World Consumer Telematics Market is Expected to Reach Around $26.18 billion by 2020 – Allied Market Research
According to a new report by Allied Market Research entitled”Consumer Telematics Market“.The global consumer telematics market is expected to reach $26.18 billion by 2020, growing at an estimated CAGR of 33.7% during the forecast 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.
Insurance telematics, is the highest revenue-generating solution, contributing about 27% of the total consumer telematics solutions market revenue driven by the growing insurance sector. This is followed by infotainment and navigation and location-based telematics solution. In certain economies like Brazil and China, the government legislations mandate the adoption of telematics in vehicles, given the rising concern of vehicle tracking and safety and security; thereby driving the demand for telematics solutions in these regions.
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. Amongst end users, Car (rental and owned) segment held the second-largest share in the total market size by revenue in 2013. The consumer telematics market is also expected to observe increased adoption from sectors such as healthcare and media and entertainment.
Key findings of the study:
- 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
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.
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