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Fleet Telematics Market to Witness an Outstanding Growth during 2019-2027 | TMR Insights
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Fleet telematics systems are mainly adopted by fleet management companies and automobile insurance companies in order to monitor the location and behavior of a vehicle. The global fleet telematics market refers to the solutions and services adopted for controlling and monitoring a commercial vehicle through a telecommunication device.
A FTS i.e. Fleet Telematics System allows information to be exchanged between a vehicle fleet and the central authority, enabling them to keep a track of vehicle diagnostics and location.
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Key Drivers of Global Fleet Telematics Market
Changing regulations for vehicles across the world to install specific systems driving demand for fleet telematics. A major impetus for the fleet telematics market are the regulations mandating vehicles to install specific systems in vehicles. For instance, Contran 245 in Brazil has mandated all new vehicles to be fitted with tracking devices to help fight extensive car theft.
European countries are working on eCall system, which is expected to use telematics to send immediate help in case of accidents or any other emergency on the road. Hence, the fleet telematics market is projected to experience decent growth in the coming years due to stringent government regulations in all major developing and developed countries to install telematics.
The impact of adoption of wireless technology in fleet telematics is expected to be high in the near future owing to its benefits such as wide-area coverage, quick access & response, and cost reduction, which help the vendors to increase their efficiency, productivity, and return on investments.
Moreover, cost sensitivity among local players is likely to decline, as the average selling price of fleet telematics is expected to decline during the forecast period.
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High Cost of Installation to Hamper the Growth of the Fleet Telematics Market
The main reason why OEMs are hesitating to change their assembly is because the installation cost and a change that has to be made in the vehicle design is fairly expensive. Also, governments releasing new sets of rules for the automobile sector every other day is proving to be a problem for automobile companies as they are unsure about what changes to include and what to ignore.
Other challenges facing the fleet telematics market are threat of data hacking and lack of uninterrupted & seamless connectivity.
Rise in Trend of Connectivity Solutions to Offer Attractive Opportunities
People wish to stay connected even while travelling, and smartphones are the most common medium to increase connectivity. Automobile manufacturers are adopting connectivity solutions in their vehicles to boost sales. Customers are expecting their vehicles to work similar to smartphones and computers.
Integrating connectivity solutions such as fleet telematics in vehicles has become a priority for automobile manufacturers. Connectivity can be provided through integrated, embedded, or tethered connectivity solutions.
Safety services are offered in vehicles with telematics solution, by combining telecom and automobile technology in order to reduce fuel consumption & maintenance cost and improve vehicle efficiency. Features such as automatic toll transactions, live traffic updates, insurance telematics, smart routing & tracking, and road-side assistance are expected to provide exponential growth opportunities to players in the fleet telematics market.
North America to Hold a Major Share of the Global Fleet Telematics Market
North America is a leading consumer of fleet telematics, followed by Asia Pacific and Europe. The U.S. is the key market in the North America region. In terms of demand, the U.S. accounts for more than 60% share of the market for fleet telematics in the region in 2019.
The fleet telematics market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, followed by North America and Europe. This can be attributed to the rising foreign direct investments in the automotive industry in developing economies of Asia Pacific.
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Fleet Telematics Market- Competitive Landscape
In 2014, the General Motors' venture capital subsidiary i.e. GM Ventures made an equity investment in Telogis, to leverage GM's OnStar connected vehicle infrastructure and Telogis' telematics and fleet management solutions together.
In 2015, Daimler Trucks acquired a share of Zonar Systems Inc. in North America, a leading developer and supplier of telematicsand logistics connectivity solutions, later acquired by Continental. The investment led to the growth of fully connected vehicles and data services for truck drivers and operators.
Volvo invested in Lytx and in Peloton Technology, a fleet telematics startup developing V2X technology used in truck platooning.
Key Players Operating in Global Fleet Telematics Market:
The global fleet telematics market is fragmented market with many new players entering the market with advanced solutions. Few of the key players operating in the global fleet telematics market are:
Actsoft
Ctrack an Inseego company
Daimler Fleetboard GmbH
Deere & Company
Fleetmatics Group PLC
HARMAN International
KORE Wireless
Masternaut Limited
MiX Telematics
Sprint Corporation
TomTom International BV
Trimble Inc.
Verizon
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