LONDON--(BUSINESS WIRE)--The automotive telematics market is expected to grow by 65.76 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The adoption of EVs is increasing with the rise in several initiatives undertaken by most government bodies around the globe to promote the adoption of electric vehicles. EVs are more preferred over internal combustion engine (ICE)-based vehicles as they do not emit harmful pollutants such as volatile organic compounds, hydrocarbons, particulates, and carbon monoxide. The change in consumer preferences, increase in participation from the foreign as well as regional players for the development of EVs, and various benefits and incentives provided by governments are further encouraging the production of EVs. This is propelling the need for telematics services as a standard fitment to track vehicle battery status in EVs. Thus, the growing popularity of EVs will boost the growth of the automotive telematics market during the forecast period.
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As per Technavio, the presence of a conducive technology environment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Telematics Market: Presence of a Conducive Technology Environment
The need for electrification of mechanical components is increasing due to their demand in modern vehicles for the fitment of advanced assistance systems that help in managing optimization. The adoption of electrical distribution systems will continue to increase in vehicles to meet the growing demand for navigation, safety, comfort, and content in these vehicles. As a result, electronic manufacturers are using electronic technologies to enable telematics and infotainment system in automobiles. Thus, with the presence of a conducive technology environment, the market for automotive telematics is expected to showcase a positive outlook during the forecast period.
“The adoption of telematics to enable UBI for insurance cost saving is another major factor that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Telematics Market: Segmentation Analysis
This market research report segments the automotive telematics market by application (commercial vehicles and passenger cars), fitment (embedded, smartphone integration, and tethered), and geographic segmentation (APAC, Europe, MEA, North America, and South America).
APAC led the automotive telematics market in 2019. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing demand for telematics systems from the trucking industry in emerging countries such as India, China, Thailand, and Indonesia. Moreover, rising awareness about the benefits of using telematics and built-in connectivity in commercial vehicles will significantly drive the automotive telematics market growth in this region.
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Some of the key topics covered in the report include:
- Commercial vehicles
- Passenger cars
- Smartphone integration
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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