Global Automotive Telematics Market to Expand at 28.5% CAGR Till 2022 | Research on Global Markets
The expansion of the global automotive telematics market can be attributed to the growing need to track vehicles on a real-time basis and to observe the behavior of drivers with regard to monitoring their health and temperament while driving. Automotive telematics solutions are also witnessing a higher adoption rate owing to lower cellular data charges, and strong consumer demand for greater connectivity.
According to a senior analyst at Research on Global Markets for research on automotive technology, "Performance and safety of vehicles have emerged as the key focus for automotive companies. Many countries are mandating specific telematics services in vehicles. The European Union has mandated emergency call services in all personal vehicles. This is why telematics solutions catering to performance and safety accounted for the largest share of the market."
Global automotive telematics market: Segment analysis
The global automotive telematics market research report provides market segmentation based on type (performance and safety, usage-based insurance [UBI], and infotainment), and based on region (North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa). The report offers an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Telematics solutions catering to performance and safety occupied a market share of 52% in 2017, and was the most prevalent telematics technology. Usage-based insurance (UBI) had a market share of 30%, while infotainment telematics solutions held an 18% share of the market. UBI has witnessed rapid expansion, reaching up to 14 Mn policies globally.
North America is leading the innovation in the automotive telematics market, and accounted for approximately 44% of the global market in 2017. Asia-Pacific is expected to exhibit higher adoption during the forecasted period owing to the increasing need for safety and security, and government initiatives. However, Latin America and the Middle East and Africa are expected to witness slower-than-expected growth, due to the economic slowdown and lack of telecommunication infrastructure.
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