The Automotive Telematics Solutions Market size is projected to reach USD 62.6 billion by 2025 from an estimated USD 29.9 billion in 2020, growing at a CAGR of 15.9% during the forecast period, driven by the developments in telematics sector and growing technology acceptance.
For instance, Continental AG recently introduced the Remote Vehicle Data (RVD) platform which allows the data access of multiple brands through different hardware devices. This platform uses Bluetooth dongle-based connectivity to the Onboard diagnostics (OBD) port – II, the vehicle-specific configuration of the Bluetooth OBD-II dongles for device management. This RVD platform would be integrated with Continental’s analytics service platform to offer several services such as remote vehicle access, remote diagnostics, and fleet management.
Growth Drivers:
- Growth in entertainment, safety & security and navigation services
- Rising demand for raw diagnostic data for interpretation & analysis to improve vehicle performance
- Increasing adoption of connected cars services
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By vehicle type, passenger car is estimated to be the largest market for telematics solutions market owing to the increase in demand for advanced telematics services and safety features in a car. The government mandates is also one of the major drivers for increasing the market of passenger car. While virtually all markets currently feature voluntary car-telematics systems, regulators in many countries want to mandate the technology in specific circumstances. For instance, the European Union seeks e-assistance methods in case of accidents. Russia mandated a similar system for new cars by the end of 2017, while Mexico has sought mandatory radio-frequency-identification (RFID) tags to bolster vehicle-antitheft systems. Many other countries including China, Germany, Singapore, and South Africa, have voluntary systems that provide UBI incentives for passenger car. The demand for convenient and safety-related advanced telematics passenger car services such as stolen-vehicle recovery, real-time tracking, vehicle-finder services, vehicle-maintenance alerts, and fuel &routing optimization are the major drivers for the market growth.
The HCV telematics aftermarket refers to the services and solutions that are adopted for monitoring and controlling a commercial vehicle through a telecommunication device and telematics service subscription from a third party. The aftermarket HCV telematics services are expected to become the largest market in terms of revenue generation. The demand for telematics fleet management is high in commercial vehicles as fleet owners prefer such services to subscribe from third-party instead of OEMs which is making the market largest for HCV. Through fleet management telematics services, the vehicle sensors and controllers can measure the driving performance of the vehicles along with the GPS location and fuel consumption and this data can further be analyzed and used for further reporting. The HCV telematics can prove to be the future of transportation, thereby improving the traffic flow, reducing travel times and mileage, preventing accidents, optimizing safety issues driving the overall market for HCV aftermarket telematics.
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North America is estimated to be the fastest-growing market after Asia Pacific due to the secure adoption of telematics solutions in the US market. With the advent of IoT and vehicle-to-vehicle (V2V) connectivity solutions, the North American telematics solutions market is witnessing impressive growth. An increase in demand for telematics services for commercial vehicles and cars in North America is driving the overall growth in the region. In the US, rental car service providers and fleet owners prefer using advanced telematics services that include the software and devices that will help them to collect all the fuel consumption, machine health, information about diagnostics, fault codes, idle weather, etc. data streaming remotely through the asset. Telematics has provided fleet managers with unparalleled data on driver performance to detect and manage unwanted behavior, including heavy braking, severe cornering, and aggressiveness.
The global telematics solutions market is dominated by major players such as Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US).
Critical Questions:
- Many companies are operating in the telematics solutions market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
- Fast-paced developments in telematics services such as fleet management, insurance risk assessment, and driver behavior offered by leading services and solution providers are expected to change the dynamics of the telematics solutions market. How will this transform the overall market?
- Discussion on your client’s imperatives based on our existing research on the telematics solutions market and its ecosystems.
