Technological advancements such as real-time engine diagnostics, GPS tracking, fatigue alert, and drive lane assist are changing the current driving experience and penetration of such features in mid-range vehicles is expected to boost the market for vehicle telematics market.
Dallas, United States - October 27, 2020 /MarketersMedia/ —
The global vehicle telematics market size is expected to reach USD 231.63 billion by 2025 owing to strong demand of smart connectivity systems in commercial vehicles and passenger cars. Ongoing software developments to connect smartphones to the vehicle in order to improve drive quality, monitor real-time positioning of vehicles and increase road safety to avoid bottlenecks in case of emergency situations are key factors are driving the growth of the global commercial vehicle telematics market. Vehicle telematics is expected to play a very major role when we talk about the future of mobility. Vehicle telematics can be defined as the system which helps the vehicle communicate with its environment using embedded or tethered networks. It is a method of monitoring a vehicle using GPS and onboard diagnostics.
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The adoption of telematics in the automotive industry is expected to increase in coming years. This can be attributed to two major reasons, first is the increasing government's willingness to mandate specific telematics services, such as E-call capabilities, which is already happening in the European Union and Russia. Second is the increasing demand from consumers for greater connectivity and intelligence in their vehicles.
The urge to attain full autonomy along with developments happening in the field of vehicle connectivity to increase safety and security along with the convenience of vehicle owners is driving the vehicle telematics market. Amazon teamed up with two automotive giants, General Motors and Volvo to launch a new delivery model. Amazon will be delivering packages directly into the trunk of the car using embedded connected vehicle telematics technology such as Onstar for accessing the vehicle trunks. This way Amazon plans to give a never before delivery experience to its clients.
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Features such as fleet management, wireless vehicle safety, vehicle tracking and satellite navigation guarantee enhanced ride quality. These features are projected to fuel the automotive telematics market over the forecast period. Services such as training and maintenance services are gaining momentum and rising awareness about passenger and driver’s safety and Solutions are boosting the growth of vehicle telematics market. Moreover, government regulations such as implementation of automotive telematics are also projected to drive the vehicle telematics market over the forecast period. For instance, in March 2016, US government along with Japanese government and Europe joined hands to do research & development for autonomous vehicles where commercial telematics have an inclusive scope.
Advances in Ride Sharing Applications to Leverage High Potential Growth in Global Vehicle Telematics Ecosystem
Need for real time data for improved Vehicle performance and traffic management to bolster large scale adoption of Vehicle telematics in the coming years, a new Adroit Market Research report highlights. Telematics is a holistic combination of assorted capabilities to gauge Vehicle performance in real time. Technologies such as boarding diagnostics and GPS are high end technologies to understand Vehicle location, speed and safety capabilities with the adoption of smart sensors.
With Vehicle telematics, end-users such as automobile insurance companies can well measure the speed and Vehicle performance to ensure appropriate best industrial practices by fleet management companies. Vehicle telematics comprises triple layered functionalities such as telematics control unit, cloud server followed by web and mobile applications. Growth prospects in global telematics market are thoroughly influenced by manufacturer activities and policy structures governing the same.
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One of the most vital applications of Vehicle telematics is adoption by ride sharing companies who closely monitor driver performance, besides also taking care of payment models based on maps and vehicle mobility. With connected device developments soaring high and crucial developments in smart transportation architecture, global Vehicle telematics market is expected to nail substantial returns in the coming years.
Some of the major vendors of global vehicle telematics market comprise OnStar Corporation LLC., Agero Inc., AirIQ Inc., DigiCore Holdings Ltd., WebTech Wireless Inc., Qualcomm Inc., and many others. The Asia Pacific is anticipated to reach at a healthy growth rate during the prediction period due to growing disposable income in countries like India and China.
Key segments of vehicle telematics market
Type Overview, 2014-2025 (USD billion)
• Fleet/asset management
• Navigation & location-based systems
• Infotainment systems
• Insurance telematics
• Safety & security
• Remote alarm & incident monitoring solutions
• Integration & deployment
• Consulting & design
• Maintenance & training services
Vehicle Type Overview, 2014-2025 (USD billion)
• Passenger cars
• Commercial vehicles
Product Overview, 2014-2025 (USD billion)
Provider Overview, 2014-2025 (USD billion)
Bandwidth Overview, 2014-2025 (USD billion)
Regional overview, 2014–2025 (USD billion)
• North America
• South Korea
• Central & South America
• Middle East & Africa
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Source URL: https://marketersmedia.com/vehicle-telematics-market-2020-global-industry-trends-vehicle-type-service-provider-development-factors-growth-future-prospects-challenges-economic-aspect-forecast-2025/88982830
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