Top key Players Associated to Fortune Business Insights™ are AirIQ Inc., OnStar Corporation LLC., ETAS Group, Agero Inc., WebTech Wireless Inc. and many more...
Pune, India -- (SBWIRE) -- 10/21/2020 -- The global vehicle telematics market size will witness substantial growth backed increasing awareness for vehicle safety in several economies. Fortune Business Insights, in its latest upcoming report, titled “Vehicle Telematics Market Size, Share & Industry Analysis, By Product Type (Embedded, Retrofitted), By End User Type (Transportation and Logistics, Insurance, Healthcare, Media & Entertainment), By Vehicle Type (PC, LCV, HCV) Others and Regional Forecast, 2019-2026.”, predicts positive growth for the market during the forecast period.
Telematics is a process that monitors the precise location and movement of a vehicle with the help of Global Positioning System (GPS) and in-vehicle diagnostic system. Additionally, it can be defined as a black box that stores the information in addition to recording every small movement of the vehicle during road accidents and fatalities. Furthermore, it is a safety feature that provides the driver and the passengers with roadside assistance at the push of a button during emergencies.
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What does the Report Include?
The vehicle telematics market report includes detailed information on the growth parameters such as the drivers, challenges, opportunities, and restraints that the market will go through during the forecast period. Furthermore, it provides qualitative and quantitative details
About the regional demographics present in the market.
Moreover, the competitive landscape includes in-depth information of the companies proliferating in the market and the strategies such as mergers and acquisitions, product launches, and collaborations adopted by them to gain market presence. The information is obtained by trusted sources using various research methodologies by our lead analyst that will contribute to the growth of the market between 2019 and 2026.
Drivers and Restraints:
Increasing Incidents of Thefts Will Strengthen Demand
According to the data from The Interpol, in 2018, about 143,000 motor vehicle thefts were registered in the database across the globe. Furthermore, cars that were stolen in Europe were reported to be found as far as Australia, and South America. Increasing incidents of thefts have made it mandatory for the auto manufacturers to include telematics in the vehicles to prevent vehicle loss.
This is expected to drive the growth of the market during the forecast period. In addition to this, government initiatives to make transportation more efficient will contribute to the growth of the market in the forthcoming years.
North America to be Dominant; Presence of Major Companies to Promote Growth
As per the demographics, the market is segmented into different regions such as North America, Europe, Asia-Pacific, and the rest of the world. Among the regions, North America is expected to be at the forefront during the projected horizon. This is ascribable to factors such as presence of major companies and high investments in R&D activities to develop advanced products.
The market in Asia-Pacific will witness significant growth owing to rising opportunities for local players to manufacture advanced telematics products. On the other hand, the market in Europe is likely to expand and be the second-most leading region during the forecast period. This is attributable to factors such as strict government regulations regarding passenger safety that will contribute to the growth of the market in the forthcoming years.
Companies Focus on Aftersales Services to Augur Growth
The key players operating in the market are focusing on aftersales services to gain market stronghold. For instance, a report from Confederation of Indian Industry (CII) states that, the Indian aftersales services has witnessed growth at a rate of 14% CAGR for the year 2014-2019. The report further states that the aftersales services is expected to touch around Rs. 75,000 crores by the year 2020.
The companies with emergence of technology are using IOT and AI solutions such as telematics to seek information on real-time data for the vehicle. The telematics devices that are equipped with machine learning capabilities identify problems within the vehicle to enable seamless and efficient after service.
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List of Companies Proliferating in the Market:
- AirIQ Inc.
- OnStar Corporation LLC.
- ETAS Group
- Agero Inc.
- WebTech Wireless Inc.
- Qualcomm Inc.
- DigiCore Holdings Ltd.
- Wireless Matrix Corporation
- Trimble Transport & Logistics
- Minda Corporation Ltd.
- Among the others.