Automotive Telematics Market Research Report: By Vehicle Type (Passenger Car, Commercial Vehicle), System Type (Embedded, Tethered, Integrated), Services (Safety and Security, Infotainment and Navigation, Remote Diagnostics), Communication Technology (V2V, V2I)
NEW YORK, Feb. 17, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global automotive telematics market share valued at $27.7 billion in 2019, which is projected to reach $149.9 billion by 2030, with a CAGR of 16.6% during 2020–2030. The passenger car category dominated the market throughout the historical period, owing to the growing adoption and integration of telematics systems by passenger car manufacturers, globally.
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Connected cars offer advantages to users, such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) interfaces. Further, integration of telematics solutions into connected cars is highly crucial, as these cars are equipped with V2V and V2I connectivity, which are two of the primary components of telematics solutions. Moreover, features, such as smartphone connectivity within the vehicle, roadside assistance, traffic and collision warnings, automobile diagnostics, and real-time traffic monitoring, offered by connected cars, are further propelling the automotive telematics market growth.
The demand for integrated systems is projected to grow at a faster rate in the automotive telematics market during the forecast period. This can be mainly due to the increasing sales of electric vehicles and growing demand for internet connected infotainment units in mid-range and premium passenger vehicles.
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The V2V category held the largest share in the automotive telematics market in 2019, due to stringent government regulations. According to a notice of proposed rulemaking (NPRM), 100% of all new cars will have dedicated short-range communication (DSRC) technology installed by 2023 in the U.S., increasing from 75% in 2022 and 50% in 2021.
In 2019, North America and Europe held the cumulative share of over 65%, in terms of value, in the automotive telematics market. Globally, North America generated the highest revenue in the market in 2019. This is majorly due to the high adoption of in-vehicle connected technology in the region. Whereas, the LAMEA market is expected to witness the fastest growth during the forecast period. This can be attributed to the fact that the market in developing countries of the region, such as Brazil and Mexico, is still at a nascent stage and depends largely on government policies and infrastructure development.
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The global automotive telematics market is fragmented in nature, with major players, including Teletrac Navman US Ltd., MiX Telematics Ltd., Verizon Communications Inc., Robert Bosch GmbH, Valeo SA, and HARMAN International Industries Inc., are operating independently in the different countries and cities across the world.
Other significant players in the market include Inseego Corp., Visteon Corp., DENSO CORP., General Motors Co., Telefonica SA, TomTom NV, Trimble Inc., and Masternaut Ltd.
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