LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive aftermarket telematics market to grow at a CAGR close to 29% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive aftermarket telematics market into the following applications, including passenger vehicles and commercial vehicles and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the rise in in-vehicle communication options as a key factor contributing to the growth of the global automotive aftermarket telematics market:
Rise in in-vehicle communication options
Earlier, automotive telematics systems were limited to premium cars. Nowadays, owing to the rising awareness and increasing demand for connectivity, the automobile manufacturers are planning to equip their mid-range vehicles with telematics systems. In regions such as Europe, the demand for automotive aftermarket telematics is expected to increase due to mandatory security features like eCall.
According to a senior analyst at Technavio for automotive electronics, “In countries such as India and China, the demand for mid-range vehicles is increasing because of the improving economic conditions in these countries that have positively affected the financial status of consumers. In India, the average ownership period of vehicles has decreased from seven-eight years to four-five years. This, coupled with increased demand for mid-range vehicles, has created new opportunities for aftermarket telematics players.”
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Global automotive aftermarket telematics market segmentation
Of the two major applications, the passenger vehicle segment held the largest market share in 2017, accounting for nearly 65% of the market. The primary reason for its high dominance can be attributed to the high-volume sales and demand for passenger cars. The market share for this application is expected to increase nearly 7% by 2022.
APAC was the leading region for the global automotive aftermarket telematics market in 2017, accounting for a market share of 40%. By 2022, APAC is expected to witness an increase in market share of nearly 3%.
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