Vehicle Telematics Market To Reach USD 98.27 Billion By 2026
Increasing concern for safety and security among automotive consumers is the most significant factor in influencing market growth.
Market Size – USD 25.47 billion in 2018, Market Growth - CAGR of 18.3%, Market Trends – Proliferation of smart devices such as smartphones, and tablets
NEW YORK, June 11, 2019 (GLOBE NEWSWIRE) -- The global vehicle telematics market is expected to reach USD 98.27 Billion by 2026, according to a new report by Reports and Data. Vehicle telematics systems, composed of telecommunication and informatics, provide crucial information for drivers, such as information about live traffic status and weather forecast. Essentially, it is the vehicle monitoring systems which empowers the drivers to stay updated with real-time performance and safety of the vehicle. Information collected by the telematics system is beneficial in critical circumstances, for instance, to communicate instantaneously with the police or respective authorities for prompt action in case of an accident. Telematics systems assist automotive companies, insurers, and drivers with the highest safety feature.
The safety and security services of vehicle telematics comprise the automatic crash notification, emergency, and medical assistance, which are anticipated to stimulate market growth in the forecast period. As a component of the Automatic Crash Notification service the telematics control unit (TCU) monitors several crash sensors of the vehicle and in the occurrence of a crash it directs the details of the vehicular location and crash intensity as well as sends a voice call to the telematics call center so that emergency services are dispatched to the accident spot.
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Legislative norms and regulations introduced by governments across the globe pertaining to the increased usage of telematics in the automotive to improve road safety are projected to propel the market growth in the upcoming years.
The offering of smartphone integration via apps in telematics systems enable the drivers to access various features such as unlocking of doors in case of lost keys, locking the car door, or blow the horn or flash the lights if the driver is facing trouble finding his car.
Privacy concerns among automotive consumers owing to the sharing of the vehicular location used to monitor an asset (car, truck, heavy equipment, or even ship) by using GPS and onboard diagnostics to record movements may create hindrances in the growth of the market.
Further key findings from the report suggest
- By service type, safety & security held the largest market share in 2018 and is expected to witness a CAGR of 18.1% in the forecast period. These are the primary services provided by means of telematics as well as the main driving factor responsible for the conceptualization of vehicular telematics.
- Embedded vehicle telematics is projected to grow at the fastest rate in the forecast period.
- Passenger vehicle segment contributed to the largest market share in 2018 and is expected to grow at a rate of 17.9% in the forecast period.
- Hardware dominated the vehicle telematics market in 2018 and is projected to maintain its market dominance in the forecast period.
- The market in the North America region is forecasted to lead the market during the forecast period.
- Key participants include AirIQ Inc., OnStar Corporation LLC., ETAS Group, Agero Inc., WebTech Wireless Inc., Qualcomm Inc., DigiCore Holdings Ltd., Wireless Matrix Corporation, Trimble Transport & Logistics, and Minda Corporation Ltd. among others.