Telematics Market Growth, Size, Share and Forecast 2020-2026


Posted June 15, 2020 by globalomr

Global Telematics Market Size, Share & Trends Analysis Report, By Type (Hardware and Software & Services), By Sales Channel (OEM and Aftermarket), By Connectivity Solution, By Vehicle Type and Forecast, 2020-2026

 
The telematics market is expected to grow at a lucrative growth rate at a CAGR of around 17% during the forecast period. Telematics is used to monitor the location and movement of the vehicles by the application of GPS and on-board diagnostics systems. It is highly used by automotive fleet management companies and insurance companies to monitor the behavior of the driver. It can be integrated with the existing applications and systems of the vehicle for all fleet sizes.

Telematics is widely used for vehicle tracking. Vehicles can be tracked by the use of a combination of GPS satellites and receivers, GPRS networks, and cloud computing. The GPS receiver gets information from GPS satellites and processes it for application usage including driver GPS navigation systems. Moreover, it also transmits the information to the web servers which can be used at the office for future references. For trailers and asset tracking, GPS trackers are used to ensuring the safety of the vehicle as they don't go missing. In addition, it is also used to reroute drivers to stationary trailers. Moreover, an alert system can be also being set up to the authorities' mobile devices when the trailer or asset is moved without authorization.

A full report of Global Telematics Market is available at: https://www.omrglobal.com/industry-reports/telematics-market

Telematics also provide a significant application to the insurance companies. The insurance companies use telematics to monitor driver behavior, which allows the company to calculate risk factors with more accuracy and can adjust insurance premiums accordingly. By the use of telematics, most of the major insurance companies are offering usage-based insurance (UBI) policies to their customers. The UBI programs are growing with an exponential growth rate all across the globe. As per Insurance & Mobility Solutions, the UBI polices has reached to around 20 million in the US in 2018. As the hardware related to UBI is expensive, insurance companies are further investing time and resources to develop smartphone telematics, by the use of driver’s own cell phone.

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Telematics also aids to improve the maintenance and safety of the vehicle. By the use of telematics, the vehicle’s predictive maintenance can be managed which will improve the asset lifecycle management of the fleet companies. The operators can easily track warranty recovery, engine hour tracking, and service records tracking. Another vital aspect offered by the fleet telematics is safety. Fleet telematics monitor vehicle speed and location along with harsh driving events and seat belt use. With the analysis of every aspect of vehicle operations, areas of improvement can be finding out which can prevent accidents in the future. A major disadvantage of the fleet telematics is the additional cost associated with it however with the proper usage, the hidden cost can be eliminated which provides greater productivity and efficiency with considerable ROI.

Global Telematics Market- Segmentation

By Type

• Hardware
• Software & Services

By Sales Channel

• OEM
• Aftermarket

By Connectivity Solution

• Embedded Solution
• Integrated Solution
• Tethered Solution

By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle
• Other

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Global Telematics Market– Segment by Region  

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Actsoft, Inc.
• Agero Inc.
• BSM Technologies Inc.
• CalAmp Corp.
• Daimler AG
• Cisco Systems, Inc.
• Geotab Inc.
• Masternaut Ltd.
• Mix Telematics Ltd.
• HERE Global B.V.
• Octo Group S.p.A
• Omnitracs, LLC
• OnStar Corp.
• ORBCOMM Inc.
• Tantalum Corp.
• Telit IoT Platforms, LLC
• Tomtom International BV
• Trimble Inc.
• WirelessCar AB
• Verizon Wireless Inc.
• Wex Inc.

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Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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Last Updated June 15, 2020