Kenneth Research released a report on Global Telematics Market consisting of detailed analysis of the market and industry insights over the forecast period of 2022-2031. The latest trends and business opportunities in the market are discussed in the report on the basis of analysis of the market value and calculation of the CAGR during the forecast period.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Telematics Market
Telematics technology is being increasingly used in the automotive segment for vehicle tracking and monitoring, infotainment and Usage Based Insurance (UBI). In the Healthcare sector, it is utilized to expedite diagnosis and augment treatment quality and processes. Similarly, the Government sector employs telematics technology for developing smarter cities and maintenance. The global Telematics market is expected to grow at a CAGR of 28.5% (2017-2022) leading to global revenue of USD 233.24 billion by 2022.
The Automotive telematics segment is expected to grow as automakers and fleet managers adopt the technology to minimize fuel waste, and facilitate data management for the smooth functioning of fleets and connected cars. Almost, 80-85% of telematics solutions and devices that includes infotainment, solutions and aftermarket solutions (UBI) cater to the automotive industry.
Healthcare telematics market, on the other hand, is expected to grow at a CAGR of 25.9% (2017-2022). Telematics usage in the individual (consumer) healthcare segment is expected to increase at a faster pace compared to the commercial segment. The market is also starting to witness growing demand for telemedicine applications used by health professionals for remote consultation and collaborative medical assistance.
Telematics revenue generated from the government segment is expected to witness a high growth. Government agencies need to monitor and eliminate unauthorized behavior and violation of driving rules through real-time vehicle tracking.
Key growth factors
Increasing requirement to track vehicles on a real-time basis and observe drivers’ behavior (monitoring health and temperament while driving), coupled with rising demand for onboard infotainment is leading to growing usage of telematics technology.
Additionally, the requirement of vehicle owners to avail tailor-made auto insurance premiums and that of insurers to accurately evaluate accidental damages and minimize fraud, through analysis of driving data, is contributing to the rising adoption of telematics-based insurance or UBI.
Threats and key players
Although the Telematics market is expected to have a positive growth globally, still, there is lack of awareness among individual car owners and resistance about the additional expenditure related to the installation of new devices in old cars or vehicles. Many vehicle owners have concerns regarding their privacy and prefer not to let UBI companies track their daily movements.
Often, challenging economic conditions, low internet penetration and poor technology infrastructure in some regions play a major role in restricting telematics penetration. Case in point, most African countries which face various infrastructural and economic challenges.
Some of the major players in the telematics market are OCTO Telematics, AirIQ, Mix Telematics, TomTom, Airbiquity Inc., Cisco, GE Healthcare, and Philips Healthcare.
What’s covered in the report?
1. Overview of the Global Telematics Market
2. Historical, current and forecasted market size data for Global Automotive Telematics market (Fleet telematics and connected car market), Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
3. Historical, current and forecast regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for Global Automotive Telematics, Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
4. Analysis of Stakeholders and Technology Ecosystem in telematics for different segments.
5. Qualitative analysis of the major drivers and challenges affecting the Global Telematics Market and Automotive Telematics, Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
6. Analysis of the competitive landscape and profiles of major public and private players operating in the market, which include companies who provide vehicle tracking system, telematics device, GPS fleet tracking system
7. Key recent developments in the Automotive Telematics, Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
8. Market Trends: Automotive Telematics, Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
1. Get a broad understanding of the Global Automotive Telematics, Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
2. Get Region-specific drivers and challenges affecting the Global Telematics Market and Automotive Telematics, Usage Based Insurance, Infotainment, Healthcare Telematics and Others sectors
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Recognize major competitors’ business and market dynamics, and respond accordingly
5. Get stakeholder and technology analysis, relevant company profiles and also start-up company profiles
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Global Telematics Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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