PORTLAND, ORAGON, UNITED STATES, October 3, 2022 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “U.S. Commercial Telematics Market by Solution Type, Application, and End-User: Regional Opportunity Analysis and Industry Forecast, 2020–2027,”
The U.S. commercial telematics market was valued at $2.64 billion in 2019, and is projected to reach $3.90 billion by 2027, registering a CAGR of 7.8% from 2020 to 2027.
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Telematics/connected devices are a combination of devices, which are installed in a vehicle and used to provide real-time information about the vehicle. They are installed in a vehicle to keep a record of the information related to the driving behavior of the vehicle, status of the vehicle, distance covered by the vehicle, and other things. Telematics in a vehicle are connected at the on-board diagnostics port (OBD II Port) of the vehicle, which is located beneath the vehicle steering wheel, thus making the installation of the device in a vehicle an easier process. Once the component is installed in the vehicle, it starts to record the information on numerous aspects such as driving behavior, live status of the vehicle as well as the surrounding of the vehicle.
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The key players profiled in the U.S. commercial telematics market include Cartrack, Continental AG, Daimler Fleetboard GmbH, Fleet Complete, Geotab Inc., MiX Telematics, Navistar Inc., Omnitracs, TomTom International BV., and Trimble Inc.
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Factors, such as government regulations for vehicle telematics and rise in trend of connectivity solutions, drive the growth of the U.S. commercial telematics market. In addition, vehicle diagnostic due to telematics systems also propels the growth of the market. However, threat of data hacking, high installation cost, and lack of uninterrupted & seamless internet connectivity hinder the growth of the market. Furthermore, intelligent transportation system and improved performance of autonomous vehicles impose a remarkable growth opportunity for the U.S. commercial telematics market.
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Numerous government regulations have been implicated across different states of the U.S., which has encouraged the fleet owners to install telematics/connected devices in their already running vehicles as well as their out of service vehicles. Installation of telematics helps to keep a track of the vehicle condition and provides real-time information about the vehicle. For instance, the government of California has allocated single-source Blanket Purchase Agreement (BPA) to Geotab, a global leader in IoT and connected transportation, to provide commercial fleet with a fully-integrated, best-in-class telematics solution.
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “”Market Research Reports”” and “”Business Intelligence Solutions.”” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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