The global automotive embedded telematics market size is estimated to reach USD 40.2 billion by 2026, registering at a CAGR growth of 20.9% over the forecast period.Increasing road accidents drives the need for better road safety and also surge in huge investments in R&D of connected care are the main features driving the market development.
Trending technological innovation of including cell phone applications dependent on iOS and Android stages is relied upon to change the present situation of vehicle network. Earlier, Bluetooth was the main mechanism of associating cell phones to the vehicle remotely; nevertheless, in coming years, rising adoption of efficient and smart infotainment and navigations systems in luxury car segment is the major driver for the adoption of automotive embedded telematics technology and solutions.
The speedily expanding automotive sector across the globe is anticipated to boost the automotive embedded telematics market during the forthcoming years. Cars functioning with some degree of automation assist in detecting the dangerous road and others. Therefore, the increasing need for semi-autonomous cars that are furnished with advanced driver assistance systems (ADAS) and the growing efforts by OEMs to develop autonomous vehicles at the earliest is expected to further drive the automotive embedded telematics market in the near future.
Also many countries such as U.S and U.K are promoting road safety technology and device, which may further, expected to drive the growth of the global automotive embedded telematics market. Apart from providing safety solutions automotive embedded telematics is projected deliver promising solution to reduce the number of road accidents automotive embedded telematics also provide features such as remote diagnostics, 24/7 connectivity, navigation, multimedia streaming, and improved vehicle maintenance service are few other feature attracting consumer to surge the sale of automotive embedded telematics.
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North America captures the market in 2018 owing to increase need for better road safety and constant launch of new product portfolio associated to automotive embedded telematics by main key players. Also, inventive marketing strategies being accepted by main key companies to encourage and automotive embedded telematics market and associated products are expected to inspire end users to accept these products, which in turn will stimulate the development of the regional market.
Asia Pacific is anticipated to observer the highest CAGR of 7.3% during the forecast timeframe. Growing safety awareness, rising need for smart automotive gadgets, and growing disposable income are expected to increase the development of the regional automotive embedded telematics industry.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with the automotive embedded telematicsmarket are Verizon Connect, Ford Motor Company, BMW Group, Continental AG, INFINITI Motor Company Ltd., General Motors Company, MiX Telematics International Ltd., TomTom Telematics BV, Toyota Motor Corporation, and Hyundai Motor Company.
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