Global Automotive Embedded Telematics Market set to grow with massive rate by 2018 to 2025
As per the report published by Fior Market Research, the global automotive embedded telematics market is expected to grow from USD 9.6 Billion in 2017 to USD 44.1 Billion by 2025, at a CAGR of 21.0% during the forecast period from 2018-2025. The North America and European region is a major manufacturing hub and also follows strict road safety policies and regulations focusing on passenger safety.
Global Automotive Embedded Telematics Market by Service (Information & Navigation, Remote Diagnostics, Safety & Security, Entertainment), Vehicle Type, Component, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
Major leaders dealing in this industry include Hyundai Motor Company, Toyota Motor Corporation., INFINITI Motor Company Ltd., BMW Group, Verizon Connect and others. For instance, Toyota launched the Toyota Safety Connect and Toyota Fleet Management which provides an array of beneficial qualities and services including emergency assistance, stolen vehicle locator, automatic collision notification and roadside assistance and monitoring of driver behaviour.
The component segment is classified into hardware, services, connectivity. The hardware segment is dominating the automotive embedded telematics market with the market size of USD 3.74 Billion in 2017. Advanced operations such as field support, fault diagnostics and GPS tracking are expected to boost up the market over the forecast period with the use of various technologies like Telematics Control Unit (TCU), Wi-Fi module, display screen, speaker, GSM/GPRS module, and amplifiers. The service segment is classified into information & navigation, remote diagnostics, safety & security and entertainment. The safety & security and entertainment segment is dominating the automotive embedded telematics market with a share of 40.1% in 2017. The increase in international entrants like BMW and Ford is likely to bring up the demand of automotive embedded telematics systems in vehicles for entertainment and navigation applications. Vehicle type segment includes passenger car, heavy commercial vehicle and light commercial vehicle. Passenger car segment is growing with the highest CAGR of 25.4% over the forecast period. Passenger vehicles help to travel conveniently and are likely to rise in the coming years, further accelerating the need of embedded telematics for more safety and an enhanced in-car experience.
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Adoption of technology like combination of wireless communication with automotives, requirement for fleet management, and preference for advanced driver assistance systems is likely to drive the growth of the market. Strict government rules for installation of vehicle safety systems, increased research and development initiatives and safety rating upgrades are two another factors. In addition, reduction of road accidents and passenger security offered by advanced technology has further stimulated the growth of the market. High costs of integration may hamper the growth of market. However, new trends such as usage of cloud-based telematics and human machine interface might provide various opportunities for the growth of the market in coming years.