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. Telematics is currently being employed across numerous sectors for proper transport and logistics by utilizing the possibilities of communications and information technology. The application’s focus has recently switched from car tracking and navigation to solutions aimed at drivers and their safety. Telematics systems assist in reducing unintentional events, speeding citations, and unavailability by tracking driving behavior, vehicle condition, and service intervals. Telematics software, which is used by international managing risk, insurance brokerage, and advising firms, can assist minimize high-risk behaviors among young drivers, cutting claims expenses in this age group to a bare minimum. Because of this ability in consumer and driver security applications, the development and use of advanced driving assistance systems (ADAS) and solutions is increasing.
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The fleet/asset management segment dominated the market with a market share of 16.32% in 2021.
The application segment of telematics solution market is divided into fleet/asset management, infotainment system, navigation & location-based system, safety & security, insurance telematics, V2X, and others. In 2021, fleet/asset management dominated the market with a market share of 16.32% and a market revenue of 10.88 billion. As a result of lower corporate operating costs and improved fuel efficiency, fleet management software aids in the fluent operation of a business by creating a plan for more efficient routes, lowering extra fuel consumption, as well as eliminating unsafe driving practices by understanding the causes. Users may utilize fleet management systems to find business cars on demand, collect and record engine diagnostic data, and identify unsafe driving patterns, including speeding, forceful braking, and idling. This data is very much crucial to organizations since it enables them to reduce expenses throughout their operations.
The passenger vehicle segment dominated the market with a market share of 35.12% in 2021.
The vehicle type of telematics solution market segment is divided into passenger vehicles, heavy commercial vehicles, and light commercial vehicles. In 2021, passenger vehicles dominated the market with a market share of 35.12% and market revenue of 23.43 billion because of a growth in demand for telematics services for safety and convenience. The United States, Canada, and the majority of Europe are financially successful, with a high quality of living and expendable cash, which drives the market for high telematics services and connection solutions. The availability of infrastructure in such nations attracts global OEMs and Tier 1 to test and create additional telematics services for autonomous vehicles. Furthermore, favorable government rules enable them to test cars on the road.
The embedded form type dominated the market with a market share of 38.02% in 2021
The form type segment of telematics solution market is divided into tethered, embedded, and integrated. The embedded form type dominated the market with a market share of 38.02% and market revenue of 25.36 billion in 2021. Various disruptive objective such as government regulations, cost management of service contracts, and the expansion of cloud-based services are credited to the emergence of embedded telematics systems. The primary driver of the rise of embedded connectivity is government restrictions. Many telematics services, such as eCall and remote diagnostics, cannot be adequately utilized without an embedded connectivity solution in the automobile, which is driving the popularity of embedded connectivity.
Regional Segmentation Analysis:
The market is analyzed based on five regions, namely Europe, North America, Asia Pacific, South America, and Middle East, and Africa. Asia Pacific region emerged as the largest market for the global telematics solution market, with 25.68 billion of the market revenue and with a market share of 38.5% in 2021.
Competitive Analysis:
The major players in the market include LG Corp., Verizon Communications Inc., Robert Bosch GmbH, TomTom N.V., Visteon Corp., Continental AG, KKR & Co. Inc., Nexteer Automotive, Qualcomm and Harman International Industries Inc., among others.
Get more information from Press Release @ Telematics Solutions Market Size to Surpass US$ 142.93 Billion by 2030 | The Brainy Insights
