Automotive Telematics Market to Reach USD 415.93 Billion By
- The growth of the market is attributed to the rise in preference for security and safety features in vehicles and the surge in demand from the Western hemisphere.
- Market Size – USD 63.83 Billion in 2019, Market Growth - CAGR of 26.4%, Market Trends – Adoption of advanced technologies in the automobile sector
VANCOUVER, BC, Sept. 24, 2020 /PRNewswire/ -- The Global Automotive Telematics Market is projected to reach USD 415.93 billion by 2027, according to a recent report by Emergen Research. Stringent government rules in association with property identification, coupled with increased usage of cloud-based technology, is likely to drive the expansion of the global automotive telematics market.
On the other hand, the threat of knowledge hacking, high installation price, and, therefore, the dearth of unceasing and seamless net property impede the market to some extent. The safety quotient associated with the increase in performance of the autonomous vehicles is likely to drive the market growth. Moreover, a variety of business selections for different fleets of autonomous vehicles is anticipated to bring a wide array of opportunities in the market.
The rise in the adoption of web-based services and the convenience of advanced communication technology offer vast growth opportunities for fleet management businesses. Major technologies utilized in the market include GPS trailing systems, telematics, and M2M communication, among others. In telematics and M2M devices, with a sturdy communication network, fleet management activities are often simply handled and have a fast access and response mechanism. Moreover, many solutions offered within the automotive telematics market collect, manage, explore, interpret, and analyze the driving information of a selected driver. Good fleet management solutions generate an enormous volume of knowledge and help establish new business avenues in autonomous driving.
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Key Highlights From The Report
- Vehicles across every fleet have become technology dependant, the association of which is predicted to drive the automotive telematics market. Moreover, high fuel economy and low carbon emission are the prime concern of vehicle owners. Thus, telematics service suppliers facilitate improving the ownership cost of a vehicle.
- The fleet management services segment occupies a significant part of the market share when it comes to areas of applications. The adoption of advanced technologies and telematics services and technology in vehicles to increase their safety is anticipated to boost the growth of the automotive telematics market.
- Vehicle trailing and eCall options offered by telematics services are extremely prevalent among vehicle owners. The widespread population across Asia Pacific regions makes recovery of purloined vehicles within the region difficult. However, vehicle trailing is predicted to make tasks notably easier for government authorities.
- The North American region is a dominant telematics market and is anticipated to witness significant gains on account of a growing demand for luxury vehicles throughout the U.S., Canada, and Mexico The Asia Pacific region held a significant portion of the market in 2019 ideally because of the presence of a wide variety of vehicle fleet and an even higher rate of adoption of automotive telematics across countries namely India and China.
- Key participants include Trimble Inc., Omnitracs, Verizon, I.D.Systems Inc., Masternaut Limited, Airbiquity Inc., TomTom Telematics B.V, Harman International Industries, Inc., MiX Telematics, Teletrac Navman, and Cartrack.
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For the purpose of this report, Emergen Research has segmented the Global Automotive Telematics Market on the basis of vehicle type, application, connectivity solution, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
- Passenger Vehicle
- Commercial Vehicle
Application Outlook (Revenue, USD Billion; 2017-2027)
- Asset/Fleet Management
- Navigation and Location Based System
- Infotainment System
- Insurance Telematics
- Safety and Security
Connectivity Solution Outlook (Revenue, USD Billion; 2017-2027)
- Integrated Smartphones
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
e. Rest of Europe
- Asia Pacific
c. South Korea
d. Rest of APAC
- Latin America
b. Rest of LATAM
a. Saudi Arabia
c. Rest of MEA
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