Global Vehicle Telematics Market Projected to be Worth US$104.10 bn by 2025 as Road Safety Becomes Paramount
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Global Vehicle Telematics Market: Drivers and Restraints
The global vehicle telematics market will witness significant growth due to the growing security and safety concerns about vehicles amongst users. Rising use of tablets and smartphones that are enabled with GPS units are also driving the market in top gear. The demand for vehicle telematics is growing because of the safety and the security of the passenger, car, and driver. The market is estimated to capitalize the growth by installing original equipment manufacturer (OEM) solutions for developing smart cars, which uses the telematics to provide better results. Stringent government regulations favoring the use of vehicle telematics will further create a positive impact on the growth of the market during the forecast period.
However, the high cost of investment for the installation of telematics in vehicles will hamper the growth of the market over the forecast period.
Global Vehicle Telematics Market: Segment Analysis
The global vehicle telematics market is segmented into applications and product type. The application segment is segmented into passenger vehicles and commercial vehicles. Based on the product type, the market is segmented into V2X, fleet/asset management, remote alarm & incident monitoring solutions, navigation& location-based systems, safety & security, infotainment systems, and insurance telematics
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Global Vehicle Telematics Market: Forecast by Geography
Asia Pacific is the leading market for vehicle telematics across the world as the region boasts a strong presence of autonomous industries in this region. Europe is also expected to grab a remarkable market share due to the growing adoption of innovative technology in the automotive sectors.
Global Vehicle Telematics Market: Leading Players
Mix Telematics, Aptiv PLC, Arvento, LeasePlan, Michelin, ALD Automotive, Continental, Visteon Corporation, TomTom, Telefonica S.A, Emkay, Vodafone Group Plc. Octo, Alphabet, Harman International industries, Robert Bosch Gmbh, Omnitracs, Valeo S.A, Athlon, Trimble, AT&T, and ARI are the key companies that are operating in the global vehicle telematics market.
Global Vehicle Telematics Market: Competitive Landscape
The companies are focusing on innovative technologies with new apps for grabbing and creating opportunities. For instance, ALD Automotive has launched its new application in October 2018, known as My ALD app for the consumers who are driving the ALD cars. This app is designed with better features and interface that helps in providing a smooth ride to the consumers with a better experience that is inclusive of a quick response to repair shops, tire shops, service stations, and other assistance.
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