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The global automotive telematics market size is poised to reach a value of $152.7 billion by 2024, rising at a growth of 23% CAGR during the forecast period. Vehicle Telematics system is an automatic system designed for vehicles that incorporates some form of cellular communication. The telematics for vehicles started in 1980's, for tracking of stolen cars with the help of radio frequency communication using unlicensed frequency bands. Telematics are information and telecommunication products that combine computers and telecommunication services for transferring large amounts of data in vehicles in real-time. All major automotive manufacturers across the globe are now concentrating on developing and implementing the Telematics concept into their vehicles. Vehicles manufactured today offer unique connectivity solutions for better monitoring and tracking. The market is driven by increased market penetration of smart phones, lowered connectivity cost, availability of high speed internet technologies such as LTE, greater governmental mandate in terms of safety compliance mandates, road infrastructure constraints, and driver monitoring etc. The global telematics market covers all the connectivity platforms and solutions used for providing internet service within a vehicle through the application of telematics.
There are major advantages of using telematics technology in automotive, and the most notable among the advantages would be its road safety benefits. Information gathered from telematics can be used to detect harsh braking, aggressive driving, speeding vehicles, and identify locations where accidents occur on a frequent basis. Another notable benefit would be reduced carbon emissions upon adoption of telematics in vehicles. Nowadays, businesses consider safety as the primary driver, but the growing number of fleets is shifting their priority toward fuel efficiency and carbon footprint. Telematics is the best technology available for the automotive industry as it can help in reducing fuel by improving route choices, tracking and managing speed an idling time, and maintaining performance of the vehicle engine.
The overall telematics market is bifurcated into commercial and consumer telematics market. For this report, commercial segment includes light, medium and heavy commercial v0ehicle; consumer includes passenger cars. The various applications, products and services related to telematics, in the vehicle, are discussed in this report. The report covers type of telematics which is incorporated in the vehicles. The application segment in the report includes is further categorized into solutions and services. Solutions include fleetasset management, navigation, insurance, infotainment, tele ? health and others (V2V and V2I, and remote alarm and monitoring). The services segment includes design and consulting, maintenance & training and integration & deployment.
This report also covers the various end users for telematics which include logistics and transportation, individuals and car rental companies, insurance, healthcare, media & entertainment, automotive manufacturers and dealers and Government security agencies. Based on region, Automotive Telematics market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in the global Automotive Telematics market in 2015. LAMEA would witness highest CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Automotive Telematics market. Key companies profiled in the report include Verizon Communications Inc., AT&T Inc., Ford Motor Company, BMW AG Robert Bosch GmbH, Valeo S.A, Harman International Industries, Incorporated, Vodafone Group Plc and TELEF?NICA, S.A.