Telematics Services Market to Witness Exponential Growth by 2031 End | TMR Study

Telematics Services Market: Introduction

Telematics system collects and transmits data related to vehicle use, maintenance requirements, automotive servicing and several other such parameters to the distant operator for analysis and desired action
Rise in integration of connectivity technologies in vehicles for enhanced safety, comfort, maintenance, and operation has driven the demand for telematics services. Multiple companies have introduced telematics services such as online assistance, vehicle tracking, and maintenance updates to transform traditional transportation into modern age, data-driven, and connected mobility.

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Key Drivers of Telematics Services Market

Consistent rise in the pace of industrialization and trade activities across the globe has fueled the number of on-road commercial vehicles significantly. The up-time and availability of these vehicles is of critical importance to fleet operators, as it directly impacts their revenue. Hence, several commercial fleet operators and automakers are preferring telematics services to access the condition of their vehicles, update maintenance records, provide roadside-assistance to drivers, track shipments, and numerous other such applications. For instance, AB Volvo partnered Lytx; similarly, Navistar International Corporation partnered with Zonar to provide telematics services on their commercial vehicles. Thus, expansion of the fleet of commercial vehicles is fueling the global telematics services market.

Automakers are constantly upgrading their vehicle models with the integration of latest connectivity technologies such as Internet of Things (IoT), LTE, GPRS, and radio connectivity to monitor and collect information related to the vehicle’s performance. This integration of technology enables vehicle owners and fleet operators to track operational efficiency of their vehicles and ensure its safety. These technologies are also being utilized for other purposes such as location-based marketing, pay-as-you drive insurance policies. Rise in number of applications is further driving the telematics services market across the globe.

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Restrains in Telematics Services Market

Threat to data security is a major challenge for telematics services, as vital information such as the vehicle’s location, navigation and others is shared with third party. Moreover, these services are expensive and hence, numerous vehicle owners are reluctant to adopt it. These factors restrain the global telematics services market.

Impact of COVID-19 pandemic on Telematics Services Market
The COVID-19 pandemic disrupted automotive supply chains and hampered the sale of vehicles across the globe. This negatively impacted the demand for telematics services. Furthermore, miles travelled per commercial vehicles were reduced as trade and logistics activities were shut to contain the spread of corona virus, which further hindered the demand for telematics services.

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Europe and North America to Hold Significant Share of Global Telematics Services Market

North America and Europe dominate the global telematics services market due to a well-established and prominent trucking industry in these regions. Additionally, governments in these regions have mandated the integration of emergency services in commercial vehicles. These favorable regulatory transformations and a rise in sale of commercial vehicles are propelling the telematics services market in North America and Europe.

Key Players Operating in Telematics Services Market

The global telematics services market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the telematics services market are:

AirIQ
ATX Group
BSM (WebTech Wireless)
CustomerServ, Ltd.
Digital Management, LLC
ETAS Group
GMV
Hitachi, Ltd.
MinorPlanet Systems
MiX Telematics

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