ALBANY, New York, May 28, 2019 /PRNewswire/ -- The global automotive telematics market features a fragmented competitive landscape with the domination of a handful of companies, found Transparency Market Research (TMR). The key contributing players in the global automotive telematics market include I.D.Systems, Inc., Agero Inc., TomTom International, and Airbiquity Inc. accounted for 38% of the market share. The players are trying to introduce new and diversified products in order to gain a profitable edge in the global automotive telematics market.
The factors such as initiatives for strengthening the safety of the vehicles are providing a push to growth of the global automotive telematics market. Governments of numerous countries are trying to impose some regulations such as eCall in EU, GLONASS in Russia, and SVT in Brazil, which encourage adoption of the safety telematics along with the installation of automotive telematics across the European vehicles as well as commercial vehicles. Such initiatives are benefiting growth of the global automotive telematics market and are expected to help the market to expand at a CAGR of 22.1% over the forecast period from 2017 to 2025. With this vigorous CAGR, the market is expected to grab a value of US$75.79 Bn by 2025-end from a value of US$10.15 Bn registered in 2016.
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Rising Need of Lowering Causalities Due to Human Drivers to Propel Market's Growth
OEMs in the automotive sector are increasingly adopting automotive telematics due to its several advantages. These advantages have led to a boost in its applications in numerous services across vehicle categories. This technology is capable of transferring information from a station to another station effectively and makes lives easier and safer. Additionally, modern telematics and services have integrated cameras in place for monitoring the drivers and their safety. Integration of these services has the potential to lower the mishaps and fatalities on road due to human errors. As the vehicle tracking system is proving useful due to the associated benefits, its demand has increased substantially. This has led the segment hold a share of 30% in 2015. Additionally, the segment is expected to remain dominant in the global automotive telematics market in the coming years.
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The advanced features of the automotive telematics systems including vehicular emergency warning, automatic driving, driving assistance, wireless safety communications, and Global Positioning System (GPS) navigation are attracting people and consumers. This technology is built on informatics and telecommunications, which is compressed into Wireless Access for Vehicular Environment (WAVE) and Intelligent Transportation Systems (ITS). Thus, the technology can be connected with the advanced connected devices. Additionally, the need for advanced technologies for lowering accidents and causalities is propelling the growth of the global automotive telematics market.
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High Adoption from Asia Pacific to Remain Constant in the Upcoming Years
The rising number of vehicles globally and especially across developing region such as the Asia Pacific is encouraging adoption of the automotive telematics. Thus, the region dominated the global automotive telematics market by accounting 33.5% share in 2016 and is likely to dominate the global automotive telematics market over the forecast period. However, high cost of technologies in the cost sensitive region is likely to pose as a challenge to the growth of the global automotive telematics market. The rising industry for automotive across Asia Pacific and especially across countries such as India and China is expected to offer growth opportunities for the key players in the automotive telematics market in the upcoming years.
This information is encompassed in the report by TMR, titled, "Automotive Telematics Market (Application - Vehicle Tracking, Fleet Management, Satellite Navigation, and Vehicle Safety Communication; Vehicle Type - Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2017 - 2025."
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The global Automotive Telematics Market has been segmented as follows:
- Vehicle Tracking
- Fleet Management
- Satellite Navigation
- Vehicle Safety Communication
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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