OTR Telematics Market to be dominated by Fleet/Asset Management segment through 2026
Increasing electrification in automobiles and the rising
government initiatives are driving the growth in Global OTR Telematics Market
in the forecast period, 2022-2026.
According
to TechSci Research report, “OTR Telematics Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By
Application Type (Mining, Construction & Industrial Equipment, Agriculture
Vehicles, Others (Includes All-Terrain Vehicles, Sports Vehicles, etc.)), By
Service (Fleet/Asset Management, Navigation, Infotainment System, Diagnostic,
Others), By Connectivity Solution (Embedded, Integrated, Tethered), and By
Region”,
the global OTR telematics market is anticipated to grow at a rate of double-digit
CAGR for the forecast period, 2022-2026. OTR telematics solution consists of
three main parameters- telematics cloud server, telematics control unit, and
front end-web app. OTR telematics comprises solutions and services adopted by
automotive insurance companies and fleet management companies to monitor and
analyze vehicle performance using a telecommunication device efficiently.
The
increase in the adoption of online services and superior telecommunication
technology is creating numerous opportunities for the global OTR telematics
market growth. The adoption of OTR telematics solutions helps generate huge
amounts of data which, upon further analysis, helps improve the consumer
experience and find new business avenues relating to autonomous driving. The
improving economic condition around the globe is boosting the development of
prominent end-user industry verticals such as mining, agriculture, and
construction, accelerating the demand for the global OTR telematics market growth.
However,
the rise in fraudulent activities such as data hacking and the initial high
installation cost requirements may restrain the growth of the global OTR telematics market in the
forecast period.
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The
global OTR telematics market is segmented on the basis of application type,
service, connectivity solution, competitional landscape, and regional
distribution.
Based on the service, the global OTR
telematics market is divided into fleet/asset management, navigation,
infotainment system, diagnostic, and others. The use of telematics solutions
helps in identification of problems in vehicle before hand thereby helping to
reduce expenditure. In addition, the use of telematics solutions in fleet
management helps in tracking down the vehicle records and calculating the total
distance traveled by automobiles. The surge in the adoption of the OTR
telematics solutions helps predict the advanced service schedules for
automobiles and sends timely notifications to automobile owners.
Based on the connectivity solution, the
market is divided into embedded, integrated, and tethered. OTR automobile
manufacturers provide connected car services equipped with several connectivity
devices such as embedded telematics devices, integrated telematics devices, and
tethered telematic devices. Manufacturers make high-end investments to combine
the technologies mentioned above to meet the demands of different customers.
The embedded segment is expected to account for significant market share for
the next five years owing to the rise in the demand and sales of electric
vehicles across the globe. Embedded telematics solutions are vital for advanced
plug-in electric cars to find the nearest charging station. These also help to obtain
the current status of electric vehicle charging remotely and make reservations
in advance for the charging of the electric vehicle.
On the basis of regional analysis, North
America, followed closely by Europe, is expected to hold the largest market
share for the next five years. In North America, the United States is expected
to dominate the market, and the Canada region is expected to witness the
fastest incremental growth during the predicted period. The increasing trend of
adoption of connectivity solutions and the presence of strict government
regulations supporting the demand for telematics solutions is contributing to
the global OTR telematics market.
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“The rise in the occurrence of road
accidents and the growing emphasis of the leading authorities ensuring the
safety of the passengers is driving the demand for the global OTR telematics
market. The flourishing transport & logistics industry around the globe,
owing to the rapid development of the supply chain and e-commerce sectors, is
creating the need for the adoption of effectively controlling and analyzing the
behavior of automobiles. The rise in the adoption of the OTR telematics
solutions owing to the presence of supportive government regulations and policies
to improve vehicle and passenger safety is expected to propel the global OTR
telematics market growth till 2026” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based Global management consulting firm.
“OTR Telematics Market -
Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Application
Type (Mining, Construction & Industrial Equipment, Agriculture Vehicles,
Others (Includes All-Terrain Vehicles, Sports Vehicles, etc.)), By Service
(Fleet/Asset Management, Navigation, Infotainment System, Diagnostic, Others),
By Connectivity Solution (Embedded, Integrated, Tethered), and By Region”, has evaluated the future
growth potential of global OTR telematics market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global OTR telematics market.
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