Automotive Telematics Market Investigation and Growth Forecasted Until the End of 2022
Automotive Telematics Market: Key Insights
- The automotive telematics market remained resilient by clocking a promising CAGR of 18.8% during the period of 2012-2016
- The automotive telematics market was valued at over US$ 22 billion in 2018 and is estimated to register a Y-o-Y growth of 23.3% in 2019 over 2018.
- Europe is expected to remain the largest market for global automotive telematics during the forecast period and account for an estimated 31.4% share by the end of 2019.
- The embedded segment is anticipated to lead the European automotive telematics market by recording a value of over US$ 4 billion in 2019 and a notable CAGR through 2026. In addition, the region is envisaged to remain highly attractive in the forthcoming years, owing to the high concentration of key players such as Trimble Inc., Masternaut Limited, TomTom N.V., and a few others in this region.
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What are the Factors Underpinning the Growth of the Automotive Telematics Market?
- With auto-industry envisioning to tap into the next-gen automotive capabilities, sophisticated communication technologies like automotive telematics are witnessing a proliferated adoption in applications such as vehicular communication, safety, mapping system, and road transportation. Additionally, improved broadband networks alongside the ubiquitous use of smartphones for communication is predicted to uphold the growth of the automotive telematics market.
- New entrants have ventured into the automotive telematics market to capitalize the emerging opportunities. On the other hand, established players in the market are focusing on expansion and simultaneous growth through the mediums of productive mergers and acquisitions.
- There has been a burgeoning demand for effective satellite navigation services in parallel to the perennially rising popularity of in-built mobile communications among drivers, thereby creating robust demand for automotive telematics technology. Since assistive technologies such as automotive telematics pave way for the sales prospects, carmakers have started incorporating the system in their product and showcased it as an upgraded version of their products.
- Autonomous cars and EVs, being the immediate future of the automotive industry, have unavoidable requisite for the detection of unauthorized utilization of such vehicles, thereby making automotive telematics a viable feature for the next-gen vehicles. Additionally, sustained focus to promote the use of vehicles with green energy is expected to create opportunities for electric vehicles in general and automotive telematics market in particular.
- Previously, the risks of cyber-attacks leading to the leakage of confidential data posed a challenge to the growth of the automotive telematics market. However, the legislation of stringent laws and guidelines pertaining to the protection of confidential data can mitigate these concerns.
What Factors are Posing Challenge to the Growth of the Automotive Telematics Market?
- A hesitance in the adoption of automotive telematics is observed among the OEMs and suppliers of the automotive industry. While the advancement in ICEs, FCEVs, and BEVs have been in the industry for a while, the automotive manufacturers show reluctance in the adoption of these technologies in a mass. Add to that their concerns of confidential data being prone to the cyber-attacks and the automotive telematics market is expected to witness a barrier in the way of its consistent growth.
- Adoption of automotive telematics, on the whole, would mean revamping the existing infrastructure and the inclusion of technology in the existing systems would further increase the complexity of the eco-system. As a result, the automotive telematics will have to wait for a longer time to become mainstream.
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Automotive Telematics Market – Competitive Matrix
- Visteon Corporation entered into a productive agreement to acquire AllGo Systems, a key developer of embedded multimedia system solutions. The acquisition is aimed at leveraging AllGo’s profound expertise in multimedia as well as smartphone connectivity software for adding scale and depth to the infotainment software expertise of Visteon.
- In 2017, Robert Bosch GmbH completed the acquisition of ITK Engineering AG with an agreement that the latter would be able to retain its brand identity. This primary aim of this acquisition is to strengthen the position of Bosch in custom systems & software development services. Alongside, the acquisition will enable ITK Engineering AG to escalate its geographical outreach, thereby, bringing positive outcomes to both the companies.
- In 2017, Delphi teamed up with Transdev to work collaboratively on self-driving buses. This partnership will be fruitful since it will be a convergence of Delphi’s self-driving technology and Transdev’s sound experience in mobility operations.
Additional significant players profiled in the report that operate in the global automotive telematics market comprise of Harman International Industries, Inc., Magneti Marelli S.p.A, Airbiquity Inc., Verizon Telematics, Inc., TomTom N.V., Masternaut Limited, and Trimble Inc., among others.
Automotive Telematics Market – Additional Insights
OEM Segment to Flourish in the European Automotive Telematics Market
The report opines that the OEM segment will enjoy its position as the forerunning sales channel in the automotive telematics market during the forecast period. This is attributed to the increase in the productive collaborations and strategic partnerships between the top automotive companies, thereby, assuring the dominance of OEM in the global automotive telematics market. According to the report, OEM is predicted to lend absolute $ opportunity with US$ 32,551.6 Mn and Europe is anticipated to remain an attractive market for the growth of the OEM market through the forecast period.
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