North America Telematics Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at 16.19 %through 2020 to 2026, reaching US$ XX Mn.
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North America Telematics Market Overview:
An Automotive Telematics system is an automatic system planned for vehicles that incorporates some form of cellular communication. The telematics for vehicles happening in the 1980s, for tracking of stolen cars with the assistance of radio frequency communication by unlicensed frequency bands. Telematics is info telecommunication products that combine computers telecommunication services for transferring large amounts of data in vehicles in real-time. An advance diagnostic system is a feature that would boost the telematics market.
The insurance segment is one of the significant drivers for telematics market, mainly in aftermarket solutions. For example in North America, nearly every vehicle insurance company is either using or strategies to use some sort of telematics solution, as it allows the insurance firms to minimize risk through monitoring of different aspects like maintenance, usage and security etc. The North America telematics market covers all the connectivity platforms solutions used for providing internet service within a vehicle through the application of telematics.
Countries like the US Canada are mainly focused in this report. Rising incidences of vehicle thefts is a key driver for the United States commercial vehicle telematics market; which has increased the need for the installation and adoption of telematics systems that are equipped with features like vehicle tracking, driver assistance system remote theft alarm. Canada, too, is seeing increased adoption of such innovative vehicle telematics. For example, the Mojio Organization in Canada proposals a combined software and hardware system which acts as a Wi-Fi hotspot for commercial vehicles drivers to remotely identify their vehicle location and delivers information about the ongoing mechanical problems in the vehicle.
The telematics supply chain will see remarkable growth innovation through the end of the decade, as more vehicles debut novel connected solutions which make use of embedded components, while at the same time enabling consumers to fully leverage their mobile devices. Global production volumes for all telematics systems are projected to grow by more than 112 percent, surpassing 55 Mn units in 2021.
According to the MMR report, customer electronics-based (CE) solutions will make up nearly 30 percent of the market, with embedded systems making up about 15 percent of the market in the year 2021. Moreover, hybrid telematics will boast the strongest revenue CAGR at more than 12 percent from 2015 – to 55 percent of the total market.
Currently, CE telematics leads the global automotive telematics market since it is a relatively low-cost solution. MMR forecasts this trend to continue with future cars featuring multiple connections for a range of applications services. This will lead to hybrid telematics leading the market after 2018.
The European eCall mandate, effective March 2018, will need an embedded connection in vehicles for automatic crash notification (ACN) SOS calling, which services all OEMs to offer either embedded or hybrid telematics. This mandate will lead to development in the telematics market.
LG Elect to supply automotive telematics systems to Honda:
South Korea’s LG Electronics Inc. has increased traction for its automotive electronics business by clinching a contract with Honda Motor Co. to supply telematics systems for its cars released in 2022. According to the MMR study report, LG Electronics signed its 1st contract with the Japanese carmaker. Contract details counting the financial term were not disclosed. LG Electronics shares rose 3.33 % to finish Thursday at USD 78.66 in Seoul.
Telematics systems for Honda Motor will be formed at LG Electronics’ manufacturing lines in Incheon, Korea Haiphong, Vietnam.LG Electronics expects the contract with Honda Motor would assistance its vehicle component solutions (VS) business return to a profit next year after the losses of 18 successive quarters since 2016.LG Electronics claimed a 17 % share in the global automotive telematics system market last year, down from 19.6 % in the year 2018. It used to be the market No one supplier but lost the lead to Germen brand Continental last year.
North America Telematics Market2
The Korean company is seeking to grab back the crown from its German rival in the worldwide automotive telematics system market which is projected to grow to $7 Bn in 2025 from $4.3 Bn in the year 2020. LG Electronics has already secured an automotive part order from Cadillac to supply its digital cockpits for the new 2021 Cadillac Escalade in February. It contracted supply agreements for infotainment systems with Mercedes-Benz Hyundai Motor’s premium brand Genesis in recent years.
The Korean tech giant has been expanding down on its effort to groom VS business under the leadership of young leader Koo Kwang-mo who has been vigorously seeking to realign business structure to find new development engines. LG Electronics acquired Austria’s automotive lighting systems supplier ZKW for USD 1.21 billion won in the year 2018 is planning to invest 898.5 Bn won in the vehicle solutions business this year, equivalent to the scale for the home appliance business.
The report covers Type and Provider Type,with detailed analysis North America Telematics Market industry with the classifications of the market on theType, Provider Type region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players' contribution in it. The report has profiled twelve key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw Types, labor cost, availability of advanced Type, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in five regions. The major country’s policies about manufacturing Covid 19 impact on demand side are covered in the report.
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North America Telematics Market, By Region
North America Telematics Market Key Players
• GM Fleet
• PTC, Inc.
• Masternaut Limited
• Trimble Inc.
• OCTO Telematics Ltd.s
• Inseego Corporation
• ZONAR SYSTEMS, INC.
• Verizon Telematics, Inc.
• Mix Telematics International Ltd.
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