Automotive Telematics Market to Witness Siginficant Incremental Opportunity During 2025
Growing awareness and numerous benefits of telematics, advancement in smartphones, high speed internet connectivity, and developed GPS receiver have changed the telematics business rapidly. Moreover, rising awareness about driver’s safety and growing influence of safety regulations imposed by various government organizations in the European Union, Russia, and Brazil have made telematics an essential component for vehicles. The factors such as reduction in the cost of connectivity and increasing market penetration of connected devices such as smartphones, and tablets are contributing to the burgeoning demand for connected cars. The automotive telematics market by volume is estimated to witness a growth at a CAGR of 22.1% over the period of 2017 to 2025.
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Vehicular mishaps and rising occurrences of road accidents are expected to drive the global automotive telematics market through the next six years. The requirement of safety measures has significantly increased owing to rise in the number of vehicles. The market is expected to witness significant boost owing to serious concerns for minimizing human casualties and vehicular damages. Major issues such as disoriented transits, need for effective vehicular mass transportation, and traffic congestions have occurred due to increased traffic on the road. Through intuitive vehicular guidance, automotive telematics systems are anticipated to offer a solution over the forecast period.
The global automotive telematics market is estimated to face few complexities owing to communication breakdowns and error rates. The telematics systems are extremely sensitive to the extent that a single error could cause heavy and serious breakdowns. Based on the information collected by sensors, key monitoring decisions are taken by the control unit. In case of a communication breakdown, these automotive systems are expected to tackle system failures over the forecast period owing to complete reliance on the digital networks. The worldwide acceptance of telematics is resulted from the emergence of regulatory initiatives taken by government for security and safety.
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Stringent Regulatory Scenario Could Negatively Impact Market Growth
The market, however, could suffer the brunt of stringent regulations concerning a number of factors of automobiles across several countries. These regulations could inhibit the growth of the global automotive telematics market to a certain extent in the next few years. These regulations, vastly different across different geographical locations, require original equipment manufacturers to spend vast funds for approvals before they could begin marketing and sales. These factors also impact smaller companies, restricting them from entering large marketplaces.
The Telematics Solutions market is dominated by a few globally established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), LG Electronics (South Korea), Verizon (U.S.), Harman International (U.S.), and Qualcomm Technologies, Inc. (U.S.).