The analysts forecast global passenger vehicle telematics market to grow at a CAGR of 23.57% during the period 2018-2022. The latest trend gaining momentum in the market is introduction of usage based insurance (UBI) to the customers by insurance companies.
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In UBI, insurance companies can calculate the insurance premium for their clients in accordance to the usage rate of the vehicle.
The automotive telematics system provides insurance companies a clear idea of a person's driving pattern that was earlier estimated using gender, age, marital status, and experience. The implementation of telematics assisted UBI also assists the customers to lessen their premium rates by adopting safe driving.
Major key players in the global passenger vehicle telematics market: Agero, Airbiquity, Bosch, Continental, and Visteon
According to the passenger vehicle telematics market report, one of the major drivers for this market is OEM push for embedded telematics systems in BRIC nations. Embedded telematics systems market is dominated by developed regions like Europe and North America.
Embedded connectivity provides the advantage of data reliability as it is connected 24x7. However, the same is not true for tethered and smartphone integration solutions where the connectivity of the device depends on the user.
As a result, regulatory bodies will pass legislations in future to encourage installation of embedded telematics in passenger vehicles. This will lead to increased adoption of embedded telematics in the automotive industry.
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Further, the passenger vehicle telematics market report states that one of the major factors hindering the growth of this market is Data security in telematics industry. Previously, most M2M communications used proprietary protocols or private networks for connectivity.
However, increasing demand for connectivity has forced the players in the automotive industry to provide internet connectivity in their offerings. The major focus of the service providers is on the functional requirements of telematics devices.
As a result, the automotive industry has neglected many non-functional requirements of the system like data security.
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Key questions answered in this report:
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
Few Points from List of Exhibits:
Exhibit 1: Parent Market
Exhibit 2: Global Passenger Vehicle Telematics Market
Exhibit 3: Market Characteristics
Exhibit 4: Market Segments
Exhibit 5: Market Definition - Inclusions and Exclusions Checklist
Exhibit 6: Market Size 2017
Exhibit 7: Validation Techniques Employed For Market Sizing 2017
Exhibit 8: Global Market Size and Forecast 2017-2022 ($ Billions)
Exhibit 9: Global Year-Over-Year Growth 2018-2022 (%)
Exhibit 10: Five Forces Analysis 2017
Exhibit 11: Five Forces Analysis 2022
Exhibit 12: Bargaining Power of Buyers
Exhibit 13: Bargaining Power of Suppliers
Exhibit 14: Threat of New Entrants
Exhibit 15: Threat of Substitutes
Exhibit 16: Threat of Rivalry
Exhibit 17: Market Condition - Five Forces 2017
Exhibit 18: Fitment Market Share 2017-2022 (%)
Exhibit 19: Comparison by Fitment
Exhibit 20: Smartphone Integration Market Size and Forecast 2017-2022 ($ Billions)