The telematics market is expected to grow at a lucrative growth rate at a CAGR of around 17% during the forecast period. Telematics is used to monitor the location and movement of the vehicles by the application of GPS and on-board diagnostics systems. It is highly used by automotive fleet management companies and insurance companies to monitor the behavior of the driver. It can be integrated with the existing applications and systems of the vehicle for all fleet sizes.
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Telematics is widely used for vehicle tracking. Vehicles can be tracked by the use of a combination of GPS satellites and receivers, GPRS networks, and cloud computing. The GPS receiver gets information from GPS satellites and processes it for application usage including driver GPS navigation systems. Moreover, it also transmits the information to the web servers which can be used at the office for future references. For trailers and asset tracking, GPS trackers are used to ensuring the safety of the vehicle as they don’t go missing. In addition, it is also used to reroute drivers to stationary trailers. Moreover, an alert system can be also being set up to the authorities’ mobile devices when the trailer or asset is moved without authorization.
Telematics also provide a significant application to the insurance companies. The insurance companies use telematics to monitor driver behavior, which allows the company to calculate risk factors with more accuracy and can adjust insurance premiums accordingly. By the use of telematics, most of the major insurance companies are offering usage-based insurance (UBI) policies to their customers. The UBI programs are growing with an exponential growth rate all across the globe. As per Insurance & Mobility Solutions, the UBI polices has reached to around 20 million in the US in 2018. As the hardware related to UBI is expensive, insurance companies are further investing time and resources to develop smartphone telematics, by the use of driver’s own cell phone.
Telematics also aids to improve the maintenance and safety of the vehicle. By the use of telematics, the vehicle’s predictive maintenance can be managed which will improve the asset lifecycle management of the fleet companies. The operators can easily track warranty recovery, engine hour tracking, and service records tracking. Another vital aspect offered by the fleet telematics is safety. Fleet telematics monitor vehicle speed and location along with harsh driving events and seat belt use. With the analysis of every aspect of vehicle operations, areas of improvement can be find out which can prevent accidents in the future. A major disadvantage of the fleet telematics is the additional cost associated with it however with the proper usage, the hidden cost can be eliminated which provides greater productivity and efficiency with considerable ROI.
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Telematics Market Segmentation
By Type
- Hardware
- Software & Services
By Sales Channel
- OEM
- Aftermarket
By Connectivity Solution
- Embedded Solution
- Integrated Solution
- Tethered Solution
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Other
