The number of new cars sold utilizing some sort of telematics is forecasted to increase from 7 million in 2013 to over 68 million in 2020. Embedded telematics systems are expected to grow from 8 million units sold in 2013 to 54 million units by 2020. That’s a Compound Annual Growth Rate (CAGR) of 31%.<\/p>\n
Telematics Subscriptions<\/a> on the Rise<\/strong><\/p>\n
Worldwide Growth Potential<\/strong><\/p>\n
![\"telematics](\"https:\/\/www.gofleet.com\/wp-content\/uploads\/2015\/06\/telematics-growth-chart-geotab.png\")
\n(Berg Insight Forecasts)<\/em><\/small><\/p>\n
The large growth expectation in the telematics market indicates that within the next 10 years, most of the cars on the road will be equipped with some form of telematics. In South Africa, the number of cars with a telematic system is projected to expand to 840,000 by 2017. There is an estimated 90% of the light consumer vehicles market which currently remains untapped<\/a>. The Chinese telematics market is also expected to increase 22% at the end of 2014 from 2.1 million units to 5.9 million by 2019.<\/p>\n
India\u2019s Quickly Growing Telematics Market<\/strong><\/p>\n
![\"telematics](\"https:\/\/www.gofleet.com\/wp-content\/uploads\/2015\/06\/telematics-growth-chart-india-geotab.png\")
\n(Berg Insight Forecasts)<\/em><\/small><\/p>\n
Telematics and the Insurance Industry<\/strong><\/a><\/p>\n
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- Pay As You Drive (PAYD):<\/strong> Monitor where, when and how often a vehicle is being driven. This technology can provide customized policies to suit each individual\u2019s needs. It also can monitor unsafe driving habits and can be used to reward safe driving (deeper discounts, etc).<\/li>\n
- Accident Reconstruction: <\/strong>Determine the driver at fault during a car accident, decrease costs related to insurance fraud and gain quicker payouts to those injured<\/li>\n
- Vehicle Recovery:<\/strong> Track stolen vehicles for a better chance of quick vehicle recovery.<\/li>\n<\/ul>\n
Check out this blog<\/a> for further details on insurance discounts related to telematics devices.<\/p>\n
Safety Benefits of Telematics Solutions<\/a><\/strong><\/p>\n
Telematics is a tool to improve safety, boost employee morale, increase efficiency and add to the bottom line of any business. You do not want to get left behind! Get your fleet vehicles connected with telematics today! Contact us<\/a> for more details so you can take advantage of the full benefits of telematics<\/a> today and in the future years to come.<\/p>\n
Original Article By: Boby Multani, Senior Technical Services Engineer at Geotab<\/em><\/p>\n