Global telematics market to be worth $233 billion by 2022, Netscribes says

Jan. 26, 2018
The global telematics market is expected to grow at a compound annual growth rate of 28.5 percent between 2017 and 2022 to reach a global revenue of $233.24 billion by 2022.

Netscribes, Inc., a global market intelligence firm, released the Global Telematics Market Report on Jan. 25. The global telematics market is expected to grow at a compound annual growth rate (CAGR) of 28.5 percent between 2017 and 2022 to reach a global revenue of USD 233.24 billion by 2022.

An increased need to track vehicles in real time and monitor driver behavior, coupled with the rising demand for onboard infotainment is expected to drive the use of telematics technology. Although the telematics market is expected to have a positive growth globally, Netscribes points out that there is still a lack of awareness among car owners, resulting in a resistance towards bearing additional costs of installing new devices in old cars and vehicles. A large segment of vehicle owners is still aversive to Usage Based Insurance (UBI) companies over data privacy concerns.

Some of the key highlights from the report are as follows:

  • About 80-85 percent of the telematics solutions and devices that includes infotainment and Usage Based Insurance (UBI) cater to the automotive industry.
  • Increasing purchasing power of customers has led to a shift in preference for high-end vehicles (equipped with advanced telematics devices), rather than simple transport machines.
  • Governments in several countries have made it mandatory to have an electronic on-board recorder (EOBR) fitted commercial vehicles, which is one of the key drivers of the adoption of telematics among fleet companies.
  • North America is the highest revenue-generating region for the automotive telematics industry. Telematics market is at a mature stage in countries like US and Canada, where stable growth is forecasted till 2022.

For more information, download the Netscribes Global Telematics Market Report. Netscribes offers custom market research solutions based on specific business needs. To request custom research contact [email protected].

Subscribe to Aftermarket Business World and receive articles like this every month….absolutely free. Click here.

Sponsored Recommendations

ZEUS+: The Cutting-Edge Diagnostic Solution for Smart, Fast, and Efficient Auto Repairs

The new ZEUS+ simplifies your diagnostic process and guides you through the right repair, avoiding unnecessary steps along the way. It gives you the software coverage, processing...

Diagnostic Pre- and Post-scan Reports are Solid Gold for Profitability

The following article highlights the significance of pre-scans and post-scans, particularly with Snap-on scan tools, showcasing their efficiency in diagnosing issues and preventing...

Unlock Precision and Certainty: TRITON-D10 Webinar Training for Advanced Vehicle Diagnostics

The TRITON-D10 lets you dig deep into the systems of a vehicle and evaluate performance with comparative data, systematically eliminating the unnecessary to provide you with only...

APOLLO-D9: Trustworthy Diagnostics for Precision Repairs

The APOLLO-D9 provides the diagnostic information and resources you need to get the job done. No more hunting through forums or endlessly searching to find the right answers. ...

Voice Your Opinion!

To join the conversation, and become an exclusive member of Vehicle Service Pros, create an account today!