7Newswire
21 Oct 2021, 09:12 GMT+10
Legislative norms and regulations are being introduced by governments across the globe pertaining to the increased usage of these technologies in the automotive industry to improve road safety. These government initiatives are projected to propel the market growth in the upcoming years. It is playing an instrumental role in assisting the fleet managers in operating their commercial vehicles. This technology enhances the safety and efficiency of logistics and transportation service providers. Vehicle-to-Everything (V2X) is a communications technology that enables a connected car to connect to other IoT devices that may have an influence on the automotive. V2X technology allows a car to exchange data with other cars, toll road collection points, smart traffic lights, and 3rd-party products and services.
The benefits of technology become evident even at niche levels. For example, most users mention antitheft, lower insurance premiums, and better driving behavior as key advantages of these systems today. According to a report by GSMA, its use in the United States reached about 20% in 2016, Italy saw 17%, and Singapore 9%. That same year, global UBI adoption made possible by expanding to 14 million policies.
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The COVID-19 impact
As the COVID-19 pandemic spreads across the entire world, the major focus for governments and businesses is the safety of all citizens. While this focus is expected to continue, the ramifications for the automotive & logistics sectors seem dire at least for the short term.
The immediate ripples of the coronavirus were felt in the early epicenter of this virus, China. Wuhan, from where the virus spread across the globe, is known as a "motor city" of the country for being home to auto plants to the likes of General Motors, Honda, Nissan, Peugeot Group, and Renault to name a few. The lockdown leads to these manufacturers shutting down their plants in the Wuhan province. Over 50% of Honda`s automotive production in China is produced in Wuhan. As the coronavirus spread, many auto-companies across the country shut down their plants in effect to the nationwide shutdown. Auto brands like Tesla, Volkswagen, and SAIC announced their plans to postpone the production dates of their automotive in the country for an indefinite period. As a result of this, the car sales in the country fell down by a staggering 92% in February according to a report published by the China Passenger Car Association (CPCA). The country`s association of automotive manufacturers recently forecasted a 10% drop in sales over the first half of 2020 and over a 5% decline over the year. With the complete shutdown of many factories in China, there was a reduction of over 1.7 million automotive production, according to the report provided by the World Economic Forum.
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Further key findings from the report suggest
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2028. For the purpose of this study, Reports and Data have segmented the Vehicle Telematics market on the basis of Technology and Solution, provider type, vehicle type and region:
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Technology and Solution (Revenue, USD Million; 2020-2028)
Provider Type (Revenue, USD Million; 2020-2028)
Vehicle Type (Revenue, USD Million; 2020-2028)
Regional Outlook (Revenue in USD Million; 2020-2028)
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