LONDON--(BUSINESS WIRE)--The global automotive smartphone enabled telematics market is expected to post a CAGR of almost 28% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The popularity of app-based UBI has increased in the automotive UBI market as developing apps is cost-effective compared to OBU-based UBI solutions. Also, it eliminates the need for investment in hardware as modern smartphones have built-in sensors that track driving behavior effectively. This will benefit both insurer and driver as UBI helps insurance companies to price policies more precisely by encouraging safe driving behavior. Such cost benefits offered by app-based UBI solutions is crucial in driving the growth of the global automotive smartphone enabled telematics market.
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As per Technavio, the growing popularity of smartphone enabled telematics in commercial vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Smartphone Enabled Telematics Market: Growing Adoption of Smartphone Enabled Telematics in Commercial Vehicles
Fleet operators are increasingly adopting advanced telematics services in their vehicles to improve their operational efficiencies. This is encouraging market vendors to offer customized solutions with competitive pricing to suit the requirements of fleet operators. Some automotive OEMs are collaborating with telecom operators and telematics solution providers to offer end-to-end telematics services for fleet operators. For instance, in 2015, Volkswagen partnered with RAC Monitoring Services to develop smart telematics services by integrating a dongle with the vehicle’s ECU. It allows fleet operators to analyze data using a smartphone, tablet, or desktop. This trend will have a positive impact on the growth of the market during the forecast period.
“The use of advanced analytics to optimize vehicle efficiency and the growing demand for better fuel efficiency and safety will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Smartphone Enabled Telematics Market: Segmentation Analysis
This market report segments the global automotive smartphone enabled telematics market by type (smartphone integrated telematics and app-based telematics) and geography (Americas, APAC, and EMEA).
The Americas led the market in 2018, followed by APAC and EMEA respectively. During the forecast period, the Americas is expected to maintain its dominance over the market. This is due to the high adoption of advanced telematics in passenger cars and commercial vehicles in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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