The installed base of aftermarket car telematics devices reached 77.1 million in 2019
Gothenburg, Sweden - November 20, 2020 (Investorideas.com Newswire) According to a new research report from the IoT analyst firm Berg Insight, the number of active aftermarket car telematics units will grow at a compound annual growth rate (CAGR) of 14.6 percent 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 car telematics solution in this report comprises 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 usage-based insurance. Vehicle diagnostics allows service providers such as dealers and workshops to improve service offerings to car owners. Dealers and finance companies can moreover leverage telematics for internal fleet management and manage the customer lifetime value. Examples of convenience applications enabled by aftermarket telematics devices include remote control of certain vehicle functions such as door lock/unlock and finding the last parking position.
Aftermarket car telematics services are offered by a wide range of players. "Examples of leading telematics companies selling services via 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. Distributing services and products through third parties is the most common go-to-market strategy for aftermarket car telematics solution vendors. 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 vendors also explore new business models enabled by making connected cars part of the larger IoT ecosystem where data can be shared with third parties", continued Mr. Svegander.
The technology environment for aftermarket car telematics solutions has evolved significantly during the past years. Implementations in the early days of telematics relied on professionally installed hardwired blackbox devices, making the deployments relatively costly. Today, there are many different form factors applicable for aftermarket telematics ranging from professionally installed hardwired blackboxes to self-installed OBD dongles. "Battery-powered devices that eliminate complex installations for use cases such as stolen vehicle tracking and dealer lot management have been slow to enter the marketplace for reasons such as cost, size and reliability, but these hurdles have now been overcome", said Mr. Svegander. Battery-powered telematics devices are small enough to be concealed easily inside a vehicle, thus eliminating installation costs and faulty installations. Key to prolonging battery life has been improvements in battery technology, software and network technologies. Solutions aimed at dealers and vehicle finance institutions in the US use LTE-M devices and LoRaWAN has become a connectivity option for asset tracking and SVR in Latin America, North America and Europe.
Download report brochure: Aftermarket Car Telematics
About Berg Insight
Berg Insight is a dedicated M2M/IoT market research firm based in Sweden. We have been specialising in all major M2M/IoT verticals such as fleet management, car telematics, smart metering, smart homes, mHealth and industrial M2M since 2004. 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 advisory services. We provide custom research tailored to your requirements including focussed research papers, business case analysis, go-to-market strategies and bespoke market forecasting. We have provided analytical services to 1400 clients in 72 countries on six continents to date. Our customers range from many of the world's largest mobile operators, IT companies and telecom vendors, to venture capitalists, technology start-ups and specialist consultants.
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