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.
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The Fact.MR report tracks the automotive telematics market for the period 2012 – 2022. According to the report, the automotive telematics market is poised to grow at an impressive CAGR of 24.2% through 2022.
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.
Europe continues to be the numero uno market for automotive telematics, owing to the high concentration of forerunning players that focus on scaling and expansion of their businesses in parallel to diversifying their product portfolio. Gains have also been steady in Asia Pacific excluding Japan (APEJ), driven by healthy automobile sales in China and India.
Intensified Competition in the Global Automotive Telematics Market to Drive Robust Growth
Increasing demand for transportation and rise in the disposable income of consumers have offered lucrative growth opportunities to the automotive industry. With the manufacturers of the auto-industry tapping into the next-gen automotive capabilities, smart technologies like automotive telematics are finding applications in vehicular communication, safety, road transportation, and mapping system. As a result of the increase in the adoption rate of the system, the global automotive telematics market is undergoing through a phase of innovation, wherein the key players have a significant role to play. For instance, Visteon Corporation will showcase a digitally advanced cockpit technology as a crucial shift towards the next-gen automotive. The novel cockpit electronics architecture consists of high resolution display systems with curved non-rectangular edges to enhance the viewing experience for the riders.
According to the study, the newbies of the automotive telematics market dive into the business to bag the lucrative opportunity that market has to offer. This has compelled the established players to enter into strategic mergers and acquisitions to reinforce their position in the map of the global automotive telematics market.
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.
Regulations legislated by the government pertaining to the prevention of the greenhouse gas emission has resulted in the development of electric vehicles. A huge turnover is anticipated for the electric vehicles and self-driving cars, which will have automotive telematics incorporated in the vehicles for enabling satellite navigation services as well as in-car mobile communications. This is predicted to lend sustainable growth opportunities to the automotive telematics market.
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