According to HTF Market Intelligence, the Global Consumer Telematics Market market to witness a CAGR of 26.53% during forecast period of 2023-2028. Global Consumer Telematics Market Breakdown by Application (Car(Owned and Rental Based), Insurance, Healthcare, Media & Entertainment, Vehicle manufacturers/dealers, Government agencies) by Type (Solutions, Service) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Consumer Telematics Market market size is estimated to increase by USD 14.9 Million at a CAGR of 26.53% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 16.6 Million.
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Consumer telematics is a technology that combines telecommunications and information processing to provide real-time information and communication services to drivers and vehicle owners. It involves the integration of wireless communication, location tracking, and on-board diagnostics systems in vehicles to deliver services such as vehicle tracking, remote diagnostics, navigation, safety and security, and entertainment.
Consumer Telematics Market market – Key Segment Analysis
The market share growth by the Car(Owned and Rental Based), Insurance, Healthcare, Media & Entertainment, Vehicle manufacturers/dealers, Government agencies segment will be significant during the forecast period. The segment is driven by the Advanced technologies will reduce the production costs of telematics products.
Consumer Telematics Market market – Competition Analysis
The global Consumer Telematics Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Omnitracs Ltd. (United States), BMW AG (Germany), Ford Motor Co. (United States), General Motors (United States), Agero Connected Services Inc. (United States), Harman Infotainment (United States), Toyota Motors (Japan), Bosch Automotive Technologies (Thailand), Alpine Electronics Inc. (Japan), Continental Automotive (Germany), Airbiquity Inc. (United States), Trimble Navigation Ltd (United States), Novatel Wireless (United States), Telogis Inc (United States), MiX Telematics (South Africa).
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Consumer Telematics Market
Market Drivers
- Advanced technologies will reduce the production costs of telematics products
Market Trend
- Increasing concern of vehicle tracking and safety and security
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What key data is demonstrated in this Consumer Telematics Market market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Consumer Telematics Market market between 2023 and 2028
- Precise estimation of the size of the Consumer Telematics Market market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa; further broken down by major country within region.
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Consumer Telematics Market market players
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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