Automotive and Transportation Vehicle Telematics Market | Page 2

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Vehicle Telematics Market To Reach USD 98.27 Billion By 2026
Increasing concern for safety and security among automotive consumers is the most significant factor in
influencing market growth.
Market Size – USD 25.47 billion in 2018, Market Growth - CAGR of 18.3%, Market Trends – Proliferation
of smart devices such as smartphones, and tablets
The global vehicle telematics market is expected to reach USD 98.27 Billion by 2026, according to a new
report by Reports and Data. Vehicle telematics systems, composed of telecommunication and
informatics, provide crucial information for drivers, such as information about live traffic status and
weather forecast. Essentially, it is the vehicle monitoring systems which empowers the drivers to stay
updated with real-time performance and safety of the vehicle. Information collected by the telematics
system is beneficial in critical circumstances, for instance, to communicate instantaneously with the
police or respective authorities for prompt action in case of an accident. Telematics systems assist
automotive companies, insurers, and drivers with the highest safety feature.
The safety and security services of vehicle telematics comprise the automatic crash notification,
emergency, and medical assistance, which are anticipated to stimulate market growth in the forecast
period. As a component of the Automatic Crash Notification service the telematics control unit (TCU)
monitors several crash sensors of the vehicle and in the occurrence of a crash it directs the details of the
vehicular location and crash intensity as well as sends a voice call to the telematics call center so that
emergency services are dispatched to the accident spot.
Legislative norms and regulations introduced by governments across the globe pertaining to the
increased usage of telematics in the automotive to improve road safety are projected to propel the
market growth in the upcoming years.
The offering of smartphone integration via apps in telematics systems enable the drivers to access
various features such as unlocking of doors in case of lost keys, locking the car door, or blow the horn or
flash the lights if the driver is facing trouble finding his car.
Privacy concerns among automotive consumers owing to the sharing of the vehicular location used to
monitor an asset (car, truck, heavy equipment, or even ship) by using GPS and onboard diagnostics to
record movements may create hindrances in the growth of the market.
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