Vehicle Telematics Market will exhibit a CAGR of 8.4% during the forecast period 2020-2027,and reach USD 144.47 billion by the end of 2027,and the Market value as per 2019 was USD 115.49 billion.
Fortune Business Insights™ in its report, titled “Vehicle Telematics Market Size, Share & Industry Analysis, By Technology Type (Embedded, Tethered, and Integrated), By Sales Type (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.’’
Vehicle Telematics Market Drivers and Restraint:
Stringent Government Norms to Deploy Telematics in Vehicles will Propel the Market Growth
Governments in major countries across several regions have imposed stringent rules and regulations for the safety and security of the vehicles. The installation of telematics in vehicles has been mandated in many countries to track the location and behavior of the vehicles. Services such as theft vehicle tracking and emergency call systems are put under basic requirements in vehicles in many countries. For instance, The Ministry and Road Transport Highway under the Central Government of India has imposed a regulation under Clause 35(2) of Section 2 of the Act that all the public transport vehicles should have location tracking devices, GPS, and emergency buttons as a safety measure. Also, the European Commission has mandated the integration of the eCall system in vehicles to control the increasing number of road fatalities and for the safety of the occupants.
Increasing Adoption of NGTP to Drive the Market Growth
The Next-Generation Telematics Protocol (NGTP) is a telematics protocol developed by Telematics Service Providers (TSP), BMW, WirelessCar, and Connexis LLC. It provides end-to-end telematics services to the passengers, drivers, and the vehicles itself. This framework is built on a highly flexible infrastructure and is being adopted by numerous automotive companies. NGTP allows the customers to access new services without adjusting any technical systems inside the vehicle. This enables the OEMs to offer new services to the running as well as new vehicles.
List of Key Players Covered in the Vehicle Telematics Market Report:
• Bosch Connected Devices and Solutions GmbH (Gerlingen, Germany)
• Webfleet Solutions B.V. (Amsterdam, North Holland)
• MiX Telematics (Florida, USA)
• Trimble Inc. (California, USA)
• Verizon (Atlanta, Georgia, USA)
• Zonar Systems (Seattle, USA)
• Octo Group S.p.A (London, England)
• Inseego Corp. (San Diego, California, USA)
• PTC (Boston. Massachusetts, USA)
• Microlise Telematics Pvt. Ltd. (Nottingham, England)
• Omnitracs (Dallas, Texas, USA)
• Masternaut Limited. (London, England)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/vehicle-telematics-market-102071
Some of the key industry developments in the Vehicle Telematics Market Include:
• December 2019: Octo announced that it has completed the acquisition of Nebula Systems. Through this acquisition, the company will look to enhance its diagnostic solutions associated with vehicle telematics.
Fortune Business Insights™ in its report, titled “Vehicle Telematics Market Size, Share & Industry Analysis, By Technology Type (Embedded, Tethered, and Integrated), By Sales Type (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.’’
Vehicle Telematics Market Drivers and Restraint:
Stringent Government Norms to Deploy Telematics in Vehicles will Propel the Market Growth
Governments in major countries across several regions have imposed stringent rules and regulations for the safety and security of the vehicles. The installation of telematics in vehicles has been mandated in many countries to track the location and behavior of the vehicles. Services such as theft vehicle tracking and emergency call systems are put under basic requirements in vehicles in many countries. For instance, The Ministry and Road Transport Highway under the Central Government of India has imposed a regulation under Clause 35(2) of Section 2 of the Act that all the public transport vehicles should have location tracking devices, GPS, and emergency buttons as a safety measure. Also, the European Commission has mandated the integration of the eCall system in vehicles to control the increasing number of road fatalities and for the safety of the occupants.
Increasing Adoption of NGTP to Drive the Market Growth
The Next-Generation Telematics Protocol (NGTP) is a telematics protocol developed by Telematics Service Providers (TSP), BMW, WirelessCar, and Connexis LLC. It provides end-to-end telematics services to the passengers, drivers, and the vehicles itself. This framework is built on a highly flexible infrastructure and is being adopted by numerous automotive companies. NGTP allows the customers to access new services without adjusting any technical systems inside the vehicle. This enables the OEMs to offer new services to the running as well as new vehicles.
List of Key Players Covered in the Vehicle Telematics Market Report:
• Bosch Connected Devices and Solutions GmbH (Gerlingen, Germany)
• Webfleet Solutions B.V. (Amsterdam, North Holland)
• MiX Telematics (Florida, USA)
• Trimble Inc. (California, USA)
• Verizon (Atlanta, Georgia, USA)
• Zonar Systems (Seattle, USA)
• Octo Group S.p.A (London, England)
• Inseego Corp. (San Diego, California, USA)
• PTC (Boston. Massachusetts, USA)
• Microlise Telematics Pvt. Ltd. (Nottingham, England)
• Omnitracs (Dallas, Texas, USA)
• Masternaut Limited. (London, England)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/vehicle-telematics-market-102071
Some of the key industry developments in the Vehicle Telematics Market Include:
• December 2019: Octo announced that it has completed the acquisition of Nebula Systems. Through this acquisition, the company will look to enhance its diagnostic solutions associated with vehicle telematics.
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