The growth of the market is attributed to the rise in preference for security and safety features in vehicles, being demanded by consumers in the Western hemisphere
Vancouver, BC -- (SBWIRE) -- 02/03/2021 -- Automotive Telematics Market
The Automotive Telematics Market is set to attain a valuation of USD 415.93 Billion by 2027, registering a CAGR of 26.4%. Automotive telematics confers several advantages for drivers across the world. The technology prevents people from getting lost, provides a seamless way to get roadside assistance, and gathers data for essential purposes. The growing need for vehicle safety to reduce vehicular mishaps and minimize the risks of accidents is driving the industry's growth.
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Leading Players Profiled in the Report Include:
Trimble Inc., Omnitracs, Verizon, I.D.Systems Inc., Masternaut Limited, Airbiquity Inc., TomTom Telematics B.V, Harman International Industries, Inc., MiX Telematics, Teletrac Navman, and Cartrack.
Market Drivers
The major driving force for the development of the automotive telematics market is the rising trend of property solutions and government regulations for vehicle telematics. Increasing occurrences of road accidents and vehicular mishaps are expected to propel the market growth.
Moreover, improved performance of autonomous vehicles, intelligent facility, preferences of business choices for fleet house owners offers growth opportunities for the market. The market is expected to experience a significant boost owing to serious issues for reducing human casualties and transport damages.
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
Passenger Vehicle
Commercial Vehicle
Two-Wheeler
Applications Outlook (Revenue, USD Billion; 2017-2027)
Asset/Fleet Management
Navigation and Location Based System
Infotainment System
Insurance Telematics
Safety and Security
V2X
Connectivity Solutions Outlook (Revenue, USD Billion; 2017-2027)
Embedded
Integrated Smartphones
Tethered
Applications Outlook (Revenue, USD Billion; 2017-2027)
Park Assist System
Lane Departure Warning System
Adaptive Cruise Control System
Autonomous Emergency Braking System
Blind Spot Detection
Others
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The following are the main reasons to buy the Global Automotive Telematics Market report:
The latest report closely evaluates the overall market size and infers on various aspects, such as the current business trends, market share, product offerings, and product share.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
It offers an insightful analysis of the various regional segments of the market that are projected to witness enormous growth over the forecast period.
Furthermore, the report covers the latest developments taking place in the market and effective business strategies implemented by the leading market rivals.
The report considers the following market growth estimation timeline:
Historical Years: 2017-2018
Base Year: 2019
Estimated Year: 2027
Forecast Years: 2020-2027
Regional Analysis
In 2019, the North American automotive telematics market accounted for a 41.8% market share. This is due to the increasing demand for luxury vehicles within Canada, the U.S., and Mexico and the rising installation of ADAS (Advanced Driver Assistance Systems) in industrial vehicles and traveler cars in the region.
The Asia Pacific market is expected to earn high gains in the market over the forecast period. The region's market growth is majorly driven by supportive government rules for telematics and increased concern concerning safety and security square measure. Also, the high usage of fleet management services in China, South Korea, Japan, India, and other Asian nations is expected to expand the market. Moreover, an increase within the trend of property solutions in the emerging countries, namely India, and China is expected to boost the APAC automotive telematics solutions market.
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