According to the report, the automotive telematics market is projected to reach a value of ~US$ 99 Bn by 2027, expanding at a CAGR of ~17% during the forecast period. The automotive telematics market is likely to be driven by the rise in preference for security and safety features in vehicles. For instance, automotive telematics is gaining popularity and is largely being demanded by consumers in the Western hemisphere. Automotive telematics helps optimize the efficiency of the vehicle and improvises the traffic flow in a specific region. It helps smoothen the management of vehicle fleet and hence, high rate of adoption among vehicle fleet owners and expansion of rental services are boosting the market for automotive telematics.
Expansion of Automotive Telematics Market
Market for automotive telematics is expanding significantly across all regions. Europe and North America are highly developed markets for automotive telematics, and they are estimated to expand at a notable pace during the forecast period. Significant increase in cases of vehicle theft and traffic fatalities, along with rise in sales of vehicles, encouraged manufacturers to integrate connected vehicle devices in their vehicles. Stolen vehicle tracking and eCall features offered by telematics services are highly popular among passenger vehicle owners. Presence of large population and high traffic congestion in Asia Pacific make recovery of stolen vehicles in the region highly difficult; however, stolen vehicle tracking is expected to make the task of recovering the vehicle notably easier for governing authorities.
Enhanced efficiency of vehicles and fleet management are key drivers of the market. Moreover, high fuel economy and low carbon emission are prime concern of fleet owners. Thus, telematics service providers help enhance the economy of the vehicle.
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Electronic toll collection and congestion charge are key features provided by telematics service providers in some parts of Europe, which are facing parking issues and traffic jams, owing to high rate of motorization, such as those experienced in the city of London. The electronic toll collection system automatically scans the number plate or QR code mounted on the vehicle and deducts the amount from the account of the vehicle owner, which leads to easier flow of traffic. Telematics services offer several features that ultimately turn out to be highly convenient for vehicle owners, such as remote control of the vehicle, vehicle health diagnostic, over the air updates, connected navigation, and infotainment.
In terms of application, vehicle tracking and fleet management services are prominent segments of the market. Adoption of telematics services and technology and advanced technologies in vehicles to enhance safety are anticipated to propel the automotive telematics market.
This TMR report on the automotive telematics market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competitive scenario of the automotive telematics market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends, and developments in the international seaborne trade, researchers of the automotive telematics market have arrived at predictions and estimations, and calculated the forecast for the market.
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This report uses an analytical triangulation method to estimate the numbers and figures of the automotive telematics market, with both bottom-up and top-down approaches.
This detailed assessment of the automotive telematics market, along with an overview of the landscape, is provided based on a careful examination of avenues related to this industry. Analysts’ conclusions on how the automotive telematics market is expected to grow are based on carefully vetted primary and secondary sources.
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