November, 2018, Adroit Market Research launched a study titled “Global Vehicle Telematics Market”: By Type (Solutions {Fleet/Asset Management, Navigation & Location-Based Systems, Infotainment Systems, Insurance Telematics, Safety & Security, Remote Alarm & Incident Monitoring Solutions, V2x And Others}, Services {Integration & Deployment, Consulting & Design and Maintenance & Training Services), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Product Type (Hardware and Software), By Provider (Aftermarket and OEM), By Bandwidth (2G/2.5G, 3G and 4G), By Region and Forecast 2018 to 2025”. The study covers global vehicle telematics market value for a period ranging in between 2014 to 2025, where 2014 to 2016 imply the historical value and 2017 is base year with forecast between 2018 and 2025.
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.
Features such as fleet management, wireless vehicle safety, vehicle tracking and satellite navigation guarantee enhanced ride quality. These features are projected to fuel the automotive telematics market over the forecast period. Services such as training and maintenance services are gaining momentum and rising awareness about passenger and driver’s safety and Solutions are boosting the growth of vehicle telematics market. Moreover, government regulations such as implementation of automotive telematics are also projected to drive the vehicle telematics market over the forecast period. For instance, in March 2016, US government along with Japanese government and Europe joined hands to do research & development for autonomous vehicles where commercial telematics have an inclusive scope.
On the basis of bandwidth overview 4G telematics is market is expected to capture majority of vehicle telematics market share of by 2025 as it permits multi-user Wi-Fi hotspot in the car that won’t marsh down. 3G gives method to 4G on almost all the telematics modems in the coming years as car-buyers are looking for these services.
Commercial cars are expected to capture almost 37% of vehicle telematics market as increasing fuel prices along with rising number of vehicles has caused in frequent traffic congestions to mitigate this telematics is providing alternative routes to prevent bottlenecks and cultivating fuel economy of the vehicle. These factors are predicted to fuel adoption of telematics in developing and developed nations.
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.
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