Automotive Teleinformatic System Market: Introduction
- Teleinformatic devices are used in vehicles to monitor and record vehicle travel data by utilization of the GPS navigation system and on-board diagnostics system in order to detect the exact location of vehicles. These devices also gather data about the driver, such as acceleration, speed, and routes taken while driving.
- This data can be used by an insurance company to settle an insurance claim in case of accidental damage to the vehicle. A fleet management service provider can track the live location of vehicles and analyze the driving behavior of the vehicle driver in order to ensure safety of both passenger and vehicle.
- Teleinformatic devices are either provided by automakers or can be installed from an aftermarket distributor or outlet
Key drivers of global automotive teleinformatic system market
- Rising demand for fleet management services is likely to boost the global teleinformatic system market. The fleet management system is employed to organize and coordinate a fleet of vehicles such as cars, vans, trucks, forklifts, buses and to increase efficiency of vehicles and reduce operational cost. The system also enables compliance with government rules and regulations for the fleet of vehicles under management. The primary purpose of fleet management is to track vehicles by employing teleinformatic systems such as navigation system, communication devices, and audio/video recording devices. Increasing usage of fleet management services by oil & gas delivery services, car rental services, and repair & maintenance services is driving the global teleinformatic system market.
- Teleinformatic systems enable insurers to learn more about their consumers by acquiring information about their driving habits, including how often and fast a consumer drives a vehicles and does a consumer follow traffic mandates or not. Adoption of teleinformatic systems is rising in the insurance industry as well as utilization of the teleinformatic system through a smartphone is cost-effective and helps the insurer reduce the cost of insurance claims and identify fraud.
- Teleinformatic systems in a vehicle help the owner to set a notification-based maintenance schedule. The maintenance token or task would be initiated according to number of miles driven or a specific duration after the previous maintenance carried on vehicle. This is estimated to ensure that the vehicle runs at optimum efficiency and delivers good performance owing to timely vehicle maintenance.
- The time taken to locate a stolen vehicle is expected to reduce considerably owing to data recording and vehicle tracking functions available in a teleinformatic system. These factors are driving the market.
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Stringent government rules and regulations to boost automotive teleinformatic system market
- Several countries worldwide are focusing on strengthening rules and regulations regarding passenger and vehicle safety. For instance, all new passenger and commercial vehicles manufactured in Europe have pre-installed teleinformatic devices to enhance vehicle and passenger safety and security under various legislations, such as GLONASS in Russia and eCall in the European Union. Such initiatives are propelling the global automotive teleinformatic systems.
Rising trends of connected vehicles is driving the global automotive teleinformatic system market
- Connected vehicles are equipped with navigation systems, dashcams, and various IoT devices to enhance the driving experience and safety of vehicles. For instance, PEUGEOT e-Legend concept car is estimated to incorporate cruise control, distance alert, advance cockpit, and mirror screen (a connectivity device), which features high-end applications of connected devices in the vehicle.
- Increase in consumer demand for luxurious, safe and connected vehicles is boosting the global automotive teleinformatic system market
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