Newark, June 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global telematics solution market is expected to grow from USD 36.72 billion in 2021 to USD 142.93 billion by 2030, at a CAGR of 16.3% during the forecast period 2022-2030.
Get Sample PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/12784
Telematics is a field that encompasses communication, road and health infrastructure, automobile infrastructural facilities, electrical engineering, and computer programming. Increased regulatory attempts to construct an integrated transport system, rising demand for mobile apps in automobiles, and automatic filling technologies are driving the market growth. The telematics market is defined as the combined use of communications and computing for sending, collecting, and storing knowledge in order to operate remote devices. With the widespread use of modern technology, the telematics industry has expanded to include car innovations, electrical engineering, computer programming, and many other fields. Telematics systems allow for the transfer of data gathered from various electronic control units (ECUs) installed in the vehicle to recognize signals and transmit them to a data center for monitoring and assessing vehicle performance against predefined parameters.
Wireless connectivity in autos, the manufacturing industry, and many other sectors are driving the telematics industry. The expansion of telematics industry has expanded several times as a result of the government's different measures for on-road public safety. Because of the shifting market environment, many critical organizations are modifying their business strategy and beginning to interact in a more cost-effective manner. Because of concerns about repair alerts, annual maintenance time, and total operating expenses, the rate of adoption of telematics systems is gradually increasing. During the projected period, the constant expansion in global vehicle production is also predicted to support the implementation of telematics systems in automobiles.
For more information in the analysis of this report, speak to research analyst: https://www.thebrainyinsights.com/report/telematics-solutions-market-12784
Key players operating in the global telematics solution market are L.G. Corp., Verizon Communications Inc., Robert Bosch GmbH, TomTom N.V., Visteon Corp., Continental AG, KKR & Co. Inc., Nexteer Automotive, Qualcomm, Harman International Industries Inc., among others. To enhance their market position in the global telematics solution market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, in December 2019, Avis Budget Group Inc. announced a collaboration with Verizon Communications Inc. to offer an all-in-one digital travel assistant specifically for Avis Budget Group Inc. and Payless Car Rental Inc. clients, utilizing Verizon's countrywide 4G Network service.
The fleet/asset management segment led the market in 2021 with a market share of around 16.32%.
The application segment is divided into fleet/asset management, infotainment system, navigation & location-based system, safety & security, insurance telematics, v2x, and others. The fleet/asset management segment led the market in 2021 with a market share of around 16.32%. Because prominent commercial vehicle fleetmanagers are the primary users of this particular application, fleet management companies would make the maintenance task schedule more accessible, increase driver safety, and give precise repair planning.
The passenger vehicle segment led the market in 2021 with a market share of around 35.12%.
The vehicle type segment is divided into passenger vehicle, heavy commercial vehicle, and light commercial vehicle. The passenger vehicle segment led the market in 2021 with a market share of around 35.12%. People in these nations choose to spend more on safety and comfort features since they have higher standards of living and discretionary cash. The increased demand for personality vehicles in advanced countries has prompted OEMs to adopt advanced telematics technology and services, which are likely to expand the passenger car industry.
The embedded segment led the market in 2021 with a market share of around 38.02%.
The form type segment is divided into tethered, embedded, and integrated. The embedded segment led the market in 2021 with a market share of around 38.02%. Many telematics solutions, such as eCall and remote patient monitoring, cannot be used effectively in the absence of an integrated connection solution in the vehicle.
Interested to Procure The Data? Inquire here at: https://www.thebrainyinsights.com/enquiry/buying-inquiry/12784
Regional Segment Analysis of the Telematics Solution Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global telematics solution market, with a market share of around 38.05% and 25.68 billion of the market revenue in 2021. Due to the presence of several significant players in this region, Asia-Pacific is the greatest contributor in terms of market revenue. This is due to increased competitiveness for insurance vulnerability assessment, driver behavior, and fleet management solutions in commercial cars. North America is predicted to be the fastest-growing market after the Asia-Pacific region. This growth is attributed to the advanced diagnostic system in the telematics solutions market.
Direct purchase a single user copy of the report: https://www.thebrainyinsights.com/buy-now/12784/single
About the report:
The global telematics solution market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
