Telematics Market Size and Growth Rate:
The Global Telematics market Size is expected to grow at a CAGR of 28.5% during the forecast period 2018-2022 leading to global revenue of USD 233.24 billion by 2022
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Telematics Market Growth Drivers and Restraints:
The telematics market is majorly driven by certain factors such as increasing demand of rising implementation of renewable sources of energy in electric vehicles, increasing information and communication technology and telecommunication in various industrial sectors, wireless connectivity in automobiles, and initiatives by the government for on-road public safety. Many of the prominent vendors are bringing about changes in their business strategy to effectively deal with this market. The companies are going through different product development, mergers, and acquisitions. The global telematics market is estimated to grow at a promising rate in the upcoming years.
The growing use of telematics in the automotive insurance industry is the key trend observed in the global market. The major restraints in the growth of the industry include rising hacking activities in automobiles, high cost of telematics equipment, and poor internet connectivity in the developing countries.
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Telematics Market Geographical Segmentation:
Geographical analysis of telematics market marks the study for regions like Europe, North America, Asia Pacific including Australia and New Zealand, and rest of the world including the Middle East and Africa, and Southern America. The market is frequently overlooked due to the special approval rate of technology in North America. The U.S. provides a major portion to this extension, especially in telematics. Moreover, the rising demand for premium cars with advanced safety and comfort features has driven high growth in the world market.
Although the technology is still developing, the companies including various start-ups have begun conducting experiments on the road and have also partnered with telecommunication service providers to accomplish the task. North America is strictly joined by Europe, which is a leader considering the automobile industry. North America and Europe are the technologically advanced regions, and the major factor affecting the growth of this market with the growing application of analytics in industries like supply chain, and logistics, transportation, retail, healthcare, automotive,and IT &telecommunication, and is increasing deployment of advanced telematics features in the end product. Asia-Pacific is supposed to be the fastest growing region due to building initiatives by the government. During 2017, North America accounted for the largest share in the global telematics market.
Keyplayers of the Telematics Market:
Some of the key players operating in the world market include Daimler Fleetboard GmbH, Fleet Complete, Cartrack, Daimler Fleetboard GmbH, Fleet Complete, Geotab Inc., Limited, Mix Telematics, Navistar Inc., Microlise, Masternaut Omnitracs, TomTom International BV, Trimble Inc., Verizon Connect, Zonar Systems, and others.
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