Presently, Transport & Logistics telematics leads the worldwide automotive telematics market since it’s a relatively low-cost solution and offered in a broad range of vehicles. Automotive Telematics Market opens the path to intelligent transportation. Because of this, hybrid telematics is forecast to dominate in the worldwide telematics market after 2018.
According to a leading research company, KBV Research, the Global Automotive Telematics Market is forecast to achieve a market value of $124.3 billion by 2022, experiencing a growth rate of 26.6% CAGR during 2016-2022. As per the estimates, the Insurance segment would lead the Global Consumer Telematics Market By End User thereby attaining a market size of $13.6 billion by 2022.
The system should account for this. Telematics systems are believed to be one of the most essential parts of equipment in a few of the vehicle models on the market. The automobile telematics system and User-Based Insurance policy (UBI) are key trends in the car insurance business and expect a disruptive shift in the close future. The automobile telematics process and User-Based Insurance policy process is imparting an important disruptive shift in the car insurance industry with innovative insurance policy policy models for customer convenience.
A fully integrated system can offer fleet managers with plenty of information which may help cut costs throughout the company. An electronic fleet management process will help you keep organized and have more control above your trucks or vehicles. There are lots of GPS navigation systems, if you take a while to look on the internet you will see lots GPS devices which will work nicely with your vehicle at an affordable price.
Telematics is basically a variety of different features, alternatives and devices that are brought together by a sole principle data and communication. Telematics is a way of monitoring a car. Hopefully, they will allow the owner to quickly reclaim their property. It’s about digital telematics.
While learning how to drive can be thought of a rite of passage, auto insurance rates can produce the experience more stressful. During the next several decades, the demand for such telematics technology installations will probably reduce. When used in an industrial environment vehicle telematics are sometimes a strong and valuable tool to enhance the efficiency of an organization.
The Automotive Telematics Market technologies are likewise being used in high crime locations, specifically in regions where there is a superb deal of car theft. Telematics technology isn’t likely to come cheap however. The telematics industry isn’t restricted to automotive applications. Actually, normally, businesses wind up spending 5% of annual revenue on those products. Just by increasing operating efficiency by merely a few per cent, that has been specifically calculated for a specific kind of fleet business, a substantial difference to a company balance sheet can be gotten using a car tracking system throughout the fleet. Many businesses are feeling the should create such parking computer software systems which make it effortless for their employees to park their cars. Since the odds of becoming in an accident is so superior, auto insurance businesses see youths as a liability.