Telematics is a broad term used for monitoring automobiles by using different devices and systems. Smartphone-enabled telematics is monitoring of vehicles on a cellular phone by using different applications. Moreover, tracking devices are installed in the vehicle, which provide the actual position and related data to the connected device.
The global market for smartphone-enabled telematics is expanding at a significant pace and is likely to expand at remarkable pace during the forecast period. Expansion of the market for logistics and car rental is a key driver of the smartphone enabled telematics market for automotive. Rising concern of society for safety and stringent timeline for goods delivery to maintain balance between demand and supply encourages people to adopt telematics. High dependence of the current generation on smartphones and easy accessibility is anticipated to be a major factor fuelling the expansion of the smartphone enabled telematics market. Furthermore, development of autonomous vehicles is likely to boost the smartphone-enabled telematics market during the forecast period, as the vehicle could be not only be monitored but also controlled by digital commands sent via the smartphone. Management of large fleets is difficult through smartphone applications, which is anticipated to hamper the market.
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The global smartphone enabled telematics market can be segmented based on solution and services, application, vehicle, sales channel, and region. Based on solution and services, the fleet tracking and monitoring segment is anticipated to hold a significant share of the smartphone enabled telematics market. High rate of adoption of telematics systems for management and monitoring of vehicle fleets by fleet owners is likely to propel the smartphone enabled telematics market during the forecast period.
Based on application, car rental and ride sharing segments are likely to account for a key share of the smartphone enabled telematics market owing to expansion of cab services and car rental services market. Moreover, all cab service providing companies and car rental companies monitor their vehicles through telematics systems, in order to manage large fleets most companies prefer computers overs smartphones; however, customers can utilize the smartphone applications to monitor or locate the same vehicle.
In terms of vehicle, the passenger vehicles segment is projected to hold a major share of the market owing to the high application of telematics devices in vehicles used by car rental and cab service providers. Moreover, in commercial vehicles, monitoring of the vehicle is done by using other resources, such as computers, due to a large number of vehicles in the fleet.
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In terms of region, Asia Pacific is expected to be a key market for smart enabled telematics, followed by Europe. This is due to the presence of a large number of vehicles in the region and significant size of the car service market. Furthermore, rising penetration of integrated telematics systems that can be monitored through mobile application is likely to boost the smartphone enabled telematics market in Asia Pacific at a significant pace during the forecast period. Presence of most of emerging economies in Asia Pacific is projected to propel the smartphone enabled telematics market in the region.
Key global players operating in the smartphone enabled telematics market are Agero, Inc., Airbiquity Inc., Omnitracs, Trimble Inc., and Verizon.