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.
Save more with Technavio. Buy 2 reports and get the third for free: View Technavio’s latest discounts and promotions
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Some of the major contributors to the global passenger vehicle telematics market:
Get a sample copy of the global passenger vehicle telematics market free of cost
Access Technavio’s continuously growing automotive electronics research library and find expert analysis on hundreds of markets.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.