Gothenburg, Sweden – November 20, 2020 (Investorideas.com Newswire) According to a new research report from IoT analyst Berg Insight, the number of active aftermarket automotive telematics units will grow at a compound annual growth rate (CAGR) of 14.6 % from 77.1 million at the end of 2019 to 152.1 million at the end of 2024. Berg Insight’s definition of an aftermarket automotive telematics solution in this report includes both cellular / GNSS and RF-based solutions. Aftermarket car telematics solutions are useful in a number of application areas, including stolen vehicle tracking and recovery (SVT / SVR), vehicle diagnostics, Wi-Fi hotspot, convenience applications and l usage-based insurance. Vehicle diagnostics allows service providers such as dealerships and workshops to improve the service offering to car owners. Dealers and finance companies can also leverage telematics for internal fleet management and manage customer life value. Examples of practical applications enabled by aftermarket telematics devices include remote control of certain vehicle functions such as locking / unlocking the doors and searching for the last parking position.
Aftermarket auto telematics services are offered by a wide range of players. “Examples of leading telematics companies that sell services through third parties or directly to consumers include Octo Telematics, Spireon, Procon Analytics, Ituran, Mojio, CalAmp (LoJack), Bright Box, Viasat Group, Targa Telematics and Vodafone Automotive”, said Martin Svegander Senior Analyst at Berg Insight. Distribution of services and products through third parties is the most common go-to-market strategy for aftermarket automotive telematics solution providers. Important sales channels include insurance companies, dealers and importers, as well as direct-to-consumer channels such as mobile operators and online retailers. “A growing number of telematics solution providers are also exploring new enabled business models by making connected cars part of the broader IoT ecosystem where data can be shared with third parties,” continued Svegander.
The technological environment for aftermarket automotive telematics solutions has evolved significantly in recent years. Implementations in the early days of telematics relied on professionally installed wired blackbox devices, making implementations relatively expensive. Today there are many different form factors applicable for aftermarket telematics ranging from professionally installed wired blackboxes to self-installed OBD dongles. “Battery-powered devices that eliminate complex installations for use cases such as stolen vehicle tracking and dealership lot management have slowly entered the market for reasons such as cost, size and reliability, but now these obstacles have been overcome, “said Mr. Svegander. Battery-powered telematics devices are small enough to be easily hidden inside a vehicle, thus eliminating installation costs and faulty installations. The key to extending battery life has been improvements in battery technology, software, and networking technologies. Solutions targeting dealerships and vehicle financing institutions in the United States use LTE-M devices and LoRaWAN has become a connectivity option for asset monitoring and SVR in Latin America, North America and Europe.
Download the report brochure: Aftermarket Car Telematics
About Berg Insight
Berg Insight is a dedicated M2M / IoT market research firm based in Sweden. Since 2004 we have specialized in all major vertical M2M / IoT sectors such as fleet management, automotive telematics, smart metering, smart homes, mHealth and industrial M2M. Our vision is to be the most valuable source of intelligence for our customers. Berg Insight offers numerous market reports, detailed market forecast databases, and consulting services. We provide customized research tailored to your needs, including targeted research papers, business case analyzes, go-to-market strategies and customized market forecasts. So far we have provided analytics services to 1,400 clients in 72 countries on six continents. Our clients range from many of the world’s largest mobile operators, IT companies and telecom providers, to venture capitalists, technology start-ups and specialist consultants.
For more information, please contact:
Johan Fagerberg, CEO
Email: [email protected]
Phone: +46 31711 30 91
Twitter: www.twitter.com/berginsight
Further information:
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