Commercial Telematics Market is Estimated to Cross $24.7 Billion By 2020!

Commercial Telematics Market is Estimated to Cross $24.7 Billion By 2020!

Telematics devices are used to transfer large amounts of information from the vehicle to infrastructure of other vehicles. The Commercial Telematics market is estimated to grow from $14.2 billion in 2014 to $24.7 billion in 2020, according to a report by IndustryARC. The growing demand for safety and security features in vehicles is set to drive the increased penetration of the market across geographic regions. The favorable governmental regulations, particularly in Europe will propel the market as adoption of commercial telematics rises. A recent report created by IndustryARC examines this market, as well as the various commercial vehicle telematics services currently utilized in the market and the geographical breakdown of the market.

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The Americas region is the largest geographic segment for commercial telematics globally followed by the Europe region. However APAC region is poised to grow at the highest CAGR through 2020 as awareness regarding telematics rises. The declining cost will also drive adoption in the price sensitive APAC region. The market for commercial telematics in RoW is forecast to grow at a slow rate due to a economic instability and lack of awareness regarding the telematics products.

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The Commercial telematics market has also been segmented based on services provided. The commercial telematics devices have been divided into Safety & Security Services, Entertainment Services, Infotainment and Navigation services, Fleet Management Services, User Based Insurance Services, Emergency Notification Services, Remote Diagnostic Services and Billing Services among others. The growing market for advanced driver assistance systems has propelled the adoption of safety and security systems such as driver behavior monitoring and automatic vehicle location...

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