Albany, NY -- (SBWIRE) -- 01/03/2018 -- Recent innovations in automotive telematics have greatly pumped up their demand. Considering this, technological applications of telematics solutions in vehicles have completely transitioned over the years. Various factors are steering this paradigm shift.
Moreover, the demand for telematics features such as satellite navigation, automatic driving assistance systems, emergency warning, integrated hand-free calling facilities, the internet, and WiFi is surging.
Browse the Report @
On the downside, stringent regulations implemented across various countries in the world and corporate average fuel economy standard regulations set up by various developed nations are inhibiting the market. Nevertheless, with companies focusing on product innovation and differentiation, the pace of gains is projected to accelerate for the market in the coming years.
Request Sample to Know Industry Outlook, Growth Prospects and Key Opportunities@
Demand for Vehicle Tracking to Scale Higher
Based on application, the global automotive telematics market can be segmented into vehicle tracking, fleet management, satellite navigation, vehicle safety communication, and others. Of these, the vehicle tracking segment emerged dominant in the overall market in 2016. In the given year, the segment held over 30% of the overall market.
Asia Pacific to Remain Dominant Regional Market through Forecast Period
Regionally, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa constitute the key market segments. Among these, Asia Pacific led the overall market with a share of 33.5% in 2016. North America emerged as the second-leading market for automotive telematics, followed by Europe.
While China is the leading market for automotive telematics in Asia Pacific, India will exhibit the highest CAGR during the forecast period. In Europe, France held the largest market share while in North America, the U.S. will continue exhibiting lucrative opportunities.