Telematics Market for On- & Off-Highway Worth 40.84 Billion USD by 2022
PUNE, India, August 22, 2017 /PRNewswire/ --
The report "Telematics Market for On- & Off-Highway (Services-ACN, eCall, Navigation, RVD, On-Road Assistance, Tracking, Fuel Management, Maintenance, and Diagnostics), Form Factor, Hardware, Vehicle & Equipment Type, Technology, Aftermarket & Region - Forecast to 2022", published by MarketsandMarkets™, the increasing demand for diagnostics data for predictive analytics, enhanced user experience and convenience features, government regulations about safety, integration of smartphone with vehicles, and rising need for improved operational efficiency and profitability are the key drivers for the telematics OE market for on & off-highway vehicles. The market is projected to grow at a CAGR of 14.37% during the forecast period, to reach a market size of USD 40.84 Billion by 2022.
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Browse 118 Market Data Tables and 68 Figures spread through 219 Pages and in-depth TOC on "Telematics Market - Forecast to 2022"
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On-highway vehicles are estimated to hold the largest market share of telematics services during the forecast period
With the rise in vehicle production, the demand for safety and comfort features has also increased among the users. Further, the increase in the sales of premium vehicles at a global level is expected to influence the demand for telematics solutions. As per MarketsandMarkets™ analysis, the premium vehicle sale has increased from 20.5 million units in 2012 to 22.6 million units in 2016, at a CAGR of 2.44% over the period of four years. As per the World Bank statistics, the per capita income in China, Brazil, and India has increased by approximately 68%, 17%, and 14%, respectively from 2010 to 2015. The rise in disposable income is expected to increase the sales of medium and premium end vehicles, which in turn would fuel the Telematics Market for on-highway vehicles.
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"Telematics Control Unit is estimated to be the fastest growing market for on-highway vehicles from 2017 to 2022"
The safety and security regulations such as eCall or stolen vehicle recovery are some of the key factors driving the growth of this market. These mandates make it compulsory to install TCU on all passenger cars in Europe by 2018. Some of the key automotive manufacturers are also offering embedded services, especially in the North American and European regions. Some of them are General Motors - Onstar, Nissan - Connect, Mercedes-Benz- mbrace, BMW ConnectedDrive, and Audi - Connect among others. The sale of alternate fuel vehicles has also increased in the recent years. As per the International Energy Agency (IEA), the global BEV and PHEV sales increased to 753.2 thousand units in 2016 from 47.6 thousand units in 2011, at a CAGR of 73.74% over the last five years. As embedded telematics solutions are provided in most of these vehicles, the market for embedded telematics solutions in electric vehicles is projected to grow in the coming years.
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"North America: The largest Telematics Market for on- & off-highway vehicles"
The North American region is projected to be the largest market for telematics solutions from 2017 to 2022. The market growth can be attributed to the presence of prominent OEMs [General Motors ((U.S.) & Ford Motor Company (U.S.)], strategic alliances, exceptional communication infrastructure, and higher adoption rate of technological advancements and innovations due to the increased demand for premium cars with advanced safety and comfort features. These premium cars are equipped with telematics solutions to enhance the user experience. Telematics solutions are also being gradually adopted in commercial vehicles to enhance safety. For instance, Daimler Trucks North America LLC (U.S.) and Peterbilt (U.S.) are offering telematics solutions for navigation, vehicle monitoring, and diagnostics to optimize the performance. Other factors that have contributed to the growth of the Telematics Market for commercial vehicles are Electronic Logging Device (ELD) mandate, Dedicated Short Range Communication (DSRC) mandate for LCV, and increasing government funds for transport infrastructure. From 2014 onwards, the U.S. Department of Transportation (U.S. DOT) increased the transportation budget from USD 2.5 billion to USD 3.0 billion annually. On the other hand, the continuous development by telematics vendors such as Telogis (U.S.) (a company of Verizon (U.S.)) and Orbcomm (U.S.) for off-highway vehicles is expected to drive sustainable growth in the coming years.
The Telematics Market is dominated by a few globally established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), LG Electronics (South Korea), Verizon (U.S.), Harman International (U.S.), and Qualcomm Technologies, Inc. (U.S.).
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