Telematics Market Company Assessment and Industry Analysis 2022

The global telematics market is expected to grow from an estimated $26,314.4 million in 2015, and reach $140,100.0 million by 2022, growing at a CAGR of 28.5% during 2016 – 2022. The growth of the global telematics market is being driven due to several factors, including government initiatives to include advanced technology in public safety on roads, increasing demand for premium passenger cars and growing demand for connectivity in vehicles.

The use of telematics has been constantly increasing in insurance sector for tracking the driving conditions to calculate precise vehicle insurance premium. North America dominated the global market; however Asia-Pacific is estimated to grow at the highest pace during the forecast period. The high cost of telematics equipment and hacking threats are the key restraints in the global market. The poor internet infrastructure in the developing countries is also hindering the adoption of telematics.

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In order to assure vehicular safety, the government in several countries has been promoting the use of telematics in vehicles. For instance, eCall project promoted by European Commission (EC) was adopted in Europe in 2013. eCall is targeted to provide assistance to motorists, who have met with road accident and are unable to speak due to injuries. It is applicable for the vehicles in which telematics is installed.

The key competitors in the global telematics market include Verizon Communication Inc., Harman International Industries Inc., TomTom International BV, AT&T, Vodafone Group Plc, Ford Motor Company, BMW Group, Telefonica SA, MiX Telematics, Trimble Navigation Ltd.

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