Global Automotive Telematics Market to be Worth USD 198.7 Bn by 2022
According to a new report released by Research on Global Markets, the global automotive telematics market is expected to be worth approximately USD 198.7 Bn by 2022, expanding at a compound annual growth rate (CAGR) of 28.5% during 2017-2022. The growing need of tracking vehicles on a real-time basis, and observing behaviour of drivers with regard to monitoring their health and temperament while driving are propelling the adoption of automotive telematics. Other factors attributing to the expansion of the market include lower cellular data charges, and strong consumer demand for greater connectivity.
The report on the global automotive telematics market provides market segmentation primarily based on type (performance and safety, usage-based insurance, and infotainment telematics). The performance and safety segment accounted for the largest share of the market (52%) in 2017. It emerged as the most popular among all the telematics solutions. Usage-based insurance (UBI) had a market share of 30%, while infotainment telematics solutions held 18% share of the market. According to Research on Global Markets’ analysts, infotainment telematics solutions are gaining prominence owing to growing customer demand for in-car entertainment.
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Our analysts also tracked the performance of the global automotive telematics market across the key regions of North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. North America held the largest share (44%) of the global automotive telematics market in 2017, and is spearheading the innovation in telematics technology. Asia-Pacific is poised for significant growth during the forecasted period, driven by increasing demand for safety and security, and government regulations mandating telematics solutions.
Key highlights of this report:
- Global market overview - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global automotive telematics market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on type (performance and safety, usage-based insurance [UBI], and infotainment) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), market observations, and influencing factors
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for automotive telematics solutions across the world to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.