Automotive Telematics Market Overview and Insights
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Automotive Telematics Market Segments and Share
LG Electronics, HARMAN International, Denso, and Continental AG are the leading vendors in the global automotive telematics market
Emergency systems such as eCall are gaining immense popularity in the global automotive telematics market”
— Sayani, Analyst
CHICAGO, IL, UNITED STATES, January 15, 2019 /EINPresswire.com/ — The global automotive telematics market is projected to reach values of approximately $130 billion by 2024, growing at a CAGR of more than 15% during 2018-2024. The market research report also offers market share analysis in terms of unit volume during the forecast period.
The increasing use of electronics such as collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies will drive the demand in the global market. The players are providing fleet management systems as software-as-a-service which helps in critical business processes such as routing, maintenance, and mileage reporting to attract a maximum number of consumers.The global automotive telematics market is driven by growing demand for anti-lock braking systems (ABS), engine control units (ECUs), electronic fuel injection systems, and automated locking systems. The increasing presence of manufacturers such as LG Electronics, HARMAN International, Denso, Continental, Robert Bosch, and Magneti Marelli will drive innovations in the global market. The market research report provides in-depth market analysis and segmental analysis of the global automotive telematics market by product, vehicle, installation, application, and geography.
The report considers the present scenario of the global automotive telematics market and its market dynamics for the period 2019−2024. It covers a detailed overview of the various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and other prominent companies operating in the market.
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Automotive Telematics Market – Dynamics
The increasing adoption of connected vehicle technology in commercial vehicle is playing an important role in automotive telematics market. The traditional approaches of maintenance are being reduced due to this approach. For example, BMW vehicles connect to Deutsche Telekom’s SmartHome app to offer users control for their home heating and lighting. Sensors are connected to vehicles and these transmit data to the OEMs, this telemetry data will offer remote diagnostic services to fleet managers.Some of the emerging sensor-based technologies are recognition of road signs, collision avoiding maneuvers, driver face-expression detection, pre-crash deployment of airbags and seatbelts, obstacle detection and so on. These sensors not only sense the obstacles but also react to them by avoiding it, taking control of vehicle etc. if needed. These sensors ensure the safety of the commuters.There is a structural shift in terms of demand-side behaviour in the automotive industry. The new car ownership models such a carpooling, cab services, rentals are increasing in number due to several reasons like traffic congestion, environmental concerns and so on. To adapt to these changes, the OEMs are focussing on driverless, autonomous vehicle concept. The OEM players like Audi, Ford, Bosch, Delphi and Continental has already started projects to commercialize the concept of autonomous vehicles. Also, other non-automotive companies like Google and Apple are also investing in development of autonomous vehicles.
Automotive Telematics Market – Segmentation
This market research report includes a detailed segmentation of the market by product, vehicle, installation, application, and geography.The global automotive telematics market by products is segmented into embedded devices, tethered devices, and integrated smartphones. The integrated smartphones segment dominated the global market share in 2018, growing at a CAGR of over 15% during the forecast period. The implementation of touch screens and advanced computing capabilities is driving the growth of the integrated smartphones segment. The introduction of modern-day smartphones with multiple sensors which bring intelligence and awareness will drive invention in the automotive industry.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 application segment in the global automotive telematics market is classified into remote diagnostics, navigation & infotainment, fleet management, safety & security, and others. Safety and security are the fastest growing segment in the global market, at a CAGR of around 16% during the forecast period. The growing number of road traffic accidents and the introduction of stringent safety regulations are the primary factors attributing to the growth of this segment. 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.
The global automotive telematics market by the installation is categorized into OEM and aftermarket. Aftermarket segment occupied the majority of the market share in 2018, growing at a CAGR of over 14% during the forecast period. The constant requirement for services and diagnostics due to a rise in wear-and-tear and crash-relevant of parts is driving the demand in the aftermarket segment in the global market.The vehicle type segment in the global automotive telematics market is divided into passenger cars and commercial vehicles. Passenger cars are the fastest growing segment in the global market, at a CAGR of more than 17% during the forecast period. The introduction of next-generation electronics sensors that are developed in sync with ADAS technologies will positively impact the growth of the passenger car segment.
Market Segmentation by Product
• Embedded Devices
• Tethered Devices
• Integrated Smartphones
Market Segmentation by Application
• Remote Diagnostics
• Navigation & Infotainment
• Fleet Management
• Safety & Security
Market Segmentation by Vehicle Type
• Passenger Cars
• Commercial Vehicles
Market Segmentation by Installation
Automotive Telematics Market – Geography
The global automotive telematics market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. APAC dominated the largest market share in 2018, growing at a CAGR of around 15% during the forecast period. The increasing penetration of 4G networks and the growing demand for productivity across the commercial vehicle sector is one of the primary factors propelling the growth of the APAC region in the global market.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.
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Market Segmentation by Geography
o South Korea
• North America
• Latin America
o South Africa
Key Vendor Analysis
The global automotive telematics market is witnessing the dynamic intensity of competition across regions. The high product reach, increasing product demand, and the presence of several players are driving the intense competition in the APAC market. The presence of productive domestic manufacturers and growing exports will encourage vendors to expand to other regions in the global market. The establishment of stringent emission norms and competitive pricing strategies will encourage players to launch new products in the global automotive telematics market.
The major vendors in the global market are:
• LG Electronics
• HARMAN International
• Continental AG
Other prominent vendors include 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.
Key market insights include
1. The analysis of the global automotive telematics market provides market size and growth rate for the forecast period 2018-2024.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the global automotive telematics market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global automotive telematics market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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Source: EIN Presswire