LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive telematics market to grow at a CAGR of close to 18% during 2018-2022. The growing popularity of application protocol interface (API) is a key trend, which is expected to impact the growth of the market.
Modern fleets are operated with more than one system, which requires information sharing across platforms. Modern vehicles store a large amount of data in the form of GPS location and vehicle diagnostics data. Integrating this data into software applications enabled by API can streamline the data collection process. Hence, API is gaining popularity in the automotive telematics market.
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In this report, Technavio researchers identify the adoption of telematics enables UBI for insurance cost saving as one of the key factors contributing to the growth of the global automotive telematics market:
Adoption of telematics enables UBI for insurance cost saving
Regulations play a critical part in the adoption of insurance in the automotive market. Regulations for mandatory motor insurance are increasing the adoption of UBI, which allows insurers to create a risk profile for individual customers based on real-time driving behavior tracked by the onboard unit. UBI benefits both insurers and drivers.
“Growing functions in the vehicle telematics system for tracking information for increased safety and control are pushing the adoption of embedded solutions in the telematics market. This will give UBI suppliers an opportunity to increase the usage of the system for broader functions, and hence, they will collaborate with other telematics function participants for data sharing. As a result, the automotive telematics market will benefit from the adoption of UBI,” says a senior analyst at Technavio for automotive components research.”
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Global automotive telematics market - segmentation and analysis
This market research report segments the global automotive telematics market by application (passenger cars and commercial vehicles) and key regions (Americas, APAC, and EMEA).
Based on application, the passenger cars segment accounted for close to 51% of the market share in 2017. This segment is expected to witness an increase of more than 10% of its market share over the forecast period.
In 2017, the Americas dominated the global automotive telematics market with a market share of close to 49%, followed by EMEA and APAC. Although APAC held the smallest share of the market, it is expected to witness the maximum growth of close to 7% during the forecast period while the other two regions will see a decline in their market shares.
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