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Oct 7, 2019 3:15 PM ET

Telematics Solutions Market Share, Future Outlook by 2022


iCrowd Newswire - Oct 7, 2019

Telematics Solutions Market for On & Off-Highway (Services-ACN, eCall, Navigation, RVD, On-Road Assistance, Tracking, Fuel Management, Maintenance, & Diagnostics), Form Factor, Hardware, Equipment Type, Technology, Aftermarket & Region – Forecast to 2022“, The Telematics Solutions Market for on & off-highway vehicles is projected to grow at a CAGR of 14.37% from 2017 to 2022, to reach a market size of USD 40.84 Billion by 2022 from USD 17.78 Billion in 2016. 

The growing number of regulatory mandates for vehicle safety and security is driving the growth of this market. The regulations that are projected to influence the global market include automatic crash notification, eCall, remote diagnostics, on-road assistance, and vehicle tracking. Alternatively, increasing consumer demand is projected to drive the market for services such as infotainment and navigation. The market for off-highway telematics solutions is projected to be driven by the increase in demand for fleet management services such as fuel management, maintenance, and location tracking among others.

The telematics solutions market for on & off-highway vehicles is dominated by a few globally established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), LG Electronics (South Korea), Verizon (U.S.), Harman International (U.S.), and Qualcomm Technologies, Inc. (U.S.).

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The North America region is projected to be largest market for telematics solutions from 2017 to 2022. The market growth can be attributed to the presence of prominent OEMs [General Motors (U.S.) & Ford Motor Company (U.S.)], strategic alliances, exceptional communication infrastructure and higher adoption rate of technological advancements and innovations witnessing the increased demand of premium cars with advanced safety and comfort features. These premium cars are equipped with telematics solutions to enhance user experience. Also, telematics solutions are being gradually adopted in commercial vehicles to enhance safety. For instance, Volvo Trucks (U.S.), Freightliner (U.S.), and Peterbilt (U.S.) are offering telematics solutions for navigation, vehicle monitoring and diagnostics to optimize the performance. The other factor such as electronic logging device (ELD) mandate, Dedicated Short Range Communication (DSRC) mandate for LCV and increasing government funds for transport infrastructure. From 2014 onwards, the U.S. Department of Transportation (U.S. DOT) increased the transportation budget from USD 2.5 Billion to USD 3.0 billion annually. On the other hand, the continuous development by telematics solutions vendor such as Telogis Inc, Orbcomm Inc for off-highway vehicles will allow sustainable growth in the coming years

Infotainment and navigation are estimated to have the largest share of this market for on-highway vehicles. The growth of this segment is driven by rising consumer demand and increasing adoption by automotive OEMs. Also, the improvements in processing capabilities of the telematics control unit (TCU) have led to the inclusion of features such as an interactive voice-based command interface for accessing in-vehicle features. With the rising number of developments in the field of semi-autonomous vehicles, premium car manufacturers are offering advanced driver safety features along with 3D navigation services. In addition, most of the new passenger cars offer a free trial for infotainment services. However, the renewal of the subscription plan is required once the free trial period is over. Continuous infrastructural developments and the rising demand for traffic and routing information are also expected to drive the global market for infotainment and navigation services.

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The embedded form factor dominates the global market and is expected to remain the largest and fastest-growing segment during the review period. This can be attributed to passenger safety, improved user experience, and vehicular data privacy. In 2016, the European Union (EU) adopted the General Data Protection Act. The European Automobile Manufacturers’ Association (ACEA) has lauded this move by the EU as it helps to address problems related to data security and accessibility of vehicle information by a third party. Additionally, embedded solutions offer faster and reliable data communication between the vehicle and infrastructure, which reduces the turnaround time and improves process efficiency. All these factors have contributed to the market share of the embedded telematics solutions for on-highway vehicles.

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Keywords:    Telematics Solutions Market, Automotive Telematics Market

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