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Telematics Solutions Market Insights | Key Players: Robert Bosch GmbH (Germany), Continental AG (Germany), LG Electronics (South Korea), Verizon (U.S.), Harman International (U.S.), and Qualcomm Technologies, Inc. (U.S.)

02-22-2019 12:28 PM CET | Tourism, Cars, Traffic

Press release from: MarketsandMarkets™

Telematics Solutions Market Insights | Key Players: Robert

According to the new market research report "Telematics Solutions Market for On & Off-Highway (Services-ACN, eCall, Navigation, RVD, On-Road Assistance, Tracking, Fuel Management, Maintenance, & Diagnostics), Form Factor, Hardware, Equipment Type, Technology, Aftermarket & Region - Forecast to 2022", published by MarketsandMarkets™, The telematics market for on & off-highway vehicles 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.

View Full TOC @ https://www.marketsandmarkets.com/Market-Reports/automotive-telematics-market-245073008.html

The increasing number of safety and security regulations (eCall, stolen vehicle recovery, ERA GLONASS, and ELD mandate), rising demand for vehicle data for interpretation and analysis, improved productivity and utilization of off-highway equipment, and reduced operational costs are the key drivers for this market.

“Diagnostics services are projected to grow at the fastest rate in the off-highway telematics market over the period of next five years”

The diagnostics services segment is estimated to grow at the highest CAGR in the telematics market for off-highway vehicles during the forecast period. The diagnostics services allow the users to proactively monitor the engine condition and send a maintenance alert in advance, if required, to prevent a major breakdown. Further, predictive maintenance helps to check the equipment operation and reliability to ensure smooth functioning of the equipment. Hence, the minimization of maintenance and repairing costs and performance monitoring of critical parts are expected to drive the diagnostics services market for off-highway vehicles in the near future.

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“Cellular technology is estimated to have the largest share of the off-highway telematics market”

The cellular technology is estimated to have the largest share of the telematics market for off-highway vehicles during the forecast period. Nowadays, the devices are compatible with 3G and 4G LTE technology for data communication. Countries such as the U.S., Canada, Germany, France, Japan, and South Korea have a high installed base of cellular technology owing to the excellent network infrastructure. China, India, and Brazil have also shown a significant growth potential due to infrastructural developments, an increasing number of users, and connectivity solution providers. Hence, owing to the wide network coverage offered by established network providers such as AT&T (U.S.), Verizon (U.S.), and Vodafone Group (U.K.) in North America, Europe, and a few Asian countries, the cellular technology will continue to be an attractive option and will remain dominant in the coming years.

“Asia Oceania: The fastest-growing telematics market for off-highway vehicles from 2017 to 2022”

The Asia Oceania telematics market for off-highway vehicles is projected to grow at the highest CAGR during the forecast period. The growth of this market is mainly driven by the construction equipment. The factors contributing to the growth of this market are a large consumer base, high demand for basic infrastructural facilities, and a constant increase in infrastructure funding. According to a report published by Oxford Economics in collaboration with PricewaterhouseCoopers (PwC), the global infrastructure spending will grow to approximately USD 9.0 trillion per year by 2025, out of which China’s share will be close to 60%. Also, countries such as India and China are introducing a number of projects for infrastructure development. Therefore, the equipment must have advanced solutions to increase operational performance and cater to the increased demand. This will further drive the telematics market in this region.

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