Insight 2021: COVID-19 economic fallout on Telematics Solutions Market

The global telematics solutions market is predicted to witness a tremendous growth in forecast period owing to the increasing transport & logistics demand around the world. The Asia Pacific region is estimated to lead the global market by 2027.

According to a latest report published by Research Dive, the global telematics solutions market is estimated to rise at a CAGR of 16.3% and generate US$ 82,977.4 million in the forecast period from 2020 to 2027.

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The Asia Pacific market for telematics solutions is predicted to lead the market owing to the rise in competition in countries like China, South Korea, and Japan for driver conduct, insurance risk evaluation, and fleet management services in commercial vehicles.

Market Dynamics

The gradual growth and rising demand for logistics and transport is the significant factor predicted to boost the growth of the global telematics solutions market during the forecast period. Moreover, a decrease in accident rates coupled with lowering transportation control costs is another factor to propel the market growth by 2027. Conversely, the risks involved with data hacking such as connection risks, theft of personal data, and others is the predicted to be a major threat for the market growth. Furthermore, the increasing technological advancements in automated vehicles and electric cars is likely to create enormous growth opportunities in the global market in the coming future.

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Key Segment Findings of the Market:

The report segments the global telematics solutions market by Vehicle Type, Applications, Offering Type, End Users, and Region.

• By vehicle type, the global market is classified into heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Of these, the passenger vehicle segment is expected to subjugate the market in terms of shares owing to growing competition for telematics systems.

• Based on offering type, the global industry is bifurcated into services and hardware. Of these, the services segment is estimated to grow at the fastest rate by 2027 owing to increasing environmental concerns along with rising awareness regarding usage of renewal energy sources.

• By application, the global industry is categorized navigation & location-based system, fleet/asset management, infotainment system, safety & security, insurance telematics, V2X, and others. Of these, the fleet/asset management segment is anticipated to lead market by 2027 as it is is primarily used by large commercial vehicle fleet operators.

• Based on end-user, the global market is classified into healthcare & insurance, automobile, media & entertainment, government agencies, vehicle manufacturing/dealers, and others. Of these, the automobile segment is expected to account for majority of share in the market mainly due to the stringent government regulations and improved road protection fitted with security networks.

• Geographically, the North America telematics solutions market is anticipated to grow at the fastest rate in the forecast period owing to due to the existence of advanced diagnostic system in the telematics solutions in the region.

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Key Market Players

• Robert Bosch GmbH,
• LG Corp.,
• Verizon Communications Inc.,
• TomTom N.V.,
• Continental AG,
• Qualcomm,
• Visteon Corp.,
• KKR & Co. Inc.,
• Harman International Industries Inc.,
• Nexteer Automotive.

Further, the report outlines various aspects of all these industry players such as recent strategic moves & developments, SWOT analysis, product portfolio, and financial performance.

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This release was published on openPR.