NEW YORK, March 12, 2019 /PRNewswire/ -- A new report published by Research on Global Markets titled 'Global Automotive Telematics Market (2017–2022)' studies the performance of the global automotive telematics market over a five-year assessment period, from 2017 to 2022. The report presents the forecasted value of the global automotive telematics market and provides key insights into the factors driving market growth, as well as those restricting it. According to Research on Global Markets' analysts, the global automotive telematics market will expand at a compound annual growth rate (CAGR) of 28.5% during the 2017-2022 period, to reach approximately USD 198.7 Bn by 2022.
Global automotive telematics market: Focus on vehicle performance and safety
The expansion of the global automotive telematics market can be attributed to the growing need to track vehicles on a real-time basis and to observe the behavior of drivers with regard to monitoring their health and temperament while driving. Automotive telematics solutions are also witnessing a higher adoption rate owing to lower cellular data charges, and strong consumer demand for greater connectivity.
According to a senior analyst at Research on Global Markets for research on automotive technology, "Performance and safety of vehicles have emerged as the key focus for automotive companies. Many countries are mandating specific telematics services in vehicles. The European Union has mandated emergency call services in all personal vehicles. This is why telematics solutions catering to performance and safety accounted for the largest share of the market."
Global automotive telematics market: Segment analysis
The global automotive telematics market research report provides market segmentation based on type (performance and safety, usage-based insurance [UBI], and infotainment), and based on region (North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa). The report offers an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Telematics solutions catering to performance and safety occupied a market share of 52% in 2017, and was the most prevalent telematics technology. Usage-based insurance (UBI) had a market share of 30%, while infotainment telematics solutions held an 18% share of the market. UBI has witnessed rapid expansion, reaching up to 14 Mn policies globally.
North America is leading the innovation in the automotive telematics market, and accounted for approximately 44% of the global market in 2017. Asia-Pacific is expected to exhibit higher adoption during the forecasted period owing to the increasing need for safety and security, and government initiatives. However, Latin America and the Middle East and Africa are expected to witness slower-than-expected growth, due to the economic slowdown and lack of telecommunication infrastructure.
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Some of the key topics covered in this report are:
- Scope and segmentation of the global automotive telematics market
- A comprehensive overview of the historical, current, and predicted market size, revenue, and market attractiveness analysis
- Market segmentation based on type (performance and safety, usage-based insurance [UBI], and infotainment) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), market observations, and influencing factors
- Regional market analysis of North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa
- Overview of the competitive landscape and analysis of the key players operating in the industry
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SOURCE Research on Global Markets