The global Commercial Telematics Market Growth Accelerated by Increased Adoption of Advanced Driver Assistance Systems

 


Commercial telematics provides fleet, asset and mobile resource management solutions through application of global positioning system (GPS) technology, on-board diagnostics, fleet optimization systems along with cloud computing and internet. It offers real-time monitoring of vehicles and assets along with critical data insights to enhance operational efficiency. Features like vehicle tracking, geofencing, emergency alerts, mileage reports and remote diagnostics are increasingly adopted across industries.

The global Commercial Telematics Market is estimated to be valued at US$ 54.96 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Advanced driver assistance systems (ADAS) allow partial automation of safety-critical functions like emergency braking, cruise control and parking assistance in commercial vehicles. Features like adaptive cruise control, lane departure warning and blind spot monitoring are increasingly incorporated to enhance driver safety. Rising adoption of ADAS is a key trend driving the commercial telematics market as it allows real-time vehicle monitoring and diagnosis of driver assistance systems. Commercial fleet owners are opting for telematics solutions to remotely manage fleets, monitor vehicle and driver behavior through ADAS data. This enhances road safety, reduces accidents and associated insurance costs. Continuous innovations are expanding the capabilities of telematics and integration with ADAS is expected to remain a major market growth lever over the forecast period.

Segment Analysis

The Global commercial telematics market Size can be segmented by service type, industry vertical, and geography. By service type, the management and reporting segment is expected to dominate during the forecast period. This is due to the increasing need of fleet operators to remotely track the vehicle locations, fuel consumption reports, idling time, and other operational aspects to maximize the productivity of their fleet.

Key Takeaways

The global commercial telematics market is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 54.96 Bn in 2023 to US$ 150 Bn by 2030, registering a CAGR of 12%.

Regional analysis

North America is expected to dominate the global commercial telematics market during the forecast period. This is attributed to early adoption of advanced telematics solutions by fleet operators for effective fleet management in the region.

Key players

Key players operating in the commercial telematics market are Xilinx (part of Advanced Micro Devices Inc), Intel Corporation (formerly Altera), Lattice Semiconductor Corporation, Microchip Technology Inc., Achronix Semiconductor Corporation, QuickLogic Corporation, Efinix Inc, Microsemi Corporation (a subsidiary of Microchip Technology Inc.), S2C Inc., Flex Logix Technologies Inc, Gowin Semiconductor Corp., Synopsys Inc, Tabula (now part of Mellanox Technologies), Enpirion (a division of Altera, now Intel), Analog Devices Inc.

 

Get More Insights On This Topic: https://www.newsstatix.com/commercial-telematics-market-size-share-analysis-2023-2030/

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