Rising number of vehicles, stringent road safety regulations, increasing strategic developments such as partnerships and agreements, favourable research funding scenarios, and technological advancements are some key factors driving market revenue growth.
The global Vehicle Telematics Market size is expected to reach USD 779.98 Billion in 2030 and register a revenue CAGR of 26.2% over the forecast period, according to the latest report by Reports and Data. Increased market penetration of smartphones, availability of high-speed internet technologies such as LTE, decreasing connectivity costs, and increased governmental mandates in terms of safety compliance mandates, road infrastructure constraints, and driver monitoring are some key factors expected to drive market growth over the forecast period. Vehicle telematics systems, composed of telecommunication and informatics, provide crucial information for drivers, such as information about live traffic status and weather forecasts. It is automotive monitoring system that empowers drivers to stay updated with real-time performance and safety of vehicle. Information collected by telematics system is beneficial in critical circumstances, for instance, to communicate instantaneously with police or respective authorities for prompt actions in case of an accident. Safety and security services of automotive telematics comprise automatic crash notification, emergency, and medical assistance, which is anticipated to stimulate market growth during the forecast period. As a component of automated crash notification service, telematics control unit (TCU) monitors several crash sensors of automotive and in occurrence of a crash it directs the details of the vehicular location and crashes intensity as well as sends a voice call to call center so that emergency facilities are dispatched to accident spot.
Legislative norms and regulations are being introduced by governments across the globe pertaining to increased usage of these technologies in automotive industry to improve road safety. These government initiatives are expected to fuel market growth during the forecast period. It is playing an instrumental role in assisting fleet managers in operating their commercial vehicles. This technology enhances safety and efficiency of logistics and transportation service providers. Vehicle-to-Everything (V2X) is a communications technology that enables a connected car to connect to other IoT devices that may have an influence on automotive. V2X technology allows a car to exchange data with other cars, toll road collection points, smart traffic lights, and third-party products and services.
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Major companies in the global vehicle telematics market report include Robert Bosch GmbH, Continental AG, OnStar Corporation, AirIQ Inc, Agero, Inc., Qualcomm Incorporated, ETAS Group, Zonar Systems, Omnitracs, LLC, and Bridgestone Mobility Solutions B.V.
Some Key Highlights from the Report
For the purpose of this report, Reports and Data has segmented the global vehicle telematics market based on vehicle type, provider type, technology, service, and region:
Service Outlook (Revenue, USD Billion; 2019-2030)
Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
Technology Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
Key Advantages of Vehicle Telematics Report:
Conclusively, all aspects of the Vehicle Telematics market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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