According to a new report published by Fact.MR, the automotive telematics market is likely to continue its solid run in 2019, with global revenues likely to surpass US$ 27 billion in 2019. With the inclusion of automotive telematics, the functional capabilities of vehicles are witnessing a steady upgrade. Automotive telematics system finds widespread applications in communication, mapping and for improving the safety features in an automotive. As a result, a notable increase in the adoption of the automotive telematics systems has been witnessed in the recent past, and the status quo is likely to continue over the course of the forecast period.
The major chunk of the population banks on communications and content and essays to stretch this capability to their vehicles. Telematics is dishing the automotive industry the tools, systems and methodologies to transform driving into an interactive and engaging connected vehicle user experience. As such, it is functioning as a collation of foundational enablement technologies which lubricates the seamless exchange of information, paramount to creating connected vehicle industry services, ecosystems and applications.
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The automotive market is embracing economy-of-services, subscriber based revenue models and positive ownership experiences. Accordingly, unprecedented adoption of predictive AI, big data analytics and back office business processes such as ERP, CRM and SCM have led to improved safety, higher profitability and better decision making.
Connected vehicles are being touted as a ‘computers on wheels’ as they combine networks of integrated systems; myriad sensors which continually monitor, collect and transmit an array of metrics, including information on in-vehicle events, driver behavior and current road conditions.
OEM Segment to Flourish in the European Automotive Telematics Market
The report opines that the OEM segment will enjoy its position as the forerunning sales channel in the automotive telematics market during the forecast period. This is attributed to the increase in the productive collaborations and strategic partnerships between the top automotive companies, thereby, assuring the dominance of OEM in the global automotive telematics market. According to the report, OEM is predicted to lend absolute $ opportunity with US$ 32,551.6 Mn and Europe is anticipated to remain an attractive market for the growth of the OEM market through the forecast period.
Automotive Telematics Market: Overview
The intelligence report on the automotive telematics market is undergirded by quantitative and qualitative analysis. In addition, the report throws light on the dynamics in the market which have bearing on the growth of the automove telematics market, incorporating drivers, trends, restraints, and opportunities. In addition, the report also delineates segmentation to showcases a comprehensive analysis of the automotive telematics market.
Factors Underpinning the Growth of the Automotive Telematics Market
With auto-industry envisioning to tap into the next-gen automotive capabilities, sophisticated communication technologies like automotive telematics are witnessing a proliferated adoption in applications such as vehicular communication, safety, mapping system, and road transportation. Additionally, improved broadband networks alongside the ubiquitous use of smartphones for communication is predicted to uphold the growth of the automotive telematics market.
New entrants have ventured into the automotive telematics market to capitalize the emerging opportunities. On the other hand, established players in the market are focusing on expansion and simultaneous growth through the mediums of productive mergers and acquisitions.
There has been a burgeoning demand for effective satellite navigation services in parallel to the perennially rising popularity of in-built mobile communications among drivers, thereby creating robust demand for automotive telematics technology. Since assistive technologies such as automotive telematics pave way for the sales prospects, carmakers have started incorporating the system in their product and showcased it as an upgraded version of their products.
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Technological Breakthrough to Nurture the Growth of the Global Automotive Telematics Market
Soaring demand for transportation and the need to stay ahead of the competition has hard pressed the auto-manufacturers to converge their products with the next-gen technologies, in order to pave ways to sales opportunities. Futuristic automotive trends such as autonomous driving cars require continuous transmission of signals for efficient communication. As a result, there has been a perpetual rise in the demand for automotive telematics to make the automotive safer and boost its functional capacity.
Additional significant players profiled in the report that operate in the global automotive telematics market comprise of Harman International Industries, Inc., Magneti Marelli S.p.A, Airbiquity Inc., Verizon Telematics, Inc., TomTom N.V., Masternaut Limited, and Trimble Inc., among others.
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