Transportation Telematics Market Size to Surpass USD 66.04 billion, Rise with Steller CAGR 20% | Exclusive Report by Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, March 18, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Transportation Telematics Market.
The global transportation telematics market is expected to grow at 20% CAGR from 2022 to 2029. It is expected to reach above USD 66.04 billion by 2029 from USD 12.79 billion in 2020.
During the forecast period, the transportation and logistics is expected to account for a steady revenue share owing to rising cases of road accidents, growing population and surging safety and privacy among customers. The worldwide automotive telematics industry is predicted to be driven by vehicle mishaps and an increase in the number of road accidents over the upcoming years. Due to an increase in the number of cars, the demand for safety measures has increased dramatically. Due to major worries about limiting human deaths and vehicular damages, the industry is likely to see a large increase.
Organizations are preparing strategic cost-cutting initiatives in response to the pandemic’s economic impact. To enhance cash flow, companies owning car assets are contemplating sale and leaseback options. Supply chain execution, regulatory and policy changes, labour dependency, working capital management, and liquidity and solvency management are the primary risk considerations for transportation telematics market participants. Transportation telematics is a high-tech solution that requires a significant capital commitment on the part of the end customer. End users, including as OEMs, fleet owners, insurers, and others, as well as market participants in the transportation telematics sector, saw poor financial performance in 2020. This anticipated poor company performance has a direct impact on overall sales of the transportation telematics system and service.
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Telematics Systems: How Streaming Data Is Used in Transportation
Industries that operate vehicle fleets equipped with telematics systems produce massive amounts of data. Consider John, a truck driver who transports goods across the United States. John's truck has Internet access and a telematics device that is plugged in to send and receive data in real time. This type of car is known as connected.
Thousands of such lorries, railcars, and other vehicles exist. Every day, they generate an incredible quantity of data. With the proper telematics system in place, this data can become a rich source of valuable business insights for transportation and logistics businesses.
GPS, digital radio modules, GPRS/CDMA, human-machine interfaces, and high-performance multimedia processors are all used in transportation vehicle telematics. The expansion of the Vehicle Telematics market is being driven by increased safety awareness, technological advancements, and the need for safety measures.
Innovation is one of the most important and key strategy as it has to be for any transportation telematics market. However, companies in the market have also opted and successfully driven inorganic growth strategies like mergers & acquisition and so on.
Some of the notable market players operating in the global Transportation Telematics Market covered in this report is:
- PTC Inc.
- Timble 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.
- Others *The Company List Is Indicative
TomTom Telematics has launched a new product line-up to enable faster, more efficient, fleet management.
For instance, the U.S. Department of Transportation has also issued guidelines for tracking of vehicles. In accordance with the same, the fleet manager is projected to provide reports for all violations as identified by federal or state investigators, the detailed list of all the violations detected during inspections, and state-supplied crash reports. Moreover, it is also mandated that all of the fleet management systems (FMS) should be certified from the Federal Motor Carrier Safety Advisor. Therefore, government regulations for vehicle telematics are driving the growth of the market. Also, in April 2018, government of India passed rule for all the public transport vehicles over six-seater capacity should have tracking device installed in them.
Browse the full “Transportation Telematics Market by Type (OEM and Aftermarket), Application (Solutions and Services), Solution (Fleet Tracking and Monitoring, Driver Management, Insurance Telematics, Safety and Compliance, and V2X Solutions) and Region, Global trends and forecast from 2022 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/3118/transportation-telematics-market/
The Transportation Telematics market is segmented By Type, By Application, and By Solution.
|By Type||By Application||By Solution|
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From a regional perspective, the global transportation telematics market could be split into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The Asia Pacific accounted for the majority of the market owing to countries including China, Japan, India, South Korea, and others mainly contributed to its leading position in the global market.
Regional economic integration, free trade agreements, e-commerce, and digitalization are all projected to revolutionize the region. To take advantage of this trend and the resulting economic potential, foreign corporations are moving into this region. Additionally, rise in industrialization, escalating manufacturing activities, presence of a large number of manufacturing companies, and these companies’ adopting innovations which also propels the growth of global transportation telematics market. Furthermore, owing to the multiple technological advancements.
As low-cost manufacturing leaves China, it moves to countries like Vietnam, Cambodia, and Laos, as well as frontier markets. The Asia Pacific region is expected to grow its share of the global telematics business, while Europe and North America are expected to shrink.
- Market size, estimates, and forecasts from 2023 - 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
What are the Key Data Covered in this Transportation Telematics Market Report?
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive Transportation Telematics Market growth during the next Six years
- Precise estimation of the Transportation Telematics Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour.
- The growth of the Transportation Telematics industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Transportation Telematics Market vendors
To know an additional revised 2023 list of market players, request a sample report:
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