According to a latest report published by Research Dive, the global telematics solutions market is estimated to rise at a CAGR of 16.3% and generate US$ 82,977.4 million in the forecast period from 2020 to 2027.
The Asia Pacific market for telematics solutions is predicted to lead the market owing to the rise in competition in countries like China, South Korea, and Japan for driver conduct, insurance risk evaluation, and fleet management services in commercial vehicles.
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The gradual growth and rising demand for logistics and transport is the significant factor predicted to boost the growth of the global telematics solutions market during the forecast period. Moreover, a decrease in accident rates coupled with lowering transportation control costs is another factor to propel the market growth by 2027. Conversely, the risks involved with data hacking such as connection risks, theft of personal data, and others is the predicted to be a major threat for the market growth. Furthermore, the increasing technological advancements in automated vehicles and electric cars is likely to create enormous growth opportunities in the global market in the coming future.
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Key Segment Findings of the Market:
The report segments the global telematics solutions market by Vehicle Type, Applications, Offering Type, End Users, and Region.
- By vehicle type, the global market is classified into heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Of these, the passenger vehicle segment is expected to subjugate the market in terms of shares owing to growing competition for telematics systems.
- Based on offering type, the global industry is bifurcated into services and hardware. Of these, the services segment is estimated to grow at the fastest rate by 2027 owing to increasing environmental concerns along with rising awareness regarding usage of renewal energy sources.
- By application, the global industry is categorized navigation & location-based system, fleet/asset management, infotainment system, safety & security, insurance telematics, V2X, and others. Of these, the fleet/asset management segment is anticipated to lead market by 2027 as it is is primarily used by large commercial vehicle fleet operators.
- Based on end-user, the global market is classified into healthcare & insurance, automobile, media & entertainment, government agencies, vehicle manufacturing/dealers, and others. Of these, the automobile segment is expected to account for majority of share in the market mainly due to the stringent government regulations and improved road protection fitted with security networks.
- Geographically, the North America telematics solutions market is anticipated to grow at the fastest rate in the forecast period owing to due to the existence of advanced diagnostic system in the telematics solutions in the region.
Key Market Players
The major players operating in the global telematics solutions market are
- Robert Bosch GmbH,
- LG Corp.,
- Verizon Communications Inc.,
- TomTom N.V.,
- Continental AG,
- Visteon Corp.,
- KKR & Co. Inc.,
- Harman International Industries Inc.,
- Nexteer Automotive.
Further, the report outlines various aspects of all these industry players such as recent strategic moves & developments, SWOT analysis, product portfolio, and financial performance.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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