to the vehicle and from the car to a central server. It also has a feature wherein the driver can watch a wireless TV, listen to entertainment and carry out domestic automation commands or access IoT domain Internet services.
The North America market would dominate the Global Commercial Vehicle Telematics Solution Market by Region by 2024, growing at a CAGR of 15.5 % during the forecast period. The Europe market is expected to witness a CAGR of 16.3% during (2018 - 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 22.4% during (2018 - 2024).
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The Aftermarket market dominated the Global Commercial Vehicle Telematics Market by Mode of Deployment 2017. The OEM market is expected to witness a CAGR of 18.9% during (2018 - 2024). Telematics interconnects telecommunications with computer technology to provide enterprises with data on remote products like vehicles in real time. It enables them to track, at a given point, any or all of their essential supplies. However, just the location and length of travel is not the matter. Telematics has developed so that all kinds of important information can be collected and transmitted that can be used to achieve a productivity gain.
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The Transportation & Logistics market dominated the Global Commercial Vehicle Telematics Market by End User 2017. The Insurance market is expected to witness a CAGR of 21.4% during (2018 - 2024). Insurance sector is one of the important drivers for telematics market, particularly in aftermarket solutions. For instance in North America, nearly every vehicle insurance company is either using or plans to use some sort of telematics solution, as it enables the insurance companies to minimize risk through monitoring of different aspects such as maintenance, usage & security among others. The Healthcare market is expected to witness a CAGR of 23.6% during (2018 - 2024). Additionally, The Automotive Industry market is expected to witness highest CAGR of 21.2% during (2018 - 2024).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Verizon communications, AT&T Inc., Ford Motor Company, BMW AG, Robert Bosch GmbH, Valeo S.A, Harman International industries, Vodafone Group Plc., Telefonica S.A, and Continental AG.
Global Commercial Vehicle Telematics Market Segmentation
By Deployment Type
By End User
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