SAN FRANCISCO, April 30, 2019 /PRNewswire/ -- The global automotive embedded telematics market size is expected to attain a valuation of USD 37.69 billion by 2025, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 20.9% over the forecast period. Increased demand for real-time vehicle tracking and advanced driver safety features are some of the factors expected to drive the market growth.
Key suggestions from the report:
Automotive manufacturers are apportioning considerable investment capital and dedicating company resources towards developing autonomous vehicles. This is anticipated to lead to a subsequent rise in the adoption of automotive embedded telematics systems
Key companies in North America including Verizon and Mix Telematics are developing various advanced solutions in the automotive embedded telematics market and thus expected to encourage regional market growth in near future
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period and is projected to reach USD 13.0 billion by 2025
The key market participants include Ford Motor Company, Continental AG, General Motors, TomTom Telematics BV, Hyundai Motor Company, Toyota Motor Corporation, MiX Telematics International Ltd., INFINITI Motor Company Ltd., BMW AG, and Verizon Connect, to enumerate a few.
The automotive embedded telematics market is expected to witness significant growth over the forecast period on account of the provision of customization options such as bundled packages, pay-per-use services, and premium subscription services. Moreover, government regulations such as eCall by the European Union (EU) in 2018, CONTRAN 245 by Brazil in 2013, and ERA-GLONASS by Russia in 2013 have encouraged the adoption of these systems.
The increasing volumes of passenger and commercial vehicles and demand for improved in-vehicle connectivity in the Asia Pacific region are expected to accelerate the market growth. The installation/inclusion of features such as automatic collision notifications, hands-free calling, and driver assistance in connected passenger and commercial vehicles further encourages the growing adoption of automotive embedded telematics systems. Introduction of navigation services, along with the implementation of data services such as application-based services, content management, among others are anticipated to further fuel the demand in near future.
Stringent government regulations concerning the safety of passengers have necessitated Original Equipment Manufacturers (OEMs) to install security systems in vehicles. The European Union mandated the inclusion of an eCall alarm system in all passenger cars and light commercial vehicles produced post May 2018. The regulation applies to all new cars manufactured in Europe. In addition to instantaneous deployment of airbags, the eCall system automatically places a call to an emergency response center in the event of an accident or other emergencies. The GPS installed in the car is used to determine the vehicle's location to facilitate immediate deployment of emergency assistance to that location. Such favorable government policies are anticipated to contribute to the market expansion in the forthcoming years.
Grand View Research has segmented the global automotive embedded telematics market based on component, solution, application, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.