The Consumer Telematics market is expected to garner $26.18 billion by 2020, registering a CAGR of 33.7% during the period 2014-2020.The study includes an analysis of drivers, restraints, opportunities and competition in the key geographies, which include North America, Europe, APAC and LAMEA.
Consumer telematics industry has established from customary navigation services to advanced navigation services used for vehicle tracking, monitoring, location-based services and traffic and weather information. The report segments the market by type viz., automotive OEM and aftermarket.
The aftermarket type generates the maximum revenue and is expected to remain the largest revenue generator, contributing to over 55% of the total market revenue throughout the forecast period (2014-2020). On the other hand, the automotive OEM is expected to increase due to growing alliance between telematics service providers and device manufacturers.
Passenger cars manufactured today offer unique connectivity solutions for better monitoring and tracking. The market is driven by amplified market penetration of smart phones, supportive governmental regulations which call for higher safety and security measures, growing demand for superior driving experience, lowered connectivity cost, and high speed internet technologies such as Long-Term Evolution (LTE).
Consumer telematics includes passenger cars. Technology agreements and collaborations are the key strategies adopted by the market players to enhance their market share.
Based on type of telematics, the market is segmented into Automotive Original Equipment Manufacturers (OEM) and Aftermarket. The traditional automotive OEM emphases on traffic safety while aftermarket highlights media, entertainment and other personalized services.
Currently, Aftermarket has a relatively high market share as compared to Automotive OEM. Vehicle manufacturing companies, in alliance with telematics providers can lead to high growth of Automotive OEM segment.
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Based on Applications, consumer telematics market is segmented into Solutions and Services. Solutions include fleet/asset management, Infotainment, Tele health, Insurance Telematics, Vehicle-to-Vehicle (V2V)/ Vehicle to Infrastructure (V2I), remote alarm, etc.
Services include design & consulting, deployment & integration and maintenance & training.
The report also outlines the competitive environment of the consumer telematics market, providing a comprehensive comparative study of the key strategies adopted by the market leaders to grow and gain a competitive edge. Along with product launches, alliance and partnership are key strategies practiced to gain a higher market share.
Companies such as AT&T, Harman and TomTom have partnered with different industry players to gain access to the market and technologies. Prominent companies profiled in the report include Verizon, Harman, TomTom, AT&T, Vodafone, Ford Motors, BMW, Telefonica, Mix Telematics and Trimble Navigation Ltd.
Key Findings of Consumer Telematics Market:
- The growth of the global consumer telematics market would be supplemented by the increased adoption across key sectors such as insurance, car (rental and owned), media and entertainment and healthcare during the forecast period (2014-2020)
- Insurance telematics is one of the most prominent solutions available in the market. It led the market with a share of almost 27% of the global consumer telematics market, followed by infotainment and navigation telematics solution, and is expected to remain dominant throughout the forecast period
- Asia-Pacific as well as LAMEA is expected to be the most lucrative markets, in terms of growth, owing to the supportive government regulations and the growing automotive market
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