Consumer Telematics Market by Type (OEM, After Market) and Application (Fleet/Asset Management, Navigation and location based, Infotainment, Insurance Telematics, V2v and V2i, Tele-health, Remote Alarm & Monitoring, Services) - Global Opportunity Analysis

Insurance telematics, is the highest revenue-generating solution, contributing about 27% of the total consumer telematics solutions market revenue driven by the growing insurance sector. This is followed by infotainment and navigation and location-based telematics solution. In certain economies like Brazil and China, the government legislations mandate the adoption of telematics in vehicles, given the rising concern of vehicle tracking and safety and security; thereby driving the demand for telematics solutions in these regions.

According to a new report by Allied Market Research entitled, "Global Consumer Telematics Market (Type, Application, End User and Geography) - Size, Share, Global Trends, Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation and Forecast, 2013 - 2020", the global consumer telematics market is expected to reach $26.18 billion by 2020, growing at an estimated CAGR of 33.7% during the forecast period (2014-2020). The study includes an analysis of drivers, restraints, opportunities and competition in the key geographies, which include North America, Europe, APAC and LAMEA.

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Insurance telematics, is the highest revenue-generating solution, contributing about 27% of the total consumer telematics solutions market revenue driven by the growing insurance sector. This is followed by infotainment and navigation and location-based telematics solution. In certain economies like Brazil and China, the government legislations mandate the adoption of telematics in vehicles, given the rising concern of vehicle tracking and safety and security; thereby driving the demand for telematics solutions in these regions.

Consumer telematics industry has established from customary navigation services to advanced navigation services used for vehicle tracking, monitoring, location-based services and traffic and weather information. The report segments the market by type viz., automotive OEM and aftermarket. The aftermarket type generates the maximum revenue and is expected to remain the largest revenue generator, contributing to over 55% of the total market revenue throughout the forecast period (2014-2020). On the other hand, the automotive OEM is expected to increase due to growing alliance between telematics service providers and device manufacturers. Amongst end users, Car (rental and owned) segment held the second-largest share in the total market size by revenue in 2013. The consumer telematics market is also expected to observe increased adoption from sectors such as healthcare and media and entertainment.

Global Commercial Telematics Market - Telematics are information and telecommunication products that combine computers and telecommunication services for transferring large amounts of data in vehicles in real-time. Commercial telematics market includes the telematics used by light, medium and heavy commercial vehicles. All major automotive manufacturers across the globe are now concentrating on developing and implementing the Telematics concept into their vehicles. Vehicles manufactured today offer unique connectivity solutions for better monitoring and tracking.

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The report also outlines the competitive environment of the consumer telematics market, providing a comprehensive comparative study of the key strategies adopted by the market leaders to grow and gain a competitive edge. Along with product launches, alliance and partnership are key strategies practiced to gain a higher market share. Companies such as AT&T, Harman and TomTom have partnered with different industry players to gain access to the market and technologies. Prominent companies profiled in the report include Verizon, Harman, TomTom, AT&T, Vodafone, Ford Motors, BMW, Telefonica, Mix Telematics and Trimble Navigation Ltd.

Key findings of the study:

- The growth of the global consumer telematics market would be supplemented by the increased adoption across key sectors such as insurance, car(rental and owned), media and entertainment and healthcare during the forecast period (2014-2020)

- Insurance telematics is one of the most prominent solutions available in the market. It led the market with a share of almost 27% of the global consumer telematics market, followed by infotainment and navigation telematics solution, and is expected to remain dominant throughout the forecast period

- Asia-Pacific as well as LAMEA is expected to be the most lucrative markets, in terms of growth, owing to the supportive government regulations and the growing automotive market

Analyst Review:

Consumer telematics is a technology in automobiles offering connectivity service to provide convenience, performance, and most importantly safety and security, coupled with powerful network technology. The consumer telematics market is expected to grow at a significant rate, owing to the increasing customer demand for vehicle safety, stringent government regulations and the increasing need for all-time connectivity. In addition, growing awareness among the customers would also lead to a rapid growth during the forecast period. The technological developments adopted by the car manufacturers enable the consumers to remotely connect with their vehicles. The market for consumer telematics includes telematics used in passenger cars.

In addition to the factors that positively impact the market, some of the limitations associated with telematics market include the threat of hackers breaching the security, additional costs to be incurred by the consumers, non-availability of uninterrupted and seamless connectivity, and lack of awareness among consumers in certain regions.

The consumer telematics market holds a prospective growth of embedded telematics technology. Automotive OEM embedded telematics type, is expected to gain momentum, given the increasing collaborations between component or device manufacturers and connectivity service providers. Insurance industry is the leading market for the consumer telematics, contributing maximum revenue and driving the consumer telematics market, given the expected increase in adoption of insurance telematics for passenger cars. Insurance telematics will allow the insurer to rate risk, enable underwriting, and offer insurance rates based on an individual’s actual driving behavior.

The scope of the telematics market is expected to be high in North America and Europe. Regions such as APAC and LAMEA, presently have less adoption, but they are anticipated to grow at comparatively higher rate during the forecast period. The growth would primarily be driven by the supportive government regulations and increasing awareness coupled with increasing number of automobiles.

Collaboration, service enhancement and product launches are the prominent strategies adopted by different companies in order to compete in consumer telematics market. These strategies are primarily aimed at expanding their product offerings and reach. The key market players such as TomTom, BMW, Ford, AT&T and Trimble are analyzed in the report. The intensity of rivalry among the competitors is intense, owing to the presence of numerous market players. Homogenous product lines and low switching cost, increases the bargaining power of the buyers.

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