Global Telematics Vehicles Market, by application (Vehicle Tracking, Fleet Management, Satellite Navigation), systems (Driving Assistance systems, Telematics Control Unit, GPS,), Type, vehicle type, distribution channel, region – Forecast till 2023
Telematics Vehicles Market Overview
The global Telematics Vehicles Market’s growth is expected to be at a rate of a whopping 20% during the forecast period (2017-2023), reveals Market Research Future (MRFR).
Market Drivers and Top Restraints
The automotive telematics market could expect significant boost in the coming years with the introduction of integrated telematics. Emergence of policies pertaining to driver safety along with the mounting importance of smartphones could benefit the Telematics Vehicles Market. Telecom operators are projected to provide immense scope due to prospects of risk management from 2017 to 2023. A meshed transportation network consisting of private and shared cars along with other modes of transportation is being introduced by mobility integrators in the worldwide Telematics Vehicles Market.
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Systems like vehicular emergency warning systems, automatic driving systems, Global Positioning System (GPS) navigation, wireless safety communications, and driving assistance systems are significant offerings of automotive telematics systems. The system based on informatics and telecommunications is merged with Wireless Access for Vehicular Environment (WAVE) and Intelligent Transportation Systems (ITS), which optimizes the overall functionality.
Vehicular accidents coupled with increasing occurrences of road mishaps are some additional factors promoting market growth. The need for safety measures has hiked up considerably in recent years, as a result of the rising number of vehicles. The market could intensify in the years to come, in response to the dire need to minimize human casualties as well as vehicular damages. Significant issues including need for effective vehicular mass transportation, disoriented transits, and traffic congestions take place owing to scaling traffic on the road. With intuitive vehicular guidance, telematics in automotive system is expected to offer a host of solutions in the subsequent years.
The top vendors enlisted in the MRFR report include AT&T Inc. (the U.S.), TomTom International B.V. (Netherlands), Telogis (the U.S.), Visteon Corporation (the U.S.), Trimble, Inc. (the U.S.), Masternaut Limited (France), Verizon Communications, Inc. (the U.S.), Harman International Industries, Inc. (the U.S.), Continental AG (Germany), Trimble Inc. (the U.S.), Robert Bosch GmbH (Germany), Delphi Automotive PLC (the U.K.), Airbiquity, Inc. (the U.S.), and others.
The Telematics Vehicles Market is predicted to provide various opportunities to automotive suppliers for developing Human-Machine Interface (HMI) in the upcoming years. Pay-per-use, installation of black boxes for safety and security services, free premium services for navigation and entertainment applications and generation of subscription revenues are touted to be few more important short-term benefits furnished by the automotive telematics market in the next few years.
Another critical opportunity inundating the market includes the arrival of new players and progress of established vendors, owing to advancements in variant and diverse telematics systems.
The worldwide Telematics Vehicles Market has been segregated with respect to type, application, systems, distribution channel, and vehicle type.
Depending on the type, the Telematics Vehicles Market has been considered for embedded, integrated, and tethered.
Application-based segments mentioned in the report include vehicle tracking, fleet management, satellite navigation, vehicle safety communication, and others.
Systems-wise, the Telematics Vehicles Market caters to driving assistance, global positioning system (GPS), telematics control unit, vehicular emergency warning systems, vehicle tracking systems, and others.
In terms of the vehicle type, the Telematics Vehicles Market includes light commercial vehicles, passenger car, and heavy commercial vehicles.
The distribution channels in the market are original equipment manufacturers (OEMs) and aftermarket.
The Telematics Vehicles Market has been studied by MRFR in the primary regions of Asia Pacific, North America, Europe, as well as the rest of the world (RoW).
North America is perceived to be the most profitable market for telematics in automotive. Rising adoption of automotive telematics system to enhance vehicle and passenger safety as well as fast adoption of sophisticated technology that improve vehicle performance benefits the market.
Europe is home to a huge number of automotive telematics system manufacturers and notes a surge in global export of automotive, which is why the region is counted among the strongest contenders. Soaring demand for wireless communication system in commercial and passenger vehicles has also stimulated growth of the Telematics Vehicles Market in the region.
Rising seaborne trade, surging compliance with maritime safety norms, and increasing maritime tourism seems to be boosting market growth in Asia Pacific. Mounting demand for commercial ships, especially from countries like China, India, and Japan combined with the rising investment in autonomous ships is projected to help the market advance in the years ahead.
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