Global Automotive Telematics Market 2018-2022 | 18% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2019--
The automotive telematics market size is expected to post a CAGR of nearly 18% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive telematics market 2018-2022. (Graphic: Business Wire)
The adoption of usage-based insurance (UBI) is increasing significantly due to the growing regulations for mandatory motor insurance. UBI allows insurers to create a risk profile for individual customers based on real-time driving behavior tracked by onboard units. This helps the driver to reduce his premium by adopting safe driving behavior. The growing functions in the vehicle telematics system for tracking information for increased safety and control are pushing the adoption of embedded solutions in the telematics market. This will give UBI suppliers an opportunity to improve the usage of the system for broader functions, which in turn will boost market growth.
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As per Technavio, the adoption of video telematics to precisely track driver behavior will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2018-2022.
Automotive Telematics Market: Adoption of Video Telematics to Precisely Track Driver Behavior
Advancements in cloud technology and data analytics have enabled the tracking of all aspects of vehicles to deliver several functionalities such as fuel-saving, fleet management, and prognostics. Camera technology has become an important support system for automation in modern vehicles. The use of video-based safety systems to monitor driver behavior is still at a nascent stage. However, strong growth is expected in this area during the forecast period. Most fleet operators are planning to incorporate video-based safety system to monitor driver behavior, which will further drive the global automotive telematics market in terms of revenue growth.
“Other factors such as the growing popularity of API, the shift from 4G LTE to 5G technology, and collaboration of OEMs and tier-1 suppliers for pre-installed telematic services will have a significant impact on the growth of the automotive telematics market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Telematics Market: Segmentation Analysis
This market research report segments the automotive telematics market by application (passenger cars and commercial vehicles), fitment (embedded, tethered, and smartphone integration), and geography (the Americas, APAC, and EMEA).
The Americas dominated the global automotive telematics market, followed by EMEA and APAC. The growth of the automotive telematics market share in the Americas can be attributed to several factors such as ongoing economic revival, and the strong adoption of commercial vehicles.
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Five Forces Analysis
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SOURCE: Technavio Research
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