The global automotive telematics market is projected to reach values of approximately $130 billion by 2024, growing at a CAGR of more than 15% during 2018-2024, according to a market report by ResearchAndMarkets.
The highlights of the report are:
• The increasing use of electronics such as collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies will drive the demand in the global market. The players are providing fleet management systems as software-as-a-service which helps in critical business processes such as routing, maintenance, and mileage reporting to attract a maximum number of consumers.
• The global automotive telematics market is driven by growing demand for anti-lock braking systems (ABS), engine control units (ECUs), electronic fuel injection systems, and automated locking systems. The increasing presence of manufacturers such as LG Electronics, HARMAN International, Denso, Continental, Robert Bosch, and Magneti Marelli will drive innovations in the global market. The market research report provides in-depth market analysis and segmental analysis of the global automotive telematics market by product, vehicle, installation, application, and geography.
• The increasing adoption of connected vehicle technology in commercial vehicle is playing an important role in automotive telematics market. The traditional approaches of maintenance are being reduced due to this approach. For example, BMW vehicles connect to Deutsche Telekom’s SmartHome app to offer users control for their home heating and lighting. Sensors are connected to vehicles and these transmit data to the OEMs, this telemetry data will offer remote diagnostic services to fleet managers.
• Some of the emerging sensor-based technologies are recognition of road signs, collision avoiding maneuvers, driver face-expression detection, pre-crash deployment of airbags and seatbelts, obstacle detection and so on. These sensors not only sense the obstacles but also react to them by avoiding it, taking control of vehicle etc. if needed. These sensors ensure the safety of the commuters.
• There is a structural shift in terms of demand-side behaviour in the automotive industry. The new car ownership models such a carpooling, cab services, rentals are increasing in number due to several reasons like traffic congestion, environmental concerns and so on. To adapt to these changes, the OEMs are focussing on driverless, autonomous vehicle concept.
• The OEM players like Audi, Ford, Bosch, Delphi and Continental has already started projects to commercialize the concept of autonomous vehicles. Also, other non-automotive companies like Google and Apple are also investing in development of autonomous vehicles.
Source: Press Release