The conventional telematics services model involving annual subscription and location-based navigation, security, and emergency services is likely to undergo a sea change as new generation of telematics services gradually make their presence felt on the global telematics scene. The global commercial vehicle telematics market is projected to cross US$7.4 billion by the year 2009, at a CAGR of more than 20% during the analysis period.
San Jose, California (PRWEB), July 23, 2007 -- Commercial vehicle telematics (CVT) as envisioned today is certainly not a matter of doubt. It is not a question of if, but when, and exactly what kind of functions gain prominence. It is expected that telematics will give rise to a number of functions ranging from vehicle and passenger safety to the ultimate luxury of sinful comfort and convenience features. The traditional, rather pessimistic and narrow view on telematics takes into consideration only the value added through the services of the business. This is particularly true where business models have yet to be synergized and sorted out. What is generally not understood, or perhaps overlooked, is the fact that telematics technologies will add to the crucial functionality imperative for various emerging automotive system capabilities.
All major regions globally are expected to maintain double-digit growth rates over the analysis period, as commercial vehicle telematics market gains wider acceptance across the world. United States is the largest commercial vehicle telematics market and was estimated at US$1.1 billion for 2006, as stated by Global Industry Analysts, Inc. Asia-Pacific is projected to be the fastest growing market for commercial vehicle telematics market with a CAGR of over 23.5%. Telematics supported wireless access to and from a vehicle is beneficial to manufacturers by way of cost and time saving. In addition, it is capable of supplying data that is required in the development process of vehicles. Besides, Telematics use is unavoidable, given the necessity to support the increasing number of user-based choices of input buttons and switches built into the modern day vehicle. Also, it is estimated that by the end of 2007, over 35 million telematics-enabled vehicles will by plying on the roads worldwide, with each being powered by a 32-bit RISC processor and having nearly 512 MB of memory.
TM services market is projected to reach sales of over US$1.1 billion by the year 2010, at a CAGR of about 24%. As vehicles become more technologically advanced and even complex, they will increasingly depend upon driver information systems that act as the user interface for both on-board and off-board information. The growing use of embedded controllers has more or less acted as a catalyst for Telematics, which means varied kinds of onboard and off-board diagnostics, inclusive of the downloadable ones and other updates can move via wireless technology between automobiles and service providers. TM hardware market was estimated at US$600 million for 2006.
The report titled "Commercial Vehicle Telematics: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of industry trends, issues and drivers, product overview, competition, product introductions/innovations, and recent industry activity. The study also analyzes market data and analytics in value sales for regions such as United States, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World by the following product segments - TM Hardware and TM Services.
Key players dominating the global commercial vehicle telematics market include AirIQ, ATX Group, ETAS Group, MinorPlanet Systems, OnStar Corporation, Punch Telematix, QUALCOMM, WebTech Wireless, and Wireless Matrix Corporation.
For more details about this research report, please visit http://www.strategyr.com/MCP-1212.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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