Global consumer telematics is valued $16.6 billion in the year 2017 and is anticipated to grow with a CAGR of 26.54% from the year 2018 to 2023. Passenger vehicles is having the highest market share in the year 2017 and is followed by commercial vehicles. They are valued $7.4 billion and $5.7 billion in the year 2017 and is expected to grow with a CAGR of 25.42% and 28.02% during 2018 to 2023.
What is Consumer Telematics Market?
Telematics is a device used to transfer large amount of information from one vehicle to infrastructure of other vehicle. Telematics monitor the vehicle by GPS system which records and map the exact location of the vehicle which also gives the information on how fast the vehicle is travelling. Telematics can also help in providing information about the vehicle management like maintenance schedule, fuel monitoring and seat belt monitoring. Consumer telematics is segmented based on the fleet management system improve driver safety and increase the efficiency by providing the road delays which helps the drivers to reroute and save the drivers time and deliver the goods in time which will also increase the job satisfaction by having more control over the daily routes by which the operating costs is going to reduce. The sensors deliver an alert message to the driver if there is a problem in the engine and other diagnostic issues.
What are the major applications for Consumer Telematics Market?
The end users of consumer telematics market are education, health care, media and entertainment. Telematics in healthcare connects the systems to doctors, pharmacies, hospitals and health insurers with each other.
Market Research and Market Trends of Consumer Telematics Market:
- Fleet management is evolving its benefits from advancements in technology. The next addition in fleet management is including the over-the-air (OTA) security and control the vehicle which is known as drones.
- To Increase the safety and security in the truck many countries have mandated the eCall regulation which aims to deploy a device in the vehicle that will automatically dial the security number if there is any road accidents and coordinate with the local emergency agencies. This eCall is going to reduce the emergency response time by 40% in urban areas and 50% in rural areas.
- The large mirrors of the trucks are been replaced by a system of cameras and digital displays which is going to improve the driver safety. This system features multiple individually wired cameras that protect from malfunction. The images appear on digital displays mounted on the interior pillars on either side of the windshield and the in the center of the where a rearview mirror typically is located as well as on the dashboard. The camera lenses are heated to protect from ice and frost. They also have a special coating that resists moisture.
- The new launch of voice assistant which enables the users to control the vehicle temperature and also analyze the driver needs based on route and behavior to automatically operate the music and the navigation in the vehicle.
Who are the Major Players in Consumer Telematics market?
The companies referred in the market research report includes Astrata Group, Bayerische Motoren Werke AG, Ford Motors, General Motors Company, Harman Infotainment, Toyota Motor Corporation, Bosch Automotive, Alpine Electronics Co, Continental Automotive and more than 10 other companies.
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