Rising awareness regarding the benefits of telematics such as GPS, emergency warning system, driving assistance systems and among others in vehicles and increasing road congestions coupled with high number of vehicle mishaps & road accidents are the key factors supporting the growth of the market. Moreover, support from government to use telematics in vehicles and increasing demand for wireless communication system by passengers is also expected to fuel the growth of the market
Global Automotive Telematics Market is expected to reach $74 Billion by 2024 from $17 Billion in 2016, growing at a CAGR of 20.4% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 20.8% and 20.5%, respectively, during the forecast period.
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The major factors driving the growth of automotive telematics market are rising awareness with respect to the benefits of telematics in vehicles such as GPS, driving assistance systems, emergency warning systems, and increasing road congestions coupled with high number of vehicle mishaps and road accidents. Moreover, increasing demand for wireless communication and support from government to use telematics in vehicles is also expected to drive the market.
The market is bifurcated on the application and vehicle type. By application, it is further segmented into vehicle tracking, fleet management, satellite navigation, vehicle safety communication and others.
Furthermore, vehicle type is segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicle. By applications, vehicle tracking and fleet management dominated with the maximum share of 35.3% and 27.7% respectively, in the year 2016.
In vehicle type segments, passenger vehicle accounted 53.9% of the market share followed by light commercial vehicles with 26.8%, in 2016.
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Geographically the market is categorized into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia-Pacific is the fastest growing region in the global automobile telematics market, and is expected to continue this trend due to increasing population and high demand for telematics in personal vehicles.
Asia Pacific accounts the largest share of the market with 32.7% followed by North America with 28.9%, in the year 2016.
The key market players include, Delphi Automotive Plc., Visteon Corporation, Continental Ag, Teletrac Inc., Robert Bosch Gmbh, Airbiquity Inc., TomTom Telematics, Omnitracs LLC, DigiCore, Mix Telematics and among others.
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Scope of Automotive Telematics Market
- Vehicle Tracking
- Satellite Navigation
- Fleet Management
- Vehicle Safety Communication
Vehicle Type Segments
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- North America
- South America
- Middle East
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