According to the latest report by IMARC Group “Europe Commercial Telematics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The Europe commercial telematics market size reached US$ 10.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.7 Billion by 2028, exhibiting a growth rate (CAGR) of 17.5% during 2023-2028.
What is Commercial Telematics?
Telematics refers to an interdisciplinary field that comprises of vehicular technologies, electrical engineering, computer science, etc. Commercial telematics represents the solutions and services that assist in monitoring commercial vehicles via telecommunications. It works through onboard diagnostic systems and global positioning systems (GPS) to record the speed, movement, location, etc., of vehicles. Commercial telematics enables the interchange of information between a central authority and a commercial vehicle and sends alerts in case of any emergency. It is extensively utilized by insurance providers to analyze driver behavior to determine risk factors. Commercial telematics finds diverse applications across numerous industries, including transportation, logistics, travel, media, construction, healthcare, etc.
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What are the growth prospects and trends in the Europe Commercial Telematics industry?
The growing adoption of mobile resource management is primarily driving the Europe commercial telematics market. Additionally, the implementation of several stringent measures by government bodies to ensure the safety of employees, owing to the escalating incidences of worker accidents, is further propelling the market growth. In line with this, the increasing demand for commercial telematics across various industries and sectors, such as oil and gas, mining, food and beverage (F&B), waste management, etc., is augmenting the regional market. Moreover, the expanding transportation industry and the inflating utilization of smart transportation systems are positively influencing the market growth. Besides this, the rapid development of video-based telematics is anticipated to bolster the Europe commercial telematics market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Solution
- Fleet Tracking and Monitoring
- Driver Management
- Insurance Telematics
- Safety and Compliance
- V2X Solutions
- Others
- Services
- Professional Services
- Managed Services
Breakup by System Type:
- Embedded
- Tethered
- Smartphone Integrated
Breakup by Provider Type:
- OEM
- Aftermarket
Breakup by End Use Industry:
- Transportation and Logistics
- Media and Entertainment
- Government and Utilities
- Travel and Tourism
- Construction
- Healthcare
- Others
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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