Telematics Market - Global Market Share, Trends, Analysis and Forecasts, 2020 - 2030

Expansion of commercial fleets, increased investment in development of IoT infrastructure, advancement in telematics solutions and proliferation of autonomous vehicles are the key factors driving the growth of the global telematics market. Telematics solutions were primarily used across commercial vehicles for tracking vehicle position and fuel consumption. With increasing demand for sophisticated technology and declining cost of electronic components, telematics has become an integral part of passenger vehicles as well. It refers to data and communication systems used to track, control, and monitor vehicle parameters remotely for performance optimization. With advancement in communication technology, the telematic solutions have evolved from simple navigation systems to sophisticated data and communication systems for commercial fleet management, infotainment, and remote access to vehicles. Telematics plays a vital role in optimizing commercial fleet operations by monitoring several parameters associated with vehicle health. The emergence of Internet of Things (IoT) and autonomous vehicles has fueled the adoption of telematics solutions in passenger vehicles and is anticipated to contribute towards the growth of telematics market during the forecast period. The telematics solutions providers are focusing on development of scalable solutions to cater the demand for vehicle to vehicle (V2V) communication, vehicle to infrastructure (V2I) and vehicle to everything (V2X) communication, thereby contributing towards the growth of the global telematics market. However, the demand for telematics solutions is anticipated to be primarily driven by the aftermarket sales due to slow-down in sales of new automobiles, both commercial and passenger vehicles, across the globe amidst the COVID-19 pandemic.

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