Global Automotive Telematics Market is Estimated to Reach $74 Billion by 2024, Says Accurize Market Research
Global automotive telematics market report published by Accurize Market Research forecast that the global market is expected to reach $74 billion by 2024; growing at a CAGR of 20.3% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing awareness regarding the benefits of telematics in vehicles and increasing road congestions coupled with high number of vehicle mishaps & road accidents across the globe to drive the growth of the market
Increasing awareness regarding the benefits of telematics in vehicles and increasing road congestions coupled with high number of vehicle mishaps & road accidents fuel the demand for the global automotive telematics market. Moreover, support from government to use telematics in vehicles and increasing demand for wireless communication system by passengers also boosts the growth of the market.
The global automotive telematics market has been bifurcated on the basis of application, vehicle type and geography. By application, it is further segmented into vehicle tracking, satellite navigation, fleet management, vehicle safety communication and others. Furthermore, vehicle type is segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Germany, France, U.K., Italy and Rest of Europe. Asia-Pacific covers China, India, Japan and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
“Vehicle tracking accounted for the largest market share in the applications segment", says Accurize
By applications, vehicle tracking and fleet management accounted 35% and 28% of the market respectively, in the year 2017.
In vehicle type segments, passenger vehicle accounted the maximum share of 54% followed by light commercial vehicles with 27%, in 2017.
“Asia Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia Pacific accounts the largest share of the market with 33% followed by North America with 29%. 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.
Top players in the market
The key market players include Mix Telematics, Visteon Corporation, Delphi Automotive Plc., Robert Bosch Gmbh, Airbiquity Inc., Omnitracs LLC, DigiCore Continental Ag, Teletrac Inc., and TomTom Telematics among others.
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