Telematics Solutions Market

New Products, Adopted Expansion Strategies, and Undertook Collaborations, Partnerships, and Mergers & Acquisitions to Gain Traction in this High-Growth Telematics Solutions Market

The telematics solutions market is projected to reach USD 62.6 billion by 2025 from an estimated USD 29.9 billion in 2020 at a CAGR of 15.9% during the forecast period. The base year for the report is 2019, and the forecast period is from 2020 to 2025.

The telematics solutions market is expected to witness rapid growth due to an increase in demand for connectivity solutions/services, and demand for safety & security features are driving the growth for telematics services. Additionally, an increase in internet penetration and integration of driver-assist technology in vehicles are expected to boost the demand for telematics solutions market during the forecast period.

The telematics solutions market is dominated by globally established players such as Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US) among others. These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth telematics solutions market.

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Robert Bosch Gmbh is one of the leading global players in the telematics solutions market. Despite the economic weakness in the automotive industry, the company was able to maintain the previous year’s high level of sales in 2019 because of its focus on product quality and innovation. The company’s broad diversification is having an alleviating effect, which is supporting both the development of new business and the expansion of the current market. The company is majorly focused on investing in critical growth areas such as connected car and autonomous vehicles. Bosch plans to spend more than one billion USD on the electrified, automated and connected mobility of the future. This will help the company to seize the future opportunities in the telematics and mobility solutions market

AT&T is another leading player in this market, followed by Continental AG, LG Electronics, and Verizon. AT&T’s profit and cash flow are primarily driven by the mobility business which strengthens the position of the company in the telematics solutions market. Moreover, a significant focus of the company in the new and advanced product development according to the changing OEM and customer needs is strengthening its position in the telematics solution market. Company’s significant revenue is generated from the US market so to increase its global reach company should focus on its expansion in other developed and developing regions as well.

Continental AG is one of the key players in the automotive industry with an innovative product offering in the telematics space. Company is mainly focused on future mobility solution, which includes electric drive systems, automated driving, connectivity and new services for mobility and transportation. Moreover, the company is pooling a significant part of research and development in the future automotive area to provide their customers with faster, more flexible and more precise products. This will enable Continental AG to meet the high-level, advanced needs of automakers worldwide. For instance, The company signed a contract with China Unicom Smart Connection (China), a wholly-owned subsidiary of China Unicom. With the partnership of 50%–50% share in this joint venture, Continental AG aimed to strengthen its footprint and market position for interior and connectivity solutions in the region.

LG Electronics is one of the leading global companies of hardware and services for the telematics solutions market. LG Electronics continues to drive its transformation into a provider of advance driving assistance and navigators. With a strong geographical presence in developed countries, collaborations with OEMs, and a focus on innovation in smart driving assistance technologies, LG Electronics is expected to be one of the key players in the telematics solution market. For instance, Luxoft, a DXC Technology Company, and LG Electronics (LG) has announced an automotive joint venture to advance the deployment of the production-ready digital cockpit, in-vehicle infotainment, rear-seat entertainment (RSE) and ride-hailing systems based on the webOS Auto platform. The combined strengths of LG and Luxoft will create invaluable synergy to deploy webOS Auto, the platform for digital, consumer-grade experiences to automakers and their key partners. The company should focus on enhancing sales capabilities, target new growth areas such as MEA and Latin America to expand sales, and improve profitability

Verizon is one of the leading providers of Telematics solutions. Moreover, to increase its focus on telematics solutions, the company has started providing connected car solutions under the Verizon Connect brand. This will further help the company to penetrate deeper in the telematics solution market. Furthermore, the company is focusing on launching high-end telematics solutions in the market to meet the changing demands of the passenger. For instance, Company has recently launched Digital Tachograph fleet managers which allows to download digital tachograph files and driver activity from anywhere, helping drive European tachograph regulation compliance, increase vehicle uptime and streamline day-to-day processes.

Related Reports:

Telematics Solutions Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing & Other), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region - Global Forecast to 2025

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Report Code
AT 2658
RI Published ON
4/2/2020
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