Fleet Telematics Market Trend, Analysis, Manufacturers, Overview & Forecasts 2019 - 2027
Fleet Telematics Market Introduction
- Telematics is system of monitoring the movement and location of vehicles by combining GPS i.e. Global Positioning System and on-board diagnostics systems, with which the speed of a vehicle and internal mechanism of the vehicle could be recorded.
- Fleet telematics systems market are mainly adopted by fleet management companies and automobile insurance companies in order to monitor the location and behavior of a vehicle. The global fleet telematics market refers to the solutions and services adopted for controlling and monitoring a commercial vehicle through a telecommunication device.
- A FTS i.e. Fleet Telematics System allows information to be exchanged between a vehicle fleet and the central authority, enabling them to keep a track of vehicle diagnostics and location.
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Key Drivers of Global Fleet Telematics Market
- Changing regulations for vehicles across the world to install specific systems driving demand for fleet telematics. A major impetus for the fleet telematics market are the regulations mandating vehicles to install specific systems in vehicles. For instance, Contran 245 in Brazil has mandated all new vehicles to be fitted with tracking devices to help fight extensive car theft.
- European countries are working on eCall system, which is expected to use telematics to send immediate help in case of accidents or any other emergency on the road. Hence, the fleet telematics market is projected to experience decent growth in the coming years due to stringent government regulations in all major developing and developed countries to install telematics.
- The impact of adoption of wireless technology in fleet telematics is expected to be high in the near future owing to its benefits such as wide-area coverage, quick access & response, and cost reduction, which help the vendors to increase their efficiency, productivity, and return on investments.
- Moreover, cost sensitivity among local players is likely to decline, as the average selling price of fleet telematics is expected to decline during the forecast period.
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High Cost of Installation to Hamper the Growth of the Fleet Telematics Market
- The main reason why OEMs are hesitating to change their assembly is because the installation cost and a change that has to be made in the vehicle design is fairly expensive. Also, governments releasing new sets of rules for the automobile sector every other day is proving to be a problem for automobile companies as they are unsure about what changes to include and what to ignore.
- Other challenges facing the fleet telematics market are threat of data hacking and lack of uninterrupted & seamless connectivity.
Rise in Trend of Connectivity Solutions to Offer Attractive Opportunities
- People wish to stay connected even while travelling, and smartphones are the most common medium to increase connectivity. Automobile manufacturers are adopting connectivity solutions in their vehicles to boost sales. Customers are expecting their vehicles to work similar to smartphones and computers.
- Integrating connectivity solutions such as fleet telematics in vehicles has become a priority for automobile manufacturers. Connectivity can be provided through integrated, embedded, or tethered connectivity solutions.
- Safety services are offered in vehicles with telematics solution, by combining telecom and automobile technology in order to reduce fuel consumption & maintenance cost and improve vehicle efficiency. Features such as automatic toll transactions, live traffic updates, insurance telematics, smart routing & tracking, and road-side assistance are expected to provide exponential growth opportunities to players in the fleet telematics market.
North America to Hold a Major Share of the Global Fleet Telematics Market
- North America is a leading consumer of fleet telematics, followed by Asia Pacific and Europe. The U.S. is the key market in the North America region. In terms of demand, the U.S. accounts for more than 60% share of the market for fleet telematics in the region in 2019.
- The fleet telematics market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, followed by North America and Europe. This can be attributed to the rising foreign direct investments in the automotive industry in developing economies of Asia Pacific.
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