Telematics
Market Size and Growth Rate:
The Global Telematics market Size is expected to grow at a CAGR of 28.5% during
the forecast period 2018-2022 leading to global revenue of USD 233.24 billion
by 2022
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Telematics
Market Growth Drivers and Restraints:
The telematics market is majorly driven by certain factors such as
increasing demand of rising implementation of renewable sources of energy in
electric vehicles, increasing information and communication technology and
telecommunication in various industrial sectors, wireless connectivity in
automobiles, and initiatives by the government for on-road public safety. Many
of the prominent vendors are bringing about changes in their business strategy
to effectively deal with this market. The companies are going through different
product development, mergers, and acquisitions. The global telematics market is
estimated to grow at a promising rate in the upcoming years.
The growing use of telematics in the automotive insurance industry is the
key trend observed in the global market. The major restraints in the growth of
the industry include rising hacking activities in automobiles, high cost of
telematics equipment, and poor internet connectivity in the developing
countries.
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Telematics
Market Geographical Segmentation:
Geographical analysis of telematics market marks the study for regions like
Europe, North America, Asia Pacific including Australia and New Zealand, and
rest of the world including the Middle East and Africa, and Southern America.
The market is frequently overlooked due to the special approval rate of
technology in North America. The U.S. provides a major portion to this
extension, especially in telematics. Moreover, the rising demand for premium
cars with advanced safety and comfort features has driven high growth in the world
market.
Although the technology is still developing, the companies including
various start-ups have begun conducting experiments on the road and have also
partnered with telecommunication service providers to accomplish the task.
North America is strictly joined by Europe, which is a leader considering the
automobile industry. North America and Europe are the technologically advanced
regions, and the major factor affecting the growth of this market with the growing
application of analytics in industries like supply chain, and logistics,
transportation, retail, healthcare, automotive,and IT &telecommunication,
and is increasing deployment of advanced telematics features in the end
product. Asia-Pacific is supposed to be the fastest growing region due to
building initiatives by the government. During 2017, North America accounted
for the largest share in the global telematics market.
Keyplayers of the Telematics
Market:
Some of the key players operating in the world market include Daimler
Fleetboard GmbH, Fleet Complete, Cartrack, Daimler Fleetboard GmbH, Fleet
Complete, Geotab Inc., Limited, Mix Telematics, Navistar Inc., Microlise,
Masternaut Omnitracs, TomTom International BV, Trimble Inc., Verizon Connect,
Zonar Systems, and others.
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