Global Automotive Telematics Market: Snapshot
The automotive telematics market has gained the traction from innovations in the technology and increasing uses of the telematics solutions in vehicles. Various factors such as the preference of consumers to the infotainment and some of the advanced features of the vehicle. Additionally, growing demand for telematics such as satellite navigation, emergency warning, automatic driving assistance systems, the internet, integrated hand-free calling facilities, and Wi-Fi is fuelling the growth of the global automotive telematics market.
Furthermore, other aspects of the systems such as automobile insurance and easy tracking are fuelling the growth of the market. The factors such as high fuel efficiency, comparatively low carbon emissions, improved traffic flow, safe driving, efficient productivity from drivers, and fast and cheap road transport are boosting adoption of the automotive telematics in the transportation industry.
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However, stringent regulations imposed by numerous governments and average fuel economy standard regulations are limiting the growth of the market. Nevertheless, higher investments by the numerous players for the product improvement and innovation are offering lucrative opportunities for growth over the forecast period. Additionally, adoption of new launching technologies is offering immense opportunities for new entrants in the market for automotive telematics.
The global automotive telematics market registered revenue of US$10.15 bn in 2016 and is expected to expand with a CAGR of 22.1% over the forecast period from 2017 to 2025 to attain the value of US$75.79 bn by the end of 2025.
Growing Demand for Advanced Technology in Transportation to Fuel Uptake
On the basis of application, automotive telematics market is segmented into vehicle tracking, satellite navigation, fleet management, and vehicle safety communication. Among these, the vehicle tracking segment is dominating the global market for automotive telematics in 2016 with the share of 30% in the overall market. With this pace, the segment is expected to remain dominant over the forecast period thanks to the high adoption from the transportation sector. The technology makes the location tracking of the vehicle easier.
On the basis of vehicle type, automotive telematics market is segmented into a passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Among these, the segment of passenger vehicle dominated the global market and accounted for the dominant share of 55.3%. This growth is attributable to the growing demand for the technologies such as satellite navigation and smart driver assistance, and safety communication.
Developing Countries to Offer Growth Opportunities
On the basis of region, the global automotive telematics market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, Asia Pacific dominated the global market for automotive telematics and accounted for the 33.5% of the global share in 2016. North America is the second-leading segment of the automotive telematics market. The growth of the market in the Asia Pacific region is attributable to the high demand from the developing countries such as China, India, and Russia. Additionally, the booming automotive industry which is demanding for advanced technologies to improve the driving experience.
Some of the key players operating in the global automotive telematics market are Trimble, Inc., TomTom International B.V., Masternaut Limited, Telogis, Continental AG, Visteon Corporation, and Airbiquity, Inc.
