World News: 12:07 GMT Wednesday 17th April 2019. [Adroit Market Research via Globe Newswire via SPi World News]
Dallas, Texas, April 17, 2019 (GLOBE NEWSWIRE) -- Growing competition to achieve autonomous vehicles and increasing technological developments in vehicle connectivity field is expected to boost the vehicle telematics market
The global vehicle telematics market size is anticipated to attain a value of USD 231.62 Billion by 2025 growing at a CAGR of 24.7% during the forecast period 2018 to 2025.Vehicle telematics market growth can be attributed to increasing need to attain connected cars to achieve better passenger security and fuel efficiency. Vehicle telematics makes it easier for the insurance companies to track the driver behaviour and offer insurance solutions accordingly.
The global vehicle telematics market research report assesses market demand and scenario over the period from 2015 to 2025. The report highlights the historic trends between 2015 and 2017 and the 2019 to 2025 market forecast. The report studies both at global and country level the current status and future market prospects. The global market for vehicle telematics is segmented by type, bandwidth, vehicle type, product, provider and geography.
The report also throws light on various aspects of the vehicle telematics industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the vehicle telematics industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
Other prominent factors responsible for the market growth includes increasing competition in automotive players to launch a fully autonomous vehicle which is a combination of technologies such as vehicle telematics, V2x, and connected car. Besides that, favourable government regulations in some parts of the world have also triggered the demand for vehicle telematics systems in commercial and personal vehicles. For instance, In Europe and Russia E-call and GLONASS have been made mandatory by the government to increase security and safety of passengers. This will also improve and reduce the time taken by medical teams to respond in case of any emergencies.
Use of telematics in fleet and asset management is expected to be highest as compared to other solution segments, many fleet management companies along with others are incorporating telematics to track their vehicle fleets and assets. Advanced telematics-based solutions can be used to determine fuel usage and vehicle condition from anywhere and, on a real-time basis. The solution segment in the global automotive telematics market is categorized into fleet management, navigation & infotainment, remote diagnostics, safety & security, and others. Insurance telematics segment is expected to grow at the fastest CAGR of 24.8% over the forecast period. The increasing number of road traffic accidents and the introduction of stringent safety regulations are the key factors for this segment growth. Service requirements primarily depends upon the type of distance traveled, work and operating environment in the market.
The hardware segment is expected to have highest market share in the products category. The hardware used for telematics includes screens, control interface, sound system, measuring elements, modem, SIM cards, Wi-Fi, and cameras among others. Broadly, telematics hardware components can be classified as components for tracking, sensors, connection, and user-interface. The emerging trend of integrating vehicle telematics with smartphones, tablets, and smartwatches is expected to hamper the growth of the hardware market. Currently penetration of software products are low in vehicle telematics but with the growth of automotive technologies software usage is expected to increase in automotive industry. The telematics software products market is expected to grow at a CAGR of 37.5% during the forecast period.
Among all the regions, North America holds the highest market share in the global vehicle telematics market and is anticipated to maintain the share over the forecast period. In the year 2025 North America is expected to have a market share of almost 34% of global vehicle telematics market. Increasing private investments to create new telematics vehicle solutions and helpful government initiatives to incorporate advanced telematics in transportation is predicted to contribute towards expansion of this region. Vehicle telematics solutions have recorded high adoption rate in commercial vehicles, which is expected to have positive influences on the global vehicle telematics market growth.
The global vehicle telematics market is a highly fragmented industry with strong competition among the well-established and new emerging players. Players aim to gain an edge over the other players through innovative product development by investing high in R&D along with player acquisitions. Some of the prominent players in the global vehicle telematics market include LG Electronics Inc., BOSCH, Denso Corporation, HARMAN International Industries, Inc., Magneti Marelli S.p.A.,Visteon Corporation, Continental AG, Peiker Acustic GmbH & Co. KG, Fujitsu Ten Limited/DENSO Ten Limited, Novero, Ficosa International SA, Flaircomm Microelectronics, Inc., PTC, Inc., Huawei Investment & Holding Co., Ltd., TomTom NV, among others.
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On the basis of region, the global ai in telecommunication market size is classified as Asia Pacific, North America, Europe, and Latin America. Among these, the Asia Pacific region is anticipated to grasp the largest market share over forecast period, because of growing investment of initiative into ai in telecommunication industry.
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Globe Newswire: 12:07 GMT Wednesday 17th April 2019
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