Automotive Telematics Market to Witness Substantial Growth Within The Coming Years
Transparency Market Research (TMR) forecasts the global automotive telematics market to reach US$75.79 bn by the end of 2025, from its valuation of US$10.15 bn in 2016. In the last five years the market has witnessed robust growth in response to the expansion of the automotive industry. The market is expected to gain increased traction with the increasing demand for high-performing passenger vehicles worldwide.
On the downside, stringent regulations implemented across various countries in the world and corporate average fuel economy standard regulations set up by various developed nations are inhibiting the market. Nevertheless, with companies focusing on product innovation and differentiation, the pace of gains is projected to accelerate for the market in the coming years.
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Demand for Vehicle Tracking to Scale Higher
Based on application, the global automotive telematics market can be segmented into vehicle tracking, fleet management, satellite navigation, vehicle safety communication, and others. Of these, the vehicle tracking segment emerged dominant in the overall market in 2016. In the given year, the segment held over 30% of the overall market. In addition, it is expected to remain at the market’s helm exhibiting the maximum CAGR during the course of the forecast period. The vehicle tracking segment, which encompasses trailer and container tracking, finds high application in the transportation sector. The technology helps to track the vehicle location across the world.
In terms of vehicle type, the global automotive telematics market can be segmented into light commercial vehicle, passenger vehicle, and heavy commercial vehicle. Of these, the passenger vehicle segment held the dominant share of 55.3% in the overall market in 2017. Exhibiting the highest CAGR, the segment is forecast to remain dominant in the market through the course of the forecast period. The demand for technologies such as satellite navigation, intelligent driver assistance, safety communication, and other advanced features in passenger vehicles is driving the segment.
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Asia Pacific to Remain Dominant Regional Market through Forecast Period
Regionally, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa constitute the key market segments. Among these, Asia Pacific led the overall market with a share of 33.5% in 2016. North America emerged as the second-leading market for automotive telematics, followed by Europe. Besides the increasing demand from emerging nations such as China and India, Russia has proven to be a major market for automotive telematics in Asia Pacific. In addition, the region is home to a booming automotive industry, which invariably creates the demand for advanced technologies for better driving experience.
While China is the leading market for automotive telematics in Asia Pacific, India will exhibit the highest CAGR during the forecast period. In Europe, France held the largest market share while in North America, the U.S. will continue exhibiting lucrative opportunities.
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Some of the leading players forecast to gain from the aforementioned trends are Trimble, Inc., Masternaut Limited, TomTom International B.V., Telogis, Visteon Corporation, Continental AG, Airbiquity, Inc. and Agero, Inc.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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