Mar 7, 2019
WiseGuyReports.com adds Consumer Telematics Systems Market 2019 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting 2026 reports to its database.
Pune, India - March 7, 2019 /MarketersMedia/ —
Consumer Telematics Systems Market:
Executive Summary
Telematics is a segment of information technology which integrates computers and other wireless networks with the aim of transferring information over a wide range of systems. It helps to move data from one vehicle to another vehicle. Improved safety, reduced costs of labor and enhanced productivity are the significant advantages of Telematics. Telematics finds its primary use in various industries like healthcare, construction, oil and gas, media and entertainment and others.
Global Consumer Telematics Systems Market Market Dynamics
Increasing penetration of smartphones, rising automotive sales, government regulations on passenger safety, widespread internet connectivity, the evolution of high-speed internet services like 4G LTE, and growing demand for infotainment systems in vehicles are the key factors responsible for boosting the growth of the global consumer telematics market.
Consumer telematics are majorly used in the automotive segment for the transfer and sharing of information among the vehicle. The rising automotive sales across the world is one of the critical factors responsible for the growth of the consumer telematics market. According to the International Organization of Motor Vehicles Manufacturers (OICA), 96.8 million vehicles were sold globally in the year 2017 compared to 93.9 million vehicles in 2016 increasing at an annual rate of 3.08%. About 70.8 million passenger vehicles and 25.9 million commercial vehicles were sold in 2017 compared to 69.5 million and 24.3 million respectively in 2016. Moreover, according to a report by the International Data Corporation (IDC), the global sales value of smartphones in 2017 was USD 478.7 billion. The total number of smartphones sold to end-users in 2010 was 296 million units, and the figure surged to 1,495 million units in 2016 reaching 1,536 million units in 2017. The rising automotive sales and increasing penetration of smartphones across the world are crucial factors which are expected to drive the global consumer telematics market in the future.
However, cyber-attacks by hackers, privacy and security concerns and the high cost of telematics equipment are the critical aspects impeding the growth of the global consumer telematics market.
In several cases, OEM telematics systems have been hacked to take full control of the vehicle including steering, acceleration, and braking. For instance, in March 2018, Chinese security researchers have discovered more than a dozen vulnerabilities in BMW's telematics system which allows hackers to take full control of the functi0ning of the vehicle. Furthermore, data shared by the telematics systems are prone to be hacked and stolen by hackers which can pose a significant problem to the consumers and the manufacturers of the vehicles. Owing to cyber-attacks by hackers and privacy and security concerns might hamper the growth of the global telematics market.
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Global Consumer Telematics Systems Market Segmentation Analysis
The Global Consumer Telematics Systems Market has been segmented by technology, vehicle type, service offered, end-user application, and geography.
Based on the end user application, the market is segmented as building and construction, healthcare, oil and gas, insurance, media and entertainment, and others. The insurance telematics sector is expected to dominate the global consumer telematics market owing to increased sales of passenger and commercial vehicles globally. According to OICA, the global sales of vehicles increased at an annual rate of 3.08% in 2017 compared to 2016. Moreover, according to the Mckinsey Connected Car Consumer survey, 28% of the respondents preferred buying cars with connectivity features rather than high engine output or fuel efficiency. Car connectivity features are becoming a crucial factor for more than 50% of the people. Owing to these factors, the insurance telematics segment is expected to dominate the global consumer telematics market in the future.
Global Consumer Telematics Systems Market Geographical Analysis
The Global Consumer Telematics Systems Market is segmented into North America, Europe, Asia Pacific, South America and Rest of the world.
The North American region is further segmented into the following areas as the U.S, Canada, and Mexico. The US dominates the global consumer telematics market owing to the increasing LTE connectivity in the country, the presence of a large number of significant players in this region, technological advancements and rising automotive sales. According to OICA, in 2017, 11.4 million commercial vehicles were sold in the US compared to 10.9 million commercial vehicles in 2016 and 10.3 million in 2015. Moreover, 60% of the major players in the telematics market like AT&T, Verizon, and Cisco Systems Inc are located in the US. Furthermore, increasing connectivity of 4G LTE services in the US is another factor boosting the North American telematics market. According to a report by Open signal, as on December 2017, 90.3% of the US is covered with 4G LTE network which positions the US in the fifth place of 4G network coverage. Owing to these reasons, the country is anticipated to dominate the global consumer telematics market in the forecast period too.
Global Consumer Telematics Systems Market Competitive Analysis
Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness. For instance, in January 2019, America Movil, SAB acquired Telefonica s subsidiary Telefonica Centroamerica Inversiones. The acquisition was completed on January 24, 2019. Furthermore, in August 2018, Mix Telematics, a global provider of fleet and asset management solutions partnered with Nuonic, one of a leading-edge data analytics firm to ease the burden of calculating fuel tax credits (FTC).
New product launches and expansion of facilities are some other vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate. For instance, in December 2018, Mix Telematics, a global provider of fleet and asset management solutions launched the Mix Now, a simplified, self-service fleet software that empowers business owners to track and manage their vehicles efficiently. Furthermore, in November 2018, Harman opened a new facility in Poland focusing on Automotive telematics.
The report profiles the following companies AT&T, Verizon, Vodafone Group PLC, Harman International, Cisco Systems Inc, Robert Bosch GmbH, Qualcomm Inc, Teletrac Navman, Telefonica, and Mix Telematics.
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Source: MarketersMedia
Release ID: 489664
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