The global Telematics Solutions market is expected to grow at a CAGR of around 17.2% over the forecast period 2022 to 2027 and expected to reach the market value of around US$ 30.1 Billion by 2027.
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An increase in efforts by the government for developing an intelligent transportation system, developments in 5G connectivity, increasing demand for smartphone features in the car and automated driving technologies along with passenger safety features will boost the demand for telematics solutions market.
The fleet management segment for commercial vehicles is expected to hold the fastest market share owing to a decrease in the cost of running of business and fuel efficiency. Fleet management software helps running a business seamlessly by providing a plan for more efficient routes, lower excess fuel usage and eliminate risky driver habits by identifying the causes. Fleet management systems allow users to locate company vehicles on-demand, gather and store engine error codes and detect dangerous driver habits such as speeding, harsh braking, and idling. This data is invaluable for companies and it helps businesses to cut costs throughout their operation. In the forecasted period, it is expected that Asia Pacific will lead the market due to the high usage of fleet management services in commercial vehicles in China, Japan and South Korea.
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COVID-19 Impact on Telematics Solutions Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Telematics Solutions market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Telematics Solutions market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Companies and Manufacturers Covered
The study covers key players operating in the market along with prime schemes and strategies implemented by each player to hold high positions in the industry. Such a tough vendor landscape provides a competitive outlook of the industry, consequently existing as a key insight. These insights were thoroughly analyzed and prime business strategies and products that offer high revenue generation capacities were indentified. Key players of the global Telematics Solutions market are included as given below:
Some of the prominent players in the Telematics Solutions market include: Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US).
The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Telematics Solutions report.
Based on the Service, the market
- Automatic Crash Notification
- Emergency Calling
- On-Road Assistance
- Remote Diagnostics
- On-Road Assistance
- Vehicle Tracking/Recovery (Fleet Management)
- Insurance Risk Assessment
- Driver Behaviour
- Billing Services
- Others(Fuel efficiency Guidance, Geo-Fencing, Eco Driving)
Based on the Hardware, the market
- Telematic Control Unit
- Navigation Systems
- Communication Devices
- Audio/Video Interface
- CAN Bus
Based on the form type, the market
Based on the Vehicle Type, the market
- Passenger Car
Based on Connectivity, the market
Based on Aftermarket, the market
- Passenger Car Aftermarket
- LCV Aftermarket
- HCV Aftermarket
Based on Service Type (Fleet Management), the market
Why should you invest in this report?
If you are aiming to enter the global Telematics Solutions market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Telematics Solutions are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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