The study estimated that the passenger cars (PC) segment of the automotive ignition system market is at the helm with over two-fifth revenue share of the market and is poised to touch US$ 3 billion by 2022 end.
Rockville, MD -- (SBWIRE) -- 11/09/2018 -- Telematics has emerged as an important technology in the modern vehicular system. Automotive telematics has significantly boosted the functional capabilities of vehicles, making them more safe and connected. Currently, telematics is used in enhancing automotive safety, mapping and communication systems. Fact.MR's new report reveals that the global market for automotive is set to increase at a robust CAGR of 24.2% over the forecast period (2017-2022) to reach a valuation of US$ 53,280 Mn. This growth will be facilitated by factors such as rising number of internet users, introduction of sophisticates communication systems, favorable government policies, and development of high-speed broadband networks. Following takeaways from Fact.MR's report on the global automotive telematics market assert on its future prospects.
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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.
OEMs will remain the largest sales channel for automotive telematics throughout the forecast period. Increasing strategic partnerships and collaborations between telematics component manufacturers and top automotive companies is reassuring OMEs' dominance.
On the basis of services, the safety & security segment is projected to account for the largest revenue share of the market over the forecast period. By the 2017-end, this service segment is likely command for more than half of global revenues. Meanwhile, integration of automotive telematics is steadily increasing in several other services segments including entertainment, navigation and information.
By product type, the embedded segment is projected to surpass a valuation of US$ 23,701 Mn towards the end of 2022, registering a strong CAGR. In addition, the segment currently accounts for close to half of the market value. During the forecast period, the tethered segment is projected to witness the highest CAGR.
Based on vehicles types, the passenger car segment presently accounts for over one-half market share in terms of revenue and is projected to reach a market valuation in excess of US$ 28,530 Mn by the end of projection period. This is mainly attributed to growing need for efficient wireless communication systems in vehicles.
Among region, Europe is expected to remain the frontrunner in the global automotive telematics market in terms of revenue over 2022. This is primarily due to presence of some of the leading auto component manufacturers and automotive companies in the region. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) is expected to expand at the highest CAGR over the forecast period.
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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.
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.
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