Transparency Market Research recently published a report titled “Commercial Telematics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. According to the findings of the report, the global commercial telematics market for , which was worth US$14.67 billion in 2013, is expected to reach US$46.18 billion by the end of 2020, growing at a healthy 18.0% CAGR between 2014 and 2020. The report presents a comprehensive overview of the market, discussing in detail factors such as growth drivers and restraints impacting the global market dynamics of commercial telematics. Commercial telematics is increasingly adopted by the insurance, logistics, and transportation industries, which has significantly propelled its demand in the global market. In 2013, North America was the largest market for commercial telematics, accounting for 31.9% of the overall market. This region is a traditional early adopter of major technological advances. Facilitated by high Internet penetration, the commercial telematics market in North America is likely to register sustainable growth over the forecast period.
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The report segments the global market for commercial telematics into OEM telematics and aftermarket telematics, on the basis of market types. As per its findings, aftermarket telematics accounted for approximately 59% of the overall market in 2013. The market segment boasts high-end applications in infotainment and satellite navigation, which significantly contributed to its healthy expansion. However, the study reveals that the growth registered by the OEM telematics market has significantly exceeded aftermarket telematics, as a response to increasing partnership between telematics service providers and automobile manufacturers. In addition, governments of leading economies have implemented regulations mandating the installation of commercial telematics devices such as satellite navigation and GPS trackers, which is significantly driving the global commercial telematics devices market. To provide an in-depth market analysis, the report further segments the OEM telematics market into embedded and hybrid OEM telematics. Of these, embedded OEM telematics held over 68% of the overall OEM telematics market.
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Meanwhile, the market for aftermarket telematics is further sub-segmented into portable and embedded aftermarket telematics, among which portable aftermarket telematic systems accounted for 71% of the total revenue generated by aftermarket telematics systems in 2013. However, the report predicts a higher rate of growth for embedded aftermarket telematics during the forecast period.On the basis of application, the market is segmented into satellite navigation, insurance telematics, infotainment, fleet/asset management, remote alarm and monitoring, and tele-health solutions. Among these segments, fleet and asset management dominated the market in 2013, accounting for 30% of the total market. However, according to the publication, insurance telematics will exhibit the fastest growth in the next couple of years. The report projects growth at a whopping 34.7% CAGR for this application segment of the market between 2014 and 2020. Factors such as high rate of adoption of insurance programs such as children driving behavior management and pay as you drive are likely to play a crucial role in orchestrating impressive growth for the commercial telematics market in the foreseeable future.
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In the meantime, transportation and logistics, which accounted for a dominating 55% of the overall market in 2013, is expected to enjoy sustainable growth during the forecast period. The report projects significant growth prospects for commercial telematics in insurance, government and utilities, and healthcare sectors. High rate of adoption of commercial telematics in the healthcare industry will contribute significantly to the growth of the global commercial telematics market.