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Automotive Telematics Market - Global Industry Analysis | Future Trends, Forecast 2024
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Transparency Market Research has prepared a report on the global market for automotive telematics after thorough research to gauge its current status and growth potential in the upcoming years. It leverages market-leading analytical tools to comprehend the opportunities in the market. It also details the prevailing competitive landscape by studying the business and marketing strategies of prominent companies operating in the market.
Global Automotive Telematics Market: Drivers and Trends
The global market for automotive telematics is slated to witness explosive growth in the near future powered by the pressing need to arrest the number of fatal road accidents worldwide. Favorable government policies in their support will also fuel an uptick in demand. This is because automotive telematics has resulted in the emergence of driving assistance systems, automated driving systems, vehicular emergency warming systems, wireless safety communications, and global positioning systems (GPS) navigation. Rapid growth in urban population, highly congested roads, and increasing traffic snarls have also spurred demand for automotive telematics which make vehicular transportation safer and smoother.
Automotive telematics enables intuitive motoring guidance to lower traffic snarls by redirecting the traffic to a congestion-free road. Additionally, the use of automotive telematics systems in fleet tracking and management to facilitate seamless coordination of mass transportation is expected to benefit the overall market. These systems also assist in carrying out accurate automobile insurance and trailer and vehicle tracking. On account of stiff competition among the numerous players – both new and old – in a fragmented global automotive telematics market, new innovative products using cutting-edge technologies are being unveiled every now and then. This is also slated to stimulate the market further in the future.
Global Automotive Telematics Market: Geographical Outlook
Geographically, the global automotive telematics market can be divided into Europe, North America, Asia Pacific, and the Rest of the World. Among them, North America holds a sway over the market with maximum share on account of the strong regulatory support geared towards road safety. Europe follows in the second position despite taking a hit from the recession triggered by 2008 market crash. The rising thrust on the safety of drivers coupled with the presence of a number of automotive telematics hardware suppliers such as Delphi, Robert Bosch, Magneti Marelli, etc. has led to a spike in demand of telematics in the Europe market.
Going forward, the Asia Pacific market will likely be driven by an upswing in manufacturing and sale of automobiles in the region. However, the growth in Asia Pacific automotive telematics market is predicted to be lackluster because of the shoddy infrastructure, dearth of government support, and limited awareness about road safety systems. The expanding reach of automobile behemoths such as Volkswagen, General Motors, Audi, and BMW might bring about awareness in the future.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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