Vehicle Telematics Market to Record Stellar CAGR of 18.3% between 2020 and 2027 | Agero Inc., WebTech Wireless Inc., Qualcomm Inc., DigiCore Holdings Ltd., etc

Increasing concern for safety and security among automotive consumers is the most significant factor in influencing market growth.

Market Size - USD 25.47 billion in 2018, Market Growth - CAGR of 18.3%, Market Trends - Proliferation of smart devices such as smartphones, and tablets

The global vehicle telematics market is expected to reach USD 98.27 Billion by 2026, according to a new report by Reports and Data. Vehicle telematics systems, composed of telecommunication and informatics, provide crucial information for drivers, such as information about live traffic status and weather forecast. Essentially, it is the vehicle monitoring systems which empowers the drivers to stay updated with real-time performance and safety of the vehicle. Information collected by the telematics system is beneficial in critical circumstances, for instance, to communicate instantaneously with the police or respective authorities for prompt action in case of an accident. Telematics systems assist automotive companies, insurers, and drivers with the highest safety feature.

The safety and security services of vehicle telematics comprise the automatic crash notification, emergency, and medical assistance, which are anticipated to stimulate market growth in the forecast period. As a component of the Automatic Crash Notification service the telematics control unit (TCU) monitors several crash sensors of the vehicle and in the occurrence of a crash it directs the details of the vehicular location and crash intensity as well as sends a voice call to the telematics call center so that emergency services are dispatched to the accident spot.

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Key participants include AirIQ Inc., OnStar Corporation LLC., ETAS Group, Agero Inc., WebTech Wireless Inc., Qualcomm Inc., DigiCore Holdings Ltd., Wireless Matrix Corporation, Trimble Transport & Logistics, and Minda Corporation Ltd. among others.

For the purpose of this report, Reports and Data have segmented global vehicle telematics market on the basis of service type, product type, component, vehicle type, communication technology, provider type, and region:

Service Type Outlook (Revenue, USD Million; 2016-2026)
Safety & Security
Information & Navigation
Entertainment
Diagnostics
Others

Product Type Outlook (Revenue, USD Million; 2016-2026)
Retrofitted
Embedded

Component Outlook (Revenue, USD Million; 2016-2026)
Hardware
Software

Vehicle Type Outlook (Revenue, USD Million; 2016-2026)
Passenger Vehicle
Commercial Vehicle

Communication Technology Outlook (Revenue, USD Million; 2016-2026)
V2X
V2P
V2C

Provider Type Outlook (Revenue, USD Million; 2016-2026)
OEM
Aftermarket

SOME OF THE KEY GEOGRAPHIES MENTIONED IN THIS REPORT INCLUDE:
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Ecuador, Chile)
Asia Pacific (China, Japan, India, Korea)
Europe (Germany, UK, France, Italy)
Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) and More.

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The following years are used in this study to estimate the size of the Vehicle Telematics market:
Historical year: 2016-2018
Base year: 2019
Estimated year: 2020
Forecast years: 2020 to 2026

Further key findings from the report suggest
By service type, safety & security held the largest market share in 2018 and is expected to witness a CAGR of 18.1% in the forecast period. These are the primary services provided by means of telematics as well as the main driving factor responsible for the conceptualization of vehicular telematics.

Embedded vehicle telematics is projected to grow at the fastest rate in the forecast period.

Passenger vehicle segment contributed to the largest market share in 2018 and is expected to grow at a rate of 17.9% in the forecast period.

Hardware dominated the vehicle telematics market in 2018 and is projected to maintain its market dominance in the forecast period.

The market in the North America region is forecasted to lead the market during the forecast period.

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In conclusion, the Vehicle Telematics Market report is a reliable source for accessing the Market data that will exponentially accelerate your business. The report provides the principal locale, economic scenarios with the item value, benefit, supply, limit, generation, request, Market development rate, and figure and so on. Besides, the report presents a new task SWOT analysis, speculation attainability investigation, and venture return investigation.

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