Automotive telematics market is majorly growing on the back of rising popularity of connected cars in developed countries. Government initiatives to introduce telematics systems into automobiles for passengers safety has set automotive telematics market size to reach USD 98.76 by 2024. European parliament mandates the installation of E-Call automatic emergency call devices in new vehicles, a favorable initiative taken by the European government. Implementation of telematics helps in making fleet management more sustainable and efficient by regular monitoring of fuel emission and by improving maintenance.
“Global Automotive Telematics Market Outlook 2024”
Global automotive telematics market is segmented into applications types such as E-Call and roadside Assistance, Vehicle Diagnostics, Infotainment, Stolen Vehicle Tracking, Fleet Management, Other (Toll Collection and Road Charges etc.). Among these segments, stolen vehicle tracking and infotainment segment is expected surpass USD35 billion by 2024 and garner CAGR of 22% over the forecast period i.e. 2016-2024.
Automotive sensors plays a major role in the advancement of automotive telematics technology. The global automotive sensors market size is expected to increase at a CAGR of 24.2% over the forecast period i.e. 2016-2024. The global automotive sensors market is accounted for USD 17.38 billion in 2015 and anticipated to reach USD 98.76 billion by 2024. North-America dominates the global automotive telematics market closely followed by Europe with 34% and 28% global share respectively. The automotive telematics market in Asia-Pacific region is estimated to grow at considerable CAGR. Major challenges for the automotive telematics market are acknowledged as lack of awareness in region, lack of infrastructure and legal frameworks to support growth of automotive telematics market.
Government Policies and Emerging Technologies (plug-in cars and Self-Driving cars): Major Breakthrough
Despite slow adoption rate, electric passenger cars are witnessing huge growth in sales across the globe. Embedded telematics are crucial for the functioning of advanced plug-in hybrid cars to locate nearby charging stations and to check the status of charging remotely. In 2015, more than 2.5 million electric vehicles were sold globally. Moreover, increasing safety concerns led the various governments to frame legal regulation and mandates such as Russia and Europe union mandates the installation of E-call devices in vehicles that are able to inform emergency services in case of accident or collision. However, complexities of telematic devices which lead to severe breakdown of devices and data security concerns are the major factors affecting the growth automotive telematics market.
“Global Automotive Telematics Market Outlook 2024” contains detailed overview of the global automotive telematics market in terms of market segmentation by technology, by vehicle types. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global automotive telematics market which includes profiling of companies of AT&T Inc., Telefonica, Telenor Connexion, BMW AG, General Motors, FCA Group, Tesla Motors, Airbiquity Inc., Agero Inc., Continental AG, Verizon etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global automotive telematics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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