Global Vehicle Telematics Market Size showed significant growth in the recent years and is anticipated to witness a steep rise by generating an estimated revenue of US$ 329.61 over the forecast period. According to latest study conducted by our analysts and industry experts, global vehicle telematics market is expected to grow at a CAGR of 26.8% during the forecast period, that is 2019-2027.

Global Vehicle Telematics Market Opportunities Analysis, By 2019-2027

Telematics in vehicle facilitates the vehicle’s safety by continuous monitoring. The GPS is combined with the on-board diagnostics, which allows to track the vehicle’s position, speed and working capabilities. Moreover, the advantages of adding telematics in vehicle is also fueling up the development for the connected vehicles, which facilitates the vehicle connection to everything (V2X). Vehicle telematics market is anticipated to grow over the notable CAGR during the forecast period, owing to the rise in the safety and security awareness amongst the people coupled with the increasing applications of telematics for commercial vehicles.

Vehicle Telematics Market Dynamics

The rising government initiatives to install telematics in commercial vehicles across the globe is driving the market, currently. For instance, the government of China has mandated pre-installation of telematics systems in commercial vehicles. This would help to improve the fuel consumption and would lead to the tracking the vehicles. Moreover, rising digitization in vehicles for the safety of occupants such as collision avoiding systems, lane assists is also fueling the market growth. The advanced driver assistance systems (ADAS) and the concept of connected vehicles is further expected to propel the vehicle telematics market in the coming years.

Vehicle Telematics Market, Application Insights

Fleet optimization in the application segment is anticipated to have the largest share during the forecast period followed by safety & security. Tracking vehicle’s behavior, performance, fuel consumption, engine faults, route optimization and others are the key advantages comes under fleet optimization, which are propelling the vehicle telematics market growth. Furthermore, the application of telematics in safety and security, would help in the accident detection, in-vehicle feedback, advanced collision prevention and weather hazards alerts. Aforementioned would frost the vehicle telematics market growth in the coming years.

Vehicle Telematics Market, Vehicle Insights

Commercial vehicles in the vehicle type segment is expected to have a major share in the vehicle telematics market over the projected period. The rising penetration of high-speed internet technology such as LTE coupled with low cost internet connectivity available is also surging up the market growth.

Luxury vehicle is anticipated to have the steady growth rate during the forecast period, owing to the rising embedment of safety features such as collision avoidance system, emergency brake assists, lane assists, cruise control and others. These safety features would boost the demand for the telematics in the coming decades. Furthermore, the stringent regulations by European Commission, Euro NCAP and National Highway traffic safety Administration over the installation of safety features, would frost the market growth. For instance, Euro NCAP has mandated the installation of automatic emergency braking system (AEB) in the vehicles for the pedestrians and occupant’s safety. Additionally, the vehicle with AEB will get 5-star ratings form Euro NCAP.

Vehicle Telematics Market Regional Outlook

North America is anticipated to dominate the vehicle telematics market over the projected period, owing to the high technology penetration. Leading automobile manufacturers and component suppliers such as General Motors, Ford Motors, Volkswagen, Tesla, Continental AG and others are established since decades in this region, owing to which they have strong foothold in this region. In addition to this, these companies are also financially strong, as a result, they are investing more into research and development for advancing the structure and safety features in vehicles such as ADAS, telematics apps and V2X. For instance, in September, 2018, Continental AG showcased ContiConnect Live for trucks and fleet buses. This is an app-based monitoring, which would help to check the temperature of the tires in the commercial vehicles, by providing real time insights. The app will be commercially available in 2019. These advancements would boost the vehicle telematics market growth.

Global Vehicle Telematics Market Opportunities Analysis, By Regional 2019-2027

Asia Pacific stands to be fastest growing region during the forecast period, owing to rising government regulations in installing the telematics systems in the commercial vehicles, particularly in China. Moreover, developments pertaining to satellite communications, Wi-Fi and cellular networks and others in this region may frost the vehicle telematics market growth.

Global Key Players

Leading players in the market are Agero Inc., Continental AG, Airbiquity Inc., Visteon Corporation, Verizon Communications and others. Numerous companies are adopting various key strategies to gain strong foothold in the global market such as mergers, collaborations, product launch, investments and R&D among others. For instance, in January, 2018, Qualcomm and Jaguar Land Rover collaborated to use the Qualcomm’s Snapdragon automotive platforms to Jaguar Land Rover vehicle models. This platform includes advanced telematics systems, digital cluster and infotainment.

Global Vehicle Telematics Market Report Offer You!

Global Vehicle Telematics Market size report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast.

The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.

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