The Global Consumer Vehicle Telematics Market size is expected to reach $52.7 billion by 2024, rising at a market growth of 30.4% CAGR during the forecast period.
Consumer telematics are the technology and services of communication that allow the transmission of large amounts of data to and from passenger cars in real time. This includes in - vehicle consumers, GPS navigation, traffic, local search (for example, petrol pumps / gas stations or restaurants), and concierge services. The growth in the telematics market is driven by the increasing number of regulatory requirements for vehicle safety and safety.
The telematics systems placed inside cars includes the placement of a telematics communications unit (TCU) which is connected wirelessly to a centralized service center. TCU is the central platform for a telematics system that deeply integrates all telecommunication technologies. The central service centre is provided with location-related information which resultantly supports the provision of telematics services to a driver over the mobile phone. Since the TCU is connected to the engine control unit (or the on-board computer), it facilitates advance services including remote engine diagnostics and automatic airbag notification. Telematics is an emerging automotive communications technology market that brings together wireless audio and visual data, providing drivers and passengers with location-specific safety, information, productivity and entertainment services.
Based on Application, the market is segmented into Solution and Services. Solutions are further segmented into Fleet / Asset Management, Navigation, Infotainment, Insurance, Tele-Health, and Others. Services are further bifurcated into Design & Consulting, Deployment and Maintenance. Based on Deployment type, the market is segmented into Aftermarket and OEM (Original Equipment Manufacturers). Based on End User, the market is segmented into Cars (Personal & Rental), Insurance, Healthcare, Media & Entertainment, Vehicle Manufacturers/Dealers, and Government Agencies.
The relationship between vehicle telematics and its benefits that they provide to insurance industry is crystal clear. They can help insurance companies with measuring and reporting on a driver’s driving behaviour. Insurance segment dominated the market during the forecast period.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Verizon communications, AT&T Inc., Ford Motor Company, BMW AG, Robert Bosch GmbH, Valeo S.A, Harman International industries, Vodafone Group Plc., Telefonica S.A, and Continental AG.