LONDON--(BUSINESS WIRE)--The global passenger vehicle telematics market is expected to grow at a CAGR of close to 24% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global passenger vehicle telematics market by fitment such as smartphone integration, tethered, and embedded. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: OEM push for embedded telematics systems in BRIC nations
Embedded telematics systems market is dominated by developed regions like Europe and North America. Embedded connectivity provides the advantage of data reliability as it is connected 24x7. However, the same is not true for tethered and smartphone integration solutions where the connectivity of the device depends on the user. As a result, regulatory bodies will pass legislations in future to encourage installation of embedded telematics in passenger vehicles. This will lead to increased adoption of embedded telematics in the automotive industry.
According to a senior analyst at Technavio for automotive electronics research, “The global passenger vehicle telematics market is expanding at a fast pace in the emerging markets, especially in Brazil, Russia, India, and China. With rising interest in navigation services and infotainment services among consumers, OEMs are collaborating with automotive telematics providers and are planning to introduce new products and services to seize opportunities in the BRIC countries effectively.”
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Market trend: shared data plans to reduce the number of data subscriptions per user
The number of connected devices in the ecosystem is expected to grow to 50 billion units by 2020. It is estimated that, on an average, every person will have at least seven connected devices. However, telecom operators are still unclear about the billing model to be adopted for their data services.
Market challenge: data security in telematics industry
Previously, most M2M communications used proprietary protocols or private networks for connectivity. However, increasing demand for connectivity has forced the players in the automotive industry to provide internet connectivity in their offerings. The major focus of the service providers is on the functional requirements of telematics devices. As a result, the automotive industry has neglected many non-functional requirements of the system like data security. Currently, there are scenarios where malware can pass through in-vehicle infotainment systems to other in-car networks, compromising critical functions.
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Some of the major contributors to the global passenger vehicle telematics market:
- Agero
- Airbiquity
- Bosch
- Continental
- Visteon
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