Global Passenger Vehicle Telematics Market 2018-2022
About Passenger Vehicle Telematics
Telematics system is a device which deals with communication (sending, receiving, and storing information) regarding the vehicle and other parameters. The telematics system collects information from different onboard sensors, such as vehicle speed, braking system, ADAS, airbags, transmission control system and many other systems.
Technavio’s analysts forecast the global passenger vehicle telematics market to grow at a CAGR of 23.57% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global passenger vehicle telematics market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of passenger vehicle telematics.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Passenger Vehicle Telematics Market 2018-2022
Technavio recognizes the following companies as the key players in the global passenger vehicle telematics market: Agero, Airbiquity, Bosch, Continental, and Visteon
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is introduction of usage based insurance (UBI) to the customers by insurance companies. In UBI, insurance companies can calculate the insurance premium for their clients in accordance to the usage rate of the vehicle. The automotive telematics system provides insurance companies a clear idea of a person's driving pattern that was earlier estimated using gender, age, marital status, and experience. The implementation of telematics assisted UBI also assists the customers to lessen their premium rates by adopting safe driving.”
According to the report, one of the major drivers for this market is OEM push for embedded telematics systems in BRIC nations. Embedded telematics systems market is dominated by developed regions like Europe and North America. Embedded connectivity provides the advantage of data reliability as it is connected 24x7. However, the same is not true for tethered and smartphone integration solutions where the connectivity of the device depends on the user. As a result, regulatory bodies will pass legislations in future to encourage installation of embedded telematics in passenger vehicles. This will lead to increased adoption of embedded telematics in the automotive industry.
Further, the report states that one of the major factors hindering the growth of this market is Data security in telematics industry. Previously, most M2M communications used proprietary protocols or private networks for connectivity. However, increasing demand for connectivity has forced the players in the automotive industry to provide internet connectivity in their offerings. The major focus of the service providers is on the functional requirements of telematics devices. As a result, the automotive industry has neglected many non-functional requirements of the system like data security.
Agero, Airbiquity, Bosch,Continental, and Visteon