LG Electronics, Harman International, Denso, and Continental AG going to lead the global automotive telematics market.
Arizton’s recent market research report on the global automotive telematics market research report provides detailed analysis of market segmentation by product (embedded devices, tethered devices, and integrated smartphones), by vehicle (passenger cars and commercial vehicles), by installation (OEM and aftermarket), by application (remote diagnostics, navigation & infotainment, fleet management, safety & security, and others), and by geography (APAC, Europe, North America, Latin America, and MEA).
The global automtoive telematics market is estimated to reach revenues of around $130 billion by 2024, growing at a CAGR of over 15% during 2018-2024.
The market research report also offers market share analysis in terms of unit volume during the forecast period.
The global telematics market is divided into five major segments that include product, vehicle, installation, application, and geography.
Embedded devices segment to grow at the fastest CAGR in the global automotive telematics market during the forecast period
The global telematics market by product is classified into embedded devices, tethered devices, and integrated smartphones. Embedded devices segment dominated more than 1/3rd of the total market share in 2018, growing at a CAGR of approximately 16% during the forecast period. The OEMs are integrating embedded telematics at a monthly monitoring fee is driving the growth of this segment in the global market. The growing demand for security & safety electronics and infotainment systems is fueling the adoption of embedded devices in the global telematics market. The embedded devices that are available in the global market are stolen vehicle recovery, light and horn activation, remote door unlocking, collision detection, roadside assistance, turn-by-turn navigation, and 24/7 emergency response. The growing popularity of these devices and services will increase the adoption of automotive insurance and fleet management solutions in the automotive industry. The growing demand for efficient telematics services such as UBI, VRM, fleet management, and electronic tolling is creating lucrative opportunities for the leading vendors operating in the global market. The introduction of new services such as eCall and SVT in the EU, Russia, and Brazil will augment the development of this segment. Also, installation of remote monitoring devices will lead to the growing revenues of this segment in the global telematics market.
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Remote diagnostics segment to grow at a significant CAGR in the global automotive telematics market during the forecast period
The application segment in the global telematics market is divided into remote diagnostics, navigation & infotainment, fleet management, safety & security, and others. Remote diagnostics segment occupied the largest market share in 2018, growing at a CAGR of more than 15% during the forecast period. The variation of terms of service requirements as for maintenance primarily depends upon the type of work, distance traveled, and operating environment in the market. The use of units that are plugged into the onboard diagnostic (OBD-II) which enables remote diagnostics features is gaining immense popularity in the global telematics market. Remote diagnostics is used for continuous health monitoring of vehicles, and it helps in identifying the root causes of failure, thereby preventing vehicle breakdowns and increasing the vehicle uptime. The use of remote diagnostics to gather real-time vehicles data which helps in comparing the performance against benchmarks in the market. Predictive maintenance helps to determine the condition of equipment’s,and on the basis of that, it predicts when maintenance should be performed. The increasing use of remote diagnostics systems will help reduce the maintenance costs in the global telematics market.
Europe to grow at an impressive CAGR in the global telematics market during the forecast period
The global telematics market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. Europe is the fastest-growing segment in the global market, at a CAGR of around 16% during the forecast period. The increasing investments in the R&D for product and system innovation is augmenting the growth of the European region. High spending power in luxury vehicles is fueling the demand in the automotive industry in the European region. The growing popularity and adoption of electric vehicles are one of the major factors leading to the development of the European region in the global telematics market. Norway, Germany, the UK, and France contribute to the highest revenues in the European market. The establishment of stringent emission and safety norms will lead to the adoption of ADAS systems in the European market. The Nissan LEAF, Renault Zoe, and BMW i3 accounted for the highest sales of electric vehicles in the European market. The increasing penetration of 4G services and connected vehicles will enable Europe to occupy a large global telematics market share during the forecast period.
The other prominent vendors in the global telematics market are Bosch, Magneti Marelli, Visteon, Valeo, Laird Technologies, Ficosa Internacional, Agero, Airbiquity, AT&T, Delphi, Intel, MiX Telematics, Octo Telematics, TomTom Telematics, Verizon Telematics, AirIQ, Trimble, Actsoft.com, Inseego, Daimler Fleetboard, Masternaut, CalAmp, Geotab, BOX Telematics, and ORBCOMM.
The complete overview of the latest market research report on the global automotive telematics market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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