Global Automotive Telematics Market 2018-2022
About Automotive Telematics
Telematics systems deal with communication (sending, receiving, and storing information) regarding the vehicle. They also collect information from different on-board sensors, such as vehicle speed, braking system, ADAS, airbags, and transmission control system.
Technavio’s analysts forecast the global automotive telematics market to grow at a CAGR of 17.70% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive telematics market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Telematics Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive telematics market: Agero, Airbiquity, Continental, Verizon, Visteon, and TomTom International.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing popularity of API. Modem fleets are operated with more than one system, which requires information sharing across platforms. This information sharing makes data the most powerful tool to gain quicker insights.”
According to the report, one driver in the market is adoption of telematics enables UBI for insurance cost saving. Regulations play a critical part in the adoption of insurance in the automotive market. Regulations for mandatory motor insurance are increasing the adoption of UBI, which allows insurers to create a risk profile for individual customers based on real-time driving behavior tracked by on-board unit. UBI benefits both insurers and drivers.
Further, the report states that one challenge in the market is high cost associated with telematics services. Initial costs when setting up telematics include license, setup, and installation fee, in addition to the payment for customization and integration with current systems. Additionally, the license fee has to be renewed periodically, which adds to the overall cost.
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