The Consumer Vehicle Telematics Market size is expected to reach $52.7 billion by 2024, rising at a market growth of 30.4% CAGR during the forecast period. Consumer telematics are the technology and services of communication that allow the transmission of large amounts of data to and from passenger cars in real time. This includes in - vehicle consumers, GPS navigation, traffic, local search (for example, petrol pumps / gas stations or restaurants), and concierge services. The growth in the telematics market is driven by the increasing number of regulatory requirements for vehicle safety and safety.
Consumer Vehicle Telematics Market Size
The telematics systems placed inside cars includes the placement of a telematics communications unit (TCU) which is connected wirelessly to a centralized service center. TCU is the central platform for a telematics system that deeply integrates all telecommunication technologies. The central service centre is provided with location-related information which resultantly supports the provision of telematics services to a driver over the mobile phone. Since the TCU is connected to the engine control unit (or the on-board computer), it facilitates advance services including remote engine diagnostics and automatic airbag notification. Telematics is an emerging automotive communications technology market that brings together wireless audio and visual data, providing drivers and passengers with location-specific safety, information, productivity and entertainment services.
Hardware suppliers of automotive telematics provide such devices which are capable of sending and receiving wireless signals. The in-car hardware generally includes a “black box” module which is mounted behind a dashboard. It integrates a phone, a GPS receiver, digital signal processor and voice recognition microphone. Sensors are embedded to an electronic bus in order to get the diagnostic information from the vehicle.
Segmental Highlights:
Based on Application, the market is segmented into Solution and Services. Solutions are further segmented into Fleet / Asset Management, Navigation, Infotainment, Insurance, Tele-Health, and Others. Services are further bifurcated into Design & Consulting, Deployment and Maintenance. Based on Deployment type, the market is segmented into Aftermarket and OEM (Original Equipment Manufacturers). Based on End User, the market is segmented into Cars (Personal & Rental), Insurance, Healthcare, Media & Entertainment, Vehicle Manufacturers/Dealers, and Government Agencies.
Consumer Vehicle Telematics Market Size
The relationship between vehicle telematics and its benefits that they provide to insurance industry is crystal clear. They can help insurance companies with measuring and reporting on a driver’s driving behaviour. Insurance is a matter of calculating and measuring risk. Insurance industries evaluate the risk levels and later set premium rates and coverage according to the measurement in question. The best, most effective and scientific means of reducing risk are vehicle telematics. Insurance segment dominated the market during the forecast period.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
KBV Cardinal Matrix Consumer Vehicle Telematics Market
The KBV Cardinal Matrix is a visual representation about the key players in the industry. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Verizon communications, AT&T Inc., Ford Motor Company, BMW AG, Robert Bosch GmbH, Valeo S.A, Harman International industries, Vodafone Group Plc., Telefonica S.A, and Continental AG.
Market Segmentation:
By Application
By Deployment Type
By End User
By Geography
Companies Profiled
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