NEW YORK and HYDERABAD, India, February 5, 2015 /PRNewswire/ --
Consumer Telematics are information and telecommunication products which combine computers and telecommunication services and are used to transfer large amounts of data in vehicles. Consumer telematics are used to provide rapid informational access.The Consumer Telematics market is divided into segments based on the services which are offered by consumer telematics providers, the key components of a telematics system, the industries involved in the telematics market, the vehicle segments of the automotive market in which telematics devices are used and the type of technology utilized in the telematics system.
The consumer telematics market generated revenue of $51.5 billion in 2013. This market is estimated to grow at a high rate by 2020 to reach $137.7 billion. The consumer telematics market growth is projected to exhibit strong growth due to growing adoption in the safety services and insurance segments. The increased customer demand for these services has led to automotive companies which offer these products in the initial sale itself. A recent report created by IndustryARC examines this market and the various consumer telematics services offered.
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The automobile market has shown signs of recovery in 2013 and the market is projected to grow in the next few years. As a result, telematics services and products will have a bigger potential market. The increased customer demand for automated vehicles is the major cause behind the growth in this market. The demand for driver assistance and emergency notification has led to an improved growth in the telematics market. Governmental regulations in Europe make emergency notification systems compulsory in vehicles by 2015. This has led to a major surge in the emergency notification market.
Consumer Telematics market can be segmented based on their service offered in GPS, Navigation, Usage based insurance, Infotainment, Emergency notification, Car diagnostics, Local search and Fleet management divisions. In 2013, infotainment segment accounts for the largest share followed by fleet management. The fleet management segment was projected to surpass infotainment segment by 2015. The growing Chinese fleet management market is the major driver for this segment. The emergency notification segment is forecast to exhibit highest growth by2018. This growth is due to governmental regulations making emergency notification compulsory in Europe.
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The top five companies in terms of revenue in the telematics market are General Motors, BMW, Ford, Harman and Delphi accounting around 56% of the total market. These companies are focusing on joint ventures, partnerships and acquisitions in order to establish market position in the growing telematics market. The increased focus of top automotive manufacturers on the telematics industry is set to drive awareness regarding these services.
IndustryARC is a global market research and consulting firm, which publishes business reports in automotive, chemicals, consumer product and services, electronics, food & beverages, healthcare domains. Our reports are in-depth and high quality reports that can help decision makers frame better strategies for their business requirements. These reports can be further customized as per the client needs.
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