Vehicle Telematics Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
Vehicle Telematics Market size is projected toreach USD 144.47 billion by the end of 2027. The massive investments insoftware-based telematics and the increasing smartphone penetration will emergein favor of market growth. The strict regulations associated with the use oftelematics in several countries across the globe will emerge in favor of marketgrowth.
According to a report published by Fortune BusinessInsights, titled “Vehicle Telematics Market Size, Share& COVID-19 Impact Analysis, By Technology Type (Embedded, Tethered, andIntegrated), By Sales Type (OEM and Aftermarket), By Vehicle Type (PassengerCars and Commercial Vehicles) and Regional Forecasts, 2020-2027,” themarket 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 oftelecommunications and information technology tools. The concept can be used totrack and monitor the location of vehicles along with several other large scaleapplications. Recent advances in telematics have enabled flexibility in theapplications of the product, with massive investments contributing to the wideradoption of the concept across the world. The increasing adoption of theproduct across the world is consequential to the strict regulations associatedwith the use, implemented by government organizations across the world. Thepresence of several large scale companies will have a massive impact on thegrowth of the overall market in the coming years. Moreover, the increasingadoption of electric vehicles will also emerge in favor of market growth.
Decline in Vehicle Sales to Affect Growth of theMarket During the Covid-19 Pandemic
The recent coronavirus outbreak has had a severeimpact on several businesses across the world. The measures taken to curb thespread of the disease have affected several businesses across diverseindustries. The practises that have adapted to minimize the effects of thepandemic have unfortunately affected most businesses in the SME category. Withmost companies implementing work-from-home policies, there has been a decreasein the use as well as sale of all types of vehicles. Additionally, thehesitancy in spending and restricted expenditures will affect the growth of theoverall vehicle telematics market in the coming years.
Constant Product Innovations will Provide Impetusto Market Growth
The report encompasses several factors that havecontributed to the growth of the market in recent years. Among all factors, theincreasing product innovations has had the highest impact on market growth.With most companies focusing on introducing innovative products, there is ahealthy market competition across the globe. The presence of several largescale manufacturers will subsequently influence the growth of the market in thecoming years. In September 2017, Goodyear announced the launch of newtelematics fleets. The company introduced smart tire solutions forsemi-autonomous electric vehicle fleets, a step that is consequential to therising demand for telematics across the world. The company has a strong brandpresence and this concept will help the company widen its customer range acrossthe globe.
North America to Emerge Dominant; IncreasingProduction of Commercial Vehicles will Bode well for Market Growth
The report analyses the ongoing market trendsacross five major regions, including North America, Latin America, Europe, AsiaPacific, and the Middle East and Africa. Among all regions, the market in NorthAmerica is projected to emerge dominant in the coming years. The effortstaken to maximize the use of sustainable energy, accounting to rising environmentalconcerns, will bode well for the growth of the regional market.
The market in Asia Pacific will also riseconsiderably owing to the presence of several large scale companies, along withthe increasing use of electric vehicles, coupled with the adoption oftelematics in electric vehicles. As of 2019, the market in North America wasworth USD 35.14 billion and this value is projected to rise at a considerablepace in the coming years.
List of the Leading Companies Profiled in theGlobal 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)
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 diagnosticsolutions associated with vehicle telematics.
Browse Detailed Summary of Research Report WithTOC:
https://www.fortunebusinessinsights.com/vehicle-telematics-market-102071
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…!
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