The global vehicle telematics market size is expected to reach USD 231.63 billion by 2025 owing to strong demand of smart connectivity systems in commercial vehicles and passenger cars. Ongoing software developments to connect smartphones to the vehicle in order to improve drive quality, monitor real-time positioning of vehicles and increase road safety to avoid bottlenecks in case of emergency situations are key factors are driving the growth of the global commercial vehicle telematics market.
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Vehicle telematics is expected to play a very major role when we talk about the future of mobility. Vehicle telematics can be defined as the system which helps the vehicle communicate with its environment using embedded or tethered networks. It is a method of monitoring a vehicle using GPS and onboard diagnostics.
The adoption of telematics in the automotive industry is expected to increase in coming years. This can be attributed to two major reasons, first is the increasing government’s willingness to mandate specific telematics services, such as E-call capabilities, which is already happening in the European Union and Russia. Second is the increasing demand from consumers for greater connectivity and intelligence in their vehicles.
Growing Investments in Fleet Monitoring and Usage Based Insurance to Keep Growth Optimistic in Vehicle Telematics Market
The confluence of IT and telecommunications widely adopted to understand exact geographical locations and vehicular mobility aided by GPS system has been fueling the vehicle telematics market in recent years, affirms Adroit Market Research in a freshly compiled research report tagged in its burgeoning online data archive.
Features such as improved navigation and safety offered to in-vehicle passengers has been driving large scale adoption and growth. End-use applications such as fleet management and vehicular insurance companies for monitoring fleet efficiency have been fueling high revenue returns in global vehicle telematics market.
Need for optimum safety has been at the core to determine and monitor driver behavior which is crucial in preventing uncalled for incidents. Leading market participants in vehicle telematics market therefore are investing towards technological innovations such as novel sensor technology to further improve telematics offerings and sustain growth potential. With improved internet connectivity, backed by 5G connectivity and smart city culture, demands for vehicle telematics are poised to spike
Data Security Concerns to Remain Potent Challenges, Limiting Growth in Global Vehicle Telematics Market
Growing investments in UBI (usage based insurance) fleet monitoring expeditions and predictive maintenance are likely to further expedite investments in vehicle telematics as data integrating for fleet monitoring and UBI is sourced from in-vehicle device and mobile app, thus furthering rapid growth strides in global vehicle telematics market.
Supportive of vehicle tracking, driver behavior monitoring activities, government initiatives are emerging as robust growth boosters in global vehicle telematics market. However, lopsided data security structures and dearth of relevant protocols in the realms are assumed to deter seamless integration, interfering growth progression in vehicle telematics market. Features such as location tracking and seamless integration with smart devices make tracking highly affordable and seamless both on-premise and remote based monitoring.
Key players associated with are global vehicle telematics market are collaborating and forming partnership with local players to cater the respective market and to offer high speed services. Moreover, companies are launching new product and modifying existing products to consume more market share in the market. For instance, in January 2018, LG formed a collaboration with HERE Technologies (HERE), a global supplier of location and mapping data services, for developing next-generation telematics solutions in autonomous vehicle applications.
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Moreover, In September 2017, HARMAN International, a subsidiary of Samsung Electronics Co., Ltd. concentrated on connected technologies for consumer, automotive and enterprise markets, and presenting its front-line audio solutions and technologies together with few automotive OEM partners at the IAA 2017 event.
Key segments of vehicle telematics market
Type Overview, 2014-2025 (USD billion)
Solutions
Fleet/asset management
Navigation & location-based systems
Infotainment systems
Insurance telematics
Safety & security
Remote alarm & incident monitoring solutions
V2X
Others
Services
Integration & deployment
Consulting & design
Maintenance & training services
Vehicle Type Overview, 2014-2025 (USD billion)
Passenger cars
Commercial vehicles
Product Overview, 2014-2025 (USD billion)
Hardware
Software
Provider Overview, 2014-2025 (USD billion)
Aftermarket
OEM
Bandwidth Overview, 2014-2025 (USD billion)
2G/2.5G
3G
4G
Regional overview, 2014–2025 (USD billion)
North America
USA
Canada
Europe
UK
Germany
France
Asia-Pacific
India
South Korea
China
Japan
Central & South America
Brazil
Mexico
Middle East & Africa
Table Of Contents:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 Vehicle Telematics Market Overview, By Type
Chapter 5 Telematics Market Overview, By Vehicle Type
Chapter 6 Vehicle Telematics Market Overview, By Product
Chapter 7 Vehicle Telematics Market Overview, By Provider
Chapter 8 Vehicle Telematics Market Overview, By Bandwidth
Chapter 9 Vehicle Telematics Market Overview, By Region
Chapter 10 Company Profiles
Chapter 11 Industry Structure
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