As per a new report from Global Industry Analysts, focus on next generation vehicle telematics applications, such as in-vehicle terminal assistance, automatic vehicle identifier systems, incident detection systems, fleet operation management systems and remote vehicle diagnostics in the post recession period will stimulate world commercial vehicle telematics market to reach $11.2 billion by 2015.
Telematics has transcended its image from being a vehicle accessory to currently being perceived as an indispensable mobile navigation service. The growing emphasis on convenience, safety and efficiency has narrowed the focus onto the use of telematics in the transportation sector.
The incorporation of telematics with safety & security (emergency warnings and vehicle repairs), navigation & traffic information, multimedia (video & music), and information & commerce (stock trading, news, online banking) and other information services makes it a favorite among vehicle owners.
Growing consumer awareness and education over the importance of telematics technologies will drive adoption of CVT systems market in the upcoming years. The need for effective vehicle tracking technology/solutions to enable real-time dispatch fleet operations is expected to continue driving growth of telematics services in diverse application areas such as cargo delivery, public transportation like taxis, emergency service vehicles, among others.
Revenues for Telematics (TM) Services market in US are expected to surge at a CAGR of 13.5 percent during the analysis period. The upcoming years will also witness accelerated evolution of telematics as an established standard on vehicles as smart energy management spirals to the top of the priority list, among both automakers and consumers alike.
The United States and Europe account for a major share of the global Commercial Vehicle Telematics market. CV telematics demand across all regional markets is forecast to increase at a double-digit rate during the period 2011 through 2015, thanks to the massive synchronized liquidity injections by major governments, and favorable government mandates that require vehicles to be equipped with emergency services.
Growth in the market will be driven by the potential for widespread use, and promotional support extended by governments. For example, Japanese government policy to promote intelligent transport systems has led to increased uptake of vehicle information and communication systems (VICS).
European demand for TM Hardware is expected to increase at a CAGR of 7.9 percent during the analysis period. In the future, emerging economies will play a greater role in CV telematics industry's prospects. This has especially been the case in Asia, where emerging countries are leading the recovery.
Recently, Global Industry Analysts was in news when it released a report stating that Global industrial robotics market hit a speed breaker during the period 2008 and 2009, as reduced manufacturing activities and declines in industrial production temporarily derailed the immediate need and requirement for new industrial robotic products and equipment.
Sujata Garud is a TMCnet freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.
Edited by Janice McDuffee