CHICAGO, April 6, 2020 /PRNewswire/ -- According to the new market research report "Telematics Solutions Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing & Other), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region - Global Forecast to 2025", published by MarketsandMarkets™, the Telematics Solutions Market is projected to reach USD 62.6 billion by 2025 from an estimated USD 29.9 billion in 2020 at a CAGR of 15.9% during the forecast period.
The Telematics Solutions Market growth is governed by the increasing trend of in-vehicle connectivity solutions and government initiatives towards developments in intelligent transportation systems & connected cars. The market growth is also supported by the continual improvement in network infrastructure along with increasing technology acceptance among the consumers. Therefore, the Telematics Solutions Market is expected to witness significant growth in the future.
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Fleet Management Market is expected to grow at the fastest CAGR by service segment.
Fleet Management market is driven by the continuous increase in the demand for logistics and transport. Large commercial vehicle fleet owners mainly use this kind of service. The determiners of the segment growth are growing need for operational efficiency, cost reduction and better overall management of fleet and resources. With fleet management, organizations can have better access to plan maintenance of vehicles, enhanced driver safety, proper routing of fleets that can all ultimately lead to effective operations of the fleet. Adding to that, vehicle connectivity and smart transportation are increasingly helping organizations to ensure safe operations of the fleets. Fleet management also helps in higher efficiency, consistent performances and ultimately reduced costs. Currently, the market is mainly concentrated in North America and Europe.
Embedded System is expected to lead the market during the forecast period
The regulatory mandates in the EU drive the embedded telematics segment growth. EU has recently mandated that all new car models in member states must have integrated telematics as part of its European eCall system, connecting a vehicle to emergency services following a collision and providing location and impact information. Similar mandates are expected to be followed by other countries in the future. The embedded telematics segment growth in the long term is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and an increase in cloud-based services. By 2025, the embedded form of connectivity is estimated to dominate the market with largest market share.
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Asia Pacific region is expected to lead the OE market during the forecast period.
One of the critical drivers for the Asia Pacific market is the increased demand for fleet management and navigation services, particularly in China, Japan, India and South Korea. The tech-savvy populations in these countries are now getting more inclined towards connected driving experience. The demand for telematics in the Asia Pacific is significantly driven by strong economic growth, ongoing advancement in the automotive sector and rapid urbanization. As safety regulations have been made in Japan and South Korea, the demand for telematics in these countries is anticipated to increase in coming years.
Owing to favorable government initiatives, telecom infrastructure has registered significant growth in APAC. For instance, the installation of telematics systems and satellite positioning in commercial vehicles has been made mandatory by the Chinese government. Moreover, increasing smartphone penetration is likely to create a strong base for telematics. In 2017, the Chinese Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) issued a draft to establish national standards for China's Intelligent & Connected Vehicles (ICV). Due to the growing population and vehicle demand, China is expected to introduce vehicle and road safety regulations. Baidu and Alibaba which are the biggest technology companies in China, are pushing to develop platforms for telematics services. Moreover, the Japanese automotive companies are also inventing and implementing telematics services and solutions. In 2019, Airbiquity announced it had become a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.
The Global Telematics Solutions Market is dominated by major players such as Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US).Browse Related Reports:
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