Albany, NY -- (SBWIRE) -- 09/28/2017 -- Transparency Market Research projects that the global automotive telematics market will exhibit an exponential 22.1% CAGR over the period between 2017 and 2025, rising from an opportunity of US$10.15 bn in 2016 to US$75.79 bn in 2025.
Vehicle Tracking Systems Remain Most In-demand Automotive Telematics Feature
On the basis of application, the global automotive telematics market witnessed the dominance of the vehicle tracking segment, which accounted for over 30% of the global market in 2016. The segment is envisaged to continue being the most in-demand feature of automotive telematics systems over the forecast period, gaining a large share in the market over the forecast period as well. However, segments such as satellite navigation and fleet management are expected to lead the way in terms of growth rate.
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From a geographical standpoint, the market in Asia Pacific, which accounted for over 33% of the global market in 2016, is expected to continue to hold a commanding position in the global market over the forecast period as well. Home to a booming automotive sector and strong automotive manufacturing countries such as South Korea and Russia, Asia Pacific will play a key role in determining the overall success of the global automotive telematics market in the near future.
Rising Scope of Usage in Passenger Vehicles to Remain Key to Growth
The vast rise in the global demand for passenger vehicles has proved to be highly beneficial for the global automotive telematics market. Rising sales figures, especially in emerging economies with rising disposable incomes and the mounting population of affluent middle-class in countries such as India, China, Brazil, and Indonesia, are transforming into ample growth opportunities for technologically advanced accessories in vehicles. These factors, combined with the rising connectivity of internet and improved state of network infrastructure in these countries are leading to the increased demand for telematics and multimedia solutions in passenger cars, driving, in turn, the market for automotive telematics.
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Stringent Regulatory Scenario Could Negatively Impact Market Growth
The market, however, could suffer the brunt of stringent regulations concerning a number of factors of automobiles across several countries. These regulations could inhibit the growth of the global automotive telematics market to a certain extent in the next few years. These regulations, vastly different across different geographical locations, require original equipment manufacturers to spend vast funds for approvals before they could begin marketing and sales. These factors also impact smaller companies, restricting them from entering large marketplaces.
The global automotive telematics market features a largely fragmented competitive landscape with the leading four companies holding a collective share of nearly 38% in 2016, states Transparency Market Research (TMR) in a recent report. These leading vendors, namely I.D. Systems, Inc., TomTom International B.V., Airbiquity, Inc., and Agero, Inc., focus on expanding their product portfolios to include innovative products in their arsenal, increasing investments aimed at technological developments to foster development of new product varieties, and geographical expansion to strengthen their positions in the market.
Strategic collaborations with leading automotive companies, and mergers and acquisitions with the aim of technological enrichment of core competencies are also rising in the market. These factors are expected to make the market intensely competitive in the next few years, accentuating the pace of development but also intensifying price- and product features-based competition.
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