Rockville, MD -- (SBWIRE) -- 09/06/2018 -- Automotive telematics is the use of telecommunication and informatics in monitoring the performance of a vehicle, and transmitting this data at long distances. Automotive telematics are developed on a wide range of information technologies that can provide wireless communication to vehicles. Apart from their primary function, automotive telematics are also used in tracking stolen vehicles.
As the world steadily moves towards a hyper-connected ecosystem, consumers across the global become more needful of communication technologies that are compatible with multiple platforms. Telematics has emerged as one such ingenious technology that enables communication between man and machine as well as machine and machines. This has been rightly recognized by the auto industry that is currently envisaging the next-gen automotive telematics capabilities. For now, telematics technology is used for devising advance vehicular communication, road transportation, vehicular safety and mapping system. As per the latest report published by Fact.MR, the global automotive telematics market is expected to stand at US$ 53,280 Mn by 2022, reflecting an impressive CAGR of 24.2% during the forecast period (2017-2022). In addition, factors such as favorable government policies, increasing number of smartphone users, improvement of broadband networks and the arrival of more sophisticates communication technologies are anticipated to drive the growth of the global automotive telematics market over the next couple of years.
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Automotive Telematics Transforming Vehicular Safety and Security Services
Based on services, safety & security is expected to remain one of the most attractive segments during the forecast period. In terms of revenue, the safety & security segment is expected to command for close to two-third share of the market towards the end of 2017. Use of automotive telematics is also expected to increase in other services such as information & navigation, and entertainment & remote diagnostics in near future.
Based on products type, the embedded segment is expected to grow from US$ 9,109.4 Mn in 2017 to US$ 23,701.5 Mn by 2022-end, reflecting a robust CAGR. In terms of revenue, this segment is projected to command for around half of the market value by 2017-end. Meanwhile, the tethered segment is anticipated to register the fastest CAGR over the forecast period.
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Telematics Continue to Improve the Various functionalities of Passenger Cars
Based on vehicles types, the passenger car segment currently commands for around 57.9% revenue share of the market and is expected to reach a high market valuation by 2022-end. This is primarily owing to growing demand for integrated wireless communication platforms in vehicles by passenger and drivers. In addition, the passenger car segment is likely to create an impressive absolute $ opportunity between 2017 and 2022.
Based on sales channel, the OEM segment is projected to account for relatively higher share of the market as compare to the aftermarket segment. OEMs remain a key sales channel as leading carmakers are increasingly entering into collaborations and partnerships with telematics component developers and manufacturers.
Some of the top companies operating in the global telematics market include Harman International Industries, Incorporated, Trimble Inc, TomTom N.V, Masternaut Limited, Verizon Telematics, Inc, Airbiquity Inc., Visteon Corporation, Robert Bosch GmbH, Delphi Automotive Plc, and Magneti Marelli S.p.A. Many of these player are channelizing their investments in further product development and integration of other technologies in vehicle infotainment system.
Report Analysis at https://www.factmr.com/report/45/automotive-telematics-market