The market is estimated to reach $55.97 billion by 2022 at a CAGR of 21% between 2016 and 2022. Growing awareness about driver safety, decreasing cost of connectivity, increasing market penetration rate of smartphones, and stringent automotive safety regulations are some of the reasons fueling the market growth. However, the market consists of certain constraints such as increasing hacking/privacy concerns, lack of cellular coverage, and low awareness about telematics which are hampering its overall growth.
The increased demand for connected cars has led OEM's and telecom operators to offer a variety of services for the users and therefore the market is categorized by four main services: safety & security, information & navigation, entertainment, and remote diagnostics. Information and navigation services held the highest share in 2015 because of factors like wide application in developed countries such as the US and Japan, speed, reliability, ease, and cost-effectiveness.
Between 2016 and 2022, the automotive telematics market in APAC is expected to grow at a faster rate of 22.1% in comparison to other regions. Factors such as well-established automotive industry, increasing disposable income, and growing awareness of telematics are some of the factors contributing to the market growth in APAC.
- AT&T Inc.
- Airbiquity Inc.
- Continental AG
- Delphi Automotive PLC
- Mix Telematics Ltd.
- Octo Telematics SpA
- Robert Bosch GmbH
- TomTom NV
- Verizon Communications, Inc.
- WirelessCar AB
Key Topics Covered:
1 Scope and Research Methodology
2 Market Dynamics
3 Competitive Insights
4 Global Automotive Telematics Market, by Connectivity Type
5 Global Automotive Telematics Market, by Service
6 Global Automotive Telematics Market, by Vehicle Type
7 Global Automotive Telematics Market, by Geography
8 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/4q2gqk/global_automotive
Related Topics: Telematics and Vehicle Electronics
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-automotive-telematics-market-to-grow-over-55-billion-by-2022---decreasing-cost-of-connectivity---research-and-markets-300315910.html
SOURCE Research and Markets