With reference to the latest market forecast report published by Acumen Research and Consulting, on the title, 'Automotive Embedded Telematics Market (By Component: Hardware, Service, Connectivity; By Solution: Safety & Security, Information & Navigation, Entertainment, Remote Diagnostics; By Application: Passenger Cars, Commercial Vehicles) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026'. The global automotive embedded telematics market size is anticipated to reach USD 40.2 billion by 2026, registering at a CAGR growth of 20.9% over the forecast period.
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.
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Growing digit of road accidents is driving the demand for augmented public safety and increasing government support for educating and improving the traffic management is anticipated to further increase the automotive embedded telematics market during the forecast period. Further the technology also helps in evading traffic congestion and therefore, aids reduce excessive fuel consumption Also, technological progressions in automotive electronics for instance cloud technology are being used for vehicle platooning, which is expected to boost the automotive embedded telematics market in the recent years.
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The cost of hardware and software of automotive embedded telematics technology is very high therefore, key companies associated with automotive embedded telematics are facing an issue of cost reduction while implementing vehicle-to-vehicle connectivity. High cost of device and software is expected to hamper the growth of the automotive embedded telematics market to some extent in the recent years.
The global automotive embedded telematics market is segmented into component,solution, application and region.On the basis of component the global automotive embedded telematics market is segmented into hardware, service, and connectivity. On the basis of solution, the global automotive embedded telematics market is segmented into safety & security, information & navigation, entertainment, and remote diagnostics. On the basis of application the global automotive embedded telematics market is segmented into passenger cars, and commercial vehicles. On the basis of region the global automotive embedded telematics market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Geographically, the automotive embedded telematics market is bifurcated into Europe, Asia Pacific, North America, MEA, and Latin America. North America, followed by Europe, is anticipated to capture the major share in the automotive embedded telematics market. This development is credited to increasing acceptance of latest technologies, and the occurrence of research and development centers. Asia Pacific is anticipated to observer lucrative during the forthcoming years crediting to increase in disposable income, improvised technology infrastructure, increasing need for better and advance technology solution.
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 time frame. 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.
The key players catering to the global automotive embedded telematics market 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.The global players are continuously investing in R&D and innovating new product portfolio to attract more and more business opportunity from the emerging nation such as India and China.Also, Increasing R&D investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.
These companies are technological upgrading their system to meet the changing needs of customers. For instance Volkswagen introduced the Car-Net Apps and its related services. The objective of this app is to motivate digitalization to the automotive sector. The enables the user to monitor and control their domestic appliances while driving car on the road. Also, these aforementioned companies are continuously spending on research and development to deliver the better to the automotive sector.
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