Pune, Sept. 29, 2020 (GLOBE NEWSWIRE) -- The global vehicle telematics market size is projected to reach USD 144.47 billion by the end of 2027. The massive investments in software-based telematics and the increasing smartphone penetration will emerge in favor of market growth. The strict regulations associated with the use of telematics in several countries across the globe will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Vehicle Telematics Market Size, Share & COVID-19 Impact Analysis, By Technology Type (Embedded, Tethered, and Integrated), By Sales Type (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027,” the market was worth USD 115.49 billion in 2019 and will exhibit a CAGR of 8.4% during the forecast period 2020-2027.
Vehicle telematics is the combination of telecommunications and information technology tools. The concept can be used to track and monitor the location of vehicles along with several other large scale applications. Recent advances in telematics have enabled flexibility in the applications of the product, with massive investments contributing to the wider adoption of the concept across the world. The increasing adoption of the product across the world is consequential to the strict regulations associated with the use, implemented by government organizations across the world. The presence of several large scale companies will have a massive impact on the growth of the overall market in the coming years. Moreover, the increasing adoption of electric vehicles will also emerge in favor of market growth.
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List of the Leading Companies Profiled in the Global Vehicle Telematics Market are:
- Bosch Connected Devices and Solutions GmbH (Gerlingen, Germany)
- Webfleet Solutions B.V. (Amsterdam, North Holland)
- MiX Telematics (Florida, USA)
- Trimble Inc. (California, USA)
- Verizon (Atlanta, Georgia, USA)
- Zonar Systems (Seattle, USA)
- Octo Group S.p.A (London, England)
- Inseego Corp. (San Diego, California, USA)
- PTC (Boston. Massachusetts, USA)
- Microlise Telematics Pvt. Ltd. (Nottingham, England)
- Omnitracs (Dallas, Texas, USA)
- Masternaut Limited. (London, England)
Decline in Vehicle Sales to Affect Growth of the Market During the Covid-19 Pandemic
The recent coronavirus outbreak has had a severe impact on several businesses across the world. The measures taken to curb the spread of the disease have affected several businesses across diverse industries. The practises that have adapted to minimize the effects of the pandemic have unfortunately affected most businesses in the SME category. With most companies implementing work-from-home policies, there has been a decrease in the use as well as sale of all types of vehicles. Additionally, the hesitancy in spending and restricted expenditures will affect the growth of the overall vehicle telematics market in the coming years.
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Constant Product Innovations will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing product innovations has had the highest impact on market growth. With most companies focusing on introducing innovative products, there is a healthy market competition across the globe. The presence of several large scale manufacturers will subsequently influence the growth of the market in the coming years. In September 2017, Goodyear announced the launch of new telematics fleets. The company introduced smart tire solutions for semi-autonomous electric vehicle fleets, a step that is consequential to the rising demand for telematics across the world. The company has a strong brand presence and this concept will help the company widen its customer range across the globe.
North America to Emerge Dominant; Increasing Production of Commercial Vehicles will Bode well for Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The efforts taken to maximize the use of sustainable energy, accounting to rising environmental concerns, will bode well for the growth of the regional market.
The market in Asia Pacific will also rise considerably owing to the presence of several large scale companies, along with the increasing use of electric vehicles, coupled with the adoption of telematics in electric vehicles. As of 2019, the market in North America was worth USD 35.14 billion and this value is projected to rise at a considerable pace in the coming years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- COVID-19 Impact
- Global Vehicle Telematics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Technology Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Sales Type
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
Key Industry Development:
December 2019: Octo announced that it has completed the acquisition of Nebula Systems. Through this acquisition, the company will look to enhance its diagnostic solutions associated with vehicle telematics.
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Have a Look at Related Research Insights:
Electric Vehicle Telematics Market Size, Share & Industry Analysis, By Type (embedded, retrofitted), By Market (OEMs, aftermarket), By Application (safety & security, entertainment, information & navigation, diagnostics, others), and Regional Forecasts, 2019-2026
Connected Car Market Size, Share & Industry Analysis, By Service (Mobility, Telematics, Infotainment, Driver Assistance), By Connectivity (Embedded, Tethered, Integrated), By Vehicle (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), and Regional Forecasts, 2019-2026
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