Automotive Telematics Market Share, Industry Growth, Trend, Drivers, Challenges, Key Companies by 2027

The study of “Global Automotive Telematics Market” provides the market size information and market trends along with the factors and parameters impacting it in both short and long term.

Regional analysis is also provided for North America, Europe, APAC (Asia-Pacific), and Rest of the World.Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry.

Growth of the overall global automotive telematics market has also been forecasted for the years 2018-2022, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.Trakm8 Holdings, Tom Tom, Mix Telematics and Trimble are some of the key players operating in the global automotive telematics market, whose company profiling has been done in the report.

In simple terms, receiving, storing and sending of computer based information is performed with the help of telematics system.

The global automotive telematics market is supported by various growth drivers, such as shifting consumer preferences towards connected cars, rising interest of millennial population, stringent governmental regulations, etc.

Yet, the market faces certain challenges, such as, hacking, privacy, and security concerns, consumer acceptance and trust issues, etc.

Global Automotive Telematics Market was valued at US$ 10.82Bn in 2019 and is expected to reach US$ 41.30Bn by 2027, at a CAGR of 18.23% during a forecast period.The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors.

Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments.

Whether one manages a fleet of cars, pickup trucks, vans, box trucks, or tractor-trailers, telematics technology improves the safety and efficiency of commercial transportation.

Automotive Telematics is primarily driven by multi factors like an increase in the number of accidents, rising vehicle thefts, security issues while traveling and the demand for navigation services, etc.

Safety & Security is playing a key role in automotive telematics.In Trends – Predictive analytics.The data that automotive telematics can extract is an important tool in performing a wide range of risk assessments.

As such, the data is so much more than a means to measure past performance; it also allows fleet managers to pre-emptively manage operations.In terms of region, Asia Pacific is expected to hold the largest share in the Automotive Telematics market during the forecast period.

According to a new report published by Fact.MR, the automotive telematics market is likely to continue its solid run in 2019, with global revenues likely to surpass US$ 27 billion in 2019.

With the inclusion of automotive telematics, the functional capabilities of vehicles are witnessing a steady upgrade.

Automotive telematics system finds widespread applications in communication, mapping and for improving the safety features in an automotive.

As a result, a notable increase in the adoption of the automotive telematics systems has been witnessed in the recent past, and the status quo is likely to continue over the course of the forecast period.Request for the Report Summary: https://www.factmr.com/report/45/automotive-telematics-marketKey driving factors for the automotive telematics include favorable government regulations, ubiquitous use of smartphones, enhanced broadband networks, and the advent of sophisticated communication technologies.

The adoption of automotive telematics can also be attributed to the far-reaching capabilities of OEMs.

This is facilitating a steady growth in the automotive telematics market, with revenues likely to grow at over 23% in 2019.Europe continues to be the numero uno market for automotive telematics, owing to the high concentration of forerunning players that focus on scaling and expansion of their businesses in parallel to diversifying their product portfolio.

According to the new market research report by IndustryARC titled “Commercial Automotive Telematics Market: By Vehicle Type (Truck, Semi-Trailer, Motor Coach, Taxicab, Trailers & Others); By Components (Communication, Sensors, Control Unit, Audio/Video); By Services (Safety & Security, Navigation, Others); By Geography - Forecast(2018-2023)”, the market is driven by the increased demand for connected vehicles and a surge in telematics fleet management services customers across each industry.Americas continues to lead the market share during 2018-2023.The Americas is the largest market for telematics accounting for revenue of $8.66 billion in 2017, followed by Europe and Asia-Pacific.

This region is projected to exhibit high growth due to the low penetration of the market in Latin America and in Americas, it is estimated to reach $13.96 billion by 2023.

The U.S is the largest market in this region (and globally) and is projected to continue throughout the forecast period.

The RoW region is forecast to exhibit a slow growth of 6.7% CAGR through 2023 as uncertain economic conditions coupled with distinct lack of awareness regarding telematics products will affect the market adoption.

In Americas, Trucks segment is projected to register highest growth of $5.31 billion by 2023 at a CAGR of 7.82%.Asia-Pacific is projected to register highest growth rate of 10.5% CAGR throughout the forecast period, followed by Europe and Americas.Usage based insurance present high growth opportunities in Europe:Usage based insurance (UBI) is a fast growing market, with major growth projected in Europe.

Because of high premium costs for younger drivers with traditional insurance, UBI presents an opportunity to attract a customer base.