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.
Key driving factors for the automotive telematics include favorable government regulations, ubiquitous use of smartphones, enhanced broadband networks, and the advent of sophisticated communication technologies. Another key driver for the automotive telematics market is an effective sales channel. The adoption of automotive telematics can also be attributed to the far-reaching capabilities of OEMs. With the rise in the strategic partnership and productive collaboration between the leading automotive companies, OEM emerges as a streamlined sales channel for automotive telematics. This is facilitating a steady growth in the automotive telematics market, with revenues likely to grow at over 23% in 2019.
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Automotive Telematics Market: Key Insights
The automotive telematics market remained resilient by clocking a promising CAGR of 18.8% during the period of 2012-2016
The automotive telematics market was valued at over US$ 22 billion in 2018 and is estimated to register a Y-o-Y growth of 23.3% in 2019 over 2018.
Europe is expected to remain the largest market for global automotive telematics during the forecast period and account for an estimated 31.4% share by the end of 2019.
The embedded segment is anticipated to lead the European automotive telematics market by recording a value of over US$ 4 billion in 2019 and a notable CAGR through 2026. In addition, the region is envisaged to remain highly attractive in the forthcoming years, owing to the high concentration of key players such as Trimble Inc., Masternaut Limited, TomTom N.V., and a few others in this region.
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.
The market study on automotive telematics market is an outcome of an exhaustive research methodology leveraged to compile the report and understand the dynamics of the automotive telematics market. Both primary and secondary research methodologies have been employed to cull intelligent insights into the automotive telematics market.
Interviews with the industry experts were set up to form the foundation of the primary research of the automotive telematics market, while trade journals, paid sources, press releases, and similar other publications pertaining to the automotive telematics market. Ultimately, a conclusion is drawn by combining both the research methodologies to filter out misleading information and compile the report with only accurate of the information on the automotive telematics market.
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