ALBANY, New York, September 20, 2018 /PRNewswire/ --
Transparency Market Research (TMR) prognosticates that the global market for automotive telematics would expand at an astral CAGR of 22.10% over the period between 2017 and 2025. Furthermore, the global automotive telematics market is projected to accumulate total revenues worth US$75.79 bn by 2025-end, elevating up from a value of US$10.15 bn in 2016. On the basis of geography, the market for automotive telematics has been growing at a starry rate in Europe and North America. Based on the application, vehicle tracking systems extensively use telematics for better scalability and precision.
The demand within the global market for automotive telematics has been escalating on account of the growing reliance of multiple industries on automotive, explains Transparency Market Research (TMR). The vendors who exist in the global market for automotive telematics have been capitalising on the customer propensity of spending huge sums of money on advanced and utility-centric technologies. Hence, the market vendors are continually enhancing their services and increasing the number of features offered by their products. Furthermore, the market players are also expected to partner with industries in the automotive sector in order to retain a permanent consumer base for themselves.
Over the past decade, several new vendors have emerged in the global market for automotive telematics and have stormed the market with innovative marketing hacks. This has raised concerned in the lobby of established market players who are projected to bank on their strong revenue-generating abilities. Some of the key players in the global market for automotive telematics are TomTom International B.V., Trimble, Inc., Masternaut Limited, Telogis, Visteon Corporation, and Continental AG. These leading market vendors have created channel for growth by through mergers, acquisitions, and geographical expansion.
Transport Sector to Drive Demand for Automotive Telematics
In recent times, most of the industries have shifted the load of handling their logistics on third-parties that use the latest technologies to track, monitor, and record processes. Hence, the use of GPS systems for tracking buses, trains, lorries, and other fleets has gained popularity across multiple industries. This has given an impetus to the expansion of the global market for automotive telematics while accelerating the growth rate of the market vendors. It is projected that the deployment of GPS systems and fleet management systems across key sectors such as government, healthcare, and education would open new growthe avenues in the global market for automotive telematics. Even small-scale industries and the private sector has become extremely driven towards the use of satellite navigation, vehicle tracking systems, and vehicle safety communication systems. Hence, it is safe to project that the global market for automotive telematics holds lucrative opportunities for market vendors in the forthcoming years.
Security and Safety Concerns to Lead to Market Growth
Passage of vehicles across difficult and rough terrains involves severe risks, and hence, it is important to continually track these vehicles. The supply of goods and commodities to remote areas is often accompanied by loots, vehicle breakdown, and other mishaps. Owing to these factors, the demand within the global market for automotive telematics has been escalating in recent times. Furthermore, fleet management has become an important task for government and other national-level authorities which has also aided the growth of the global market for automotive telematics. It is expected that the integration of GPS systems and satellite navigation in two-wheelers would prove to a boon for the global market in the years to come. Besides all of this, the stipulation of strict governments laws with regards to the procedures followed by the transport sector is also expected to take market demand to new levels.
The review is based on TMR's report 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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