Luton, Bedfordshire, United Kingdom, March 18, 2023 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Transportation Telematics Market.
The global transportation telematics market is expected to grow at 20% CAGR from 2022 to 2029. It is expected to reach above USD 66.04 billion by 2029 from USD 12.79 billion in 2020.
During the forecast period, the transportation and logistics is expected to account for a steady revenue share owing to rising cases of road accidents, growing population and surging safety and privacy among customers. The worldwide automotive telematics industry is predicted to be driven by vehicle mishaps and an increase in the number of road accidents over the upcoming years. Due to an increase in the number of cars, the demand for safety measures has increased dramatically. Due to major worries about limiting human deaths and vehicular damages, the industry is likely to see a large increase.
Organizations are preparing strategic cost-cutting initiatives in response to the pandemic’s economic impact. To enhance cash flow, companies owning car assets are contemplating sale and leaseback options. Supply chain execution, regulatory and policy changes, labour dependency, working capital management, and liquidity and solvency management are the primary risk considerations for transportation telematics market participants. Transportation telematics is a high-tech solution that requires a significant capital commitment on the part of the end customer. End users, including as OEMs, fleet owners, insurers, and others, as well as market participants in the transportation telematics sector, saw poor financial performance in 2020. This anticipated poor company performance has a direct impact on overall sales of the transportation telematics system and service.
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