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| Commercial Telematics Market |
Commercial telematics offers a range of benefits for businesses across various industries. Telematics refers to the integration of telecommunications and informatics to transmit, store, and receive data from remote objects, such as vehicles. Telematics provides real-time tracking of vehicles, enabling businesses to optimize routes, reduce fuel consumption, and enhance overall fleet efficiency. This leads to cost savings and increased productivity. Telematics systems monitor driver behavior, such as speeding and harsh braking, allowing companies to promote safer driving practices. This can reduce accidents and lower insurance premiums.
Telematics
collects vehicle health data, allowing for proactive maintenance scheduling and
minimizing downtime. This helps prevent costly breakdowns and extends vehicle
lifespans. With GPS tracking, businesses can quickly locate and recover stolen
vehicles, reducing the risk of asset loss and potential insurance claims. Telematics
aids in complying with government regulations related to hours of service (HOS)
and electronic logging, ensuring legal and safe operations. It generates
valuable insights through data analytics, enabling businesses to make informed
decisions to optimize operations and increase profitability.
Market
Dynamics:
Rising
acquisitions by key players are estimated to augment growth of the global commercial telematics market during
the forecast period. For instance, Trimble acquired Kuebix, a leading
transportation management system, in January 2020. This acquisition will help Trimble in
bringing together their entire network of private fleet and commercial carrier
customers in North America. Moreover, increasing
installation charges and rising threat of Data Hacking are anticipated
to restrain growth of the global commercial telematics market during
the forecast period.
Impact
of COVID-19:
The pandemic was first reported in 2019 in China. It was
then transmitted to other nations globally. Several nations had to impose
strict nationwide lockdowns in order to prevent transmission of the virus. The
pandemic also hampered the growth of several industries globally. Restrictions
like quarantines, nationwide lockdown, travel bans and social distancing were
imposed in m any countries. This affected the demand for commercial telematics,
as travel restrictions were imposed. This had a negative impact on the growth
global commercial telematics market. However, the market is estimated to
witness growth in the post-pandemic era, as all restrictions have been eased.
Key
Takeaways:
The
global Commercial
Telematics Market is expected to witness
high growth, exhibiting CAGR of 16 % over
the forecast period, due to increasing product launches. For
instance, Trimble
introduced a Hardware-as-a-Service option, in June 2020. This service enables
fleets to purchase Trimble hardware and software solutions.
Asia-Pacific is anticipated to
witness significant growth in the global commercial telematics market during
the forecast period, due to growing awareness
regarding safety of drivers and increasing government policies.
Key players operating in
the global commercial telematics market are Omnitracs LLC, Geotab Inc, MiX Telematics, AirIQ Inc, TomTom Telematics BV, Microlise Telematics Pvt. Ltd.,
Trimble Inc., OCTO Telematics S.p.A, WirelessCar AB, and Verizon
Communications Inc.
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