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Albany, New York, Sept. 17, 2019 (GLOBE NEWSWIRE) -- There are several key players that are operating in the global automotive telematics market. The top four companies in the automotive telematics market include I.D. Systems, Aribiquity Inc., TomTom International, and Agero Inc. These companies collectively accounted for an overall market share of nearly 38%. These leading companies are more focused on developing technologically advanced and innovative products in order to strengthen their brand value. As the vendor landscape is quite fragmented due to presence of several players, the established companies are also opting for acquisitions and joint ventures to stay ahead of the competitive curve. For instance, in January 2019, Airbiquity announced that the company has agreed to enter into a strategic alliance with NXP Semiconductors to develop Over-the-Air software and data management with the vehicle network processors.
A recent research report by Transparency Market Research on global automotive telematics market states the market players are expected to find several lucrative business opportunities as the application segments of automotive telematics are growing rapidly. This growth of the companies will directly correspond to the overall development of the global automotive telematics market. According to the research report, the market will show a massive CAGR of 22.1% over the course of the given forecast period of 2017 to 2025. Such huge rate of growth will help the automotive telematics market to reach a valuation of US$75.79 Bn by 2025. The market was initially valued at US$10.15 Bn in 2015.
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China to Contribute Significantly in Asia Pacific’s Global Dominance
For a better understanding of the working dynamics of the global automotive telematics market, it has been divided into five key regional segments. They are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, the automotive telematics is predominantly led by Asia Pacific region. In 2016, the region accounted for nearly 33.5% of the overall market share. This domination of the Asia Pacific region is expected to continue over the course of the given forecast period of 2017 to 2025. The development of the market is spurred with the emergence of rapidly developing economies such as India and China. The consumption of automotive sector in China is one of the largest in the world and thus offers an array of lucrative business opportunities for leading players.
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Regulatory Mandates Are Helping to Push Market Growth
There are several factors that are responsible for the growth of the global automotive telematics market. One of the biggest driving factor is the favorable government policies regarding the installation of telematics. Several governments and regulatory bodies are issuing strict guidelines associated to the safety of vehicles. Telematics being an important component of the overall safety unit of any vehicle, such strict guidelines are expected to fuel its demand. For instance, international regulatory guidelines such as eCall in the EU, SVT in Brazil, and GLONASS in Russia, have made it mandatory to install safety telematics in all the new European-made vehicles. The guidelines have also made it compulsory to use and install safety telematics control units across the commercial vehicles. Such initiatives undertaken by the regulatory bodies are giving a massive push to the development of the global automotive telematics market.
In addition to this, constant technological advancements in the automotive sector is encouraging the market players to bring out innovative products and also upgrade their previous products. Such developments in the parent sector is also helping the automotive telematics market to grow at a great pace.
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This review is based on TMR’s report titled, “Automotive Telematics Market (Application - Vehicle Tracking, Fleet Management, Satellite Navigation, and Vehicle Safety Communication; Vehicle Type - Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2017 - 2025.”
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The global Automotive Telematics Market is segmented as follows:
By Vehicle Type
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