The global market for Commercial Vehicle Telematics is projected to reach $48.4 billion by 2023, driven by the growing importance of intelligence in enabling road transport efficiencies and relieving traffic congestions in overburdened transportation systems worldwide.
As cars become more connected and digital lifestyles become more important and relevant than the engineering design of the engine, the role of telematics will become larger. Defined as the transfer of information over telecommunication platforms, telematics is one of the earliest enablers of vehicle connectivity. Telematics is the combination of location technology, wireless communications, and in-vehicle electronics, which can be used to receive, send, and store information. Automotive telematics has and still continues to evolve from telematics 1.0 to the current telematics 4.0. While telematics 1.0 brought in breakthroughs in hands-free calling & navigation, telematics 2.0 commercialized portable navigation and satellite radio and telematics 3.0 unleashed comprehensive end-to-end in vehicle connectivity. The telematics ecosystem is growing as vehicle independent services like on-demand infotainment & navigation evolve into vehicle-centric services such as diagnostics, usage based insurance, fleet management, electronic toll & parking payments, safety and security and other vehicle to vehicle services. Governments worldwide are legislating mandatory telematics regulations to enable intelligent traffic management against the backdrop of ever growing vehicular traffic and road infrastructure limitations. Also, strict road safety regulations are encouraging the installation of telematics systems into vehicles both in the OEM and the aftermarket. As the number of smart city initiatives increase in various parts of the world, telematics will play an important role in efficient mass vehicular transportation.
The research report titled ” Global Commercial Vehicle Telematics Market Analysis: 2017-2023″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).