The vehicle telematics market is continuously growing due to the increased demand for in-car connectivity in private cars and rental cars, for driver monitoring functions in cars. Telematics users prefer to pay for services in a subscription model based on desired telematics features/packages.
Due to the growing telematics business, major software companies are investing in this business to earn a profit margin. Even car manufacturers and hardware manufacturers are working collaboratively as automotive technology changes rapidly. There is also a wide variety of end users who have auto-data collected through telematics, such as insurance companies and subscribers.
Consumers will access telematics services in two ways: telematics with new cars or through the marketplace. According to telematics experts, OEM telematics systems are highly reliable, low-cost (usually included in the price of the car), and usually have a free one-year subscription service. buying a car
However, car fleet managers often look to the aftermarket for the convenience of telematics systems, as the aftermarket option gives them the freedom to track any type of car through software.
Car rental companies like Uber prefer to use fingerprint technology for taxi drivers to save information related to driving performance in the software. Based on driver behavior, driving style, etc., these driver companies can promote talented drivers from their company.
OEM companies offer two connectivity options in their cars: built-in and integrated. The built-in option is very compatible with the technical car.
For example, built-in connectivity allows drivers to connect their smartphone to the car’s infotainment system. Aftermarket, car fleet managers can also use the connected option for telematics services, but it is not compatible with vehicles with advanced telematics features.
But as India, China, etc. They still use telematics connectivity as the lowest cost compared to embedded and embedded connectivity.
In the coming years, companies dedicated to telematics software and services expect higher revenue growth than hardware manufacturers. At the same time, the hardware side will grow due to the rise of software technologies that require highly advanced hardware, such as AIpowered. and the cams are running.
Fleet rental car managers using telematics services to submit insurance premiums. These administrators share information about car sharing with auto insurance companies and based on their analysis of the auto insurance companies can reduce insurance premiums.
According to BCC research estimates, by the end of 2027, the global passenger car telematics price is expected to reach . The market is projected to grow at a compound annual growth rate (CAGR) over the forecast period.
Read the full report: https://www.reportlinker.com/p06425339/?utm_source=PRN
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Thus, the passenger car telematics market is continuously growing due to the increased demand for connectivity.