European Automotive Telematics Market to Cross $37,249.8 Million Revenue by 2030: P&S Intelligence

NEW YORK, March 30, 2021 /PRNewswire/ -- European automotive telematics market forecasted to witness a robust CAGR of 16.1% during 2020–2030. As a result, the size of the industry will increase from $7,340.3 million in 2019 to $37,249.8 million by 2030, according to P&S Intelligence.

As the primary cause of most road accidents is human error, the demand for solutions that can aid the person driving the vehicle in some or the other way is rising in the region. Moreover, the mandatory deployment of the eCall system in vehicles by the EU is also driving the European automotive telematics market. This system automatically calls emergency services if a major accident takes place. As per studies, this system has the potential to save up to 2,500 lives a year, by initiating a timely emergency response.

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The automotive telematics market in Europe is being restrained by the current COVID-19 situation. Due to the EU and individual countries' lockdown measures, most of the auto plants are either closed or working at a vastly reduced capacity. Similarly, the supply of automotive telematics equipment has also stopped due tothe supply chain being hit hard. Similarly, owing to financial constraints, people are neither buying vehicles nor equipping them with telematics solutions.

In the years to come, the fastest growth in the European automotive telematics market will be witnessed by the integrated category, on the basis of product type. The demand for infotainment units that connect to the internet is growing in premium and mid-range cars. In addition, the category growth is set to be supported by the increasing sale of electric vehicles (EVs) in the region.

The fleet/asset management category, based on service, dominated the European automotive telematics market in the past. These services offer drivers real-time information about the fleet and help them reduce the operational costs, which is why the demand for these services is rising for commercial vehicles.

Browse report overview with detailed TOC on: "Europe Automotive Telematics Market Research Report: By Product Type (Embedded, Tethered, Integrated), Service (Safety and Security, Infotainment and Navigation, Remote Diagnostics, Fleet/Asset Management, Insurance Telematics, V2X), Channel (OEMs, Aftermarket), Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle, Construction Machines), Verticals (Transportation and Logistics, Government and Utilities, Travel and Tourism, Construction, Education, Healthcare, Media and Entertainment), Offerings (Hardware, Software, Services) - Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/europe-automotive-telematics-market

In the coming years, the original equipment manufacturer (OEM) bifurcation is predicted to hold the larger share in the European automotive telematics market, under segmentation by channel. Owing to the rising customer demand, automotive companies are integrating telematics solutions in economy and mid-range cars.

The construction machine category is predicted to experience the highest value CAGR in the European automotive telematics market, of 24.9%, under the vehicle type segment, over the next decade. The delivery of telematics services in construction machines is becoming better with the increasing adoption of the Next-Generation Telematics Protocol (NGTP). Additionally, the government of several European countries has strict mandates regarding the installation of tracking systems in construction machines.

Germany is making the largest contribution to the European automotive telematics market presently, and it will continue doing so throughout the next decade. The German government has stringent policies on driver and passenger safety, which is why technological advancements are being brought about in telematics solutions. Similarly, the awareness about road safety is increasing among the public, while fleet owners are also rapidly integrating such solutions in their vehicles.

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The major companies in the European automotive telematics market are Valeo S.A., Robert Bosch GmbH, MiX Telematics Ltd., Continental AG, AREALCONTROL GmbH, Verizon Communication Inc., MAC & NIL srl, FleetGO Group Ltd., Emixis SA, frameLOGIC PL, iData Kft., ICOM Ltd., Mireo d.d., CVS Mobile Inc., Axtech AB, Movildata Internacional SLU, Transpoco, SafeFleet, Loqus Holdings p.l.c., and BigChange Group Limited.

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