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Automotive Telematics Market Growth to Approach 10%

| August 16, 2018

cars on highway, lights on

According to the latest research, the estimated value of the global automotive telematics market in 2018 is US$ 42,624 million, which is expected to expand at a compound annual growth rate (CAGR) of 8.4% to reach US$ 81,100 million by the end of 2026. 

The APAC automotive telematics market is projected to be valued at 12,199 million accounting for a 28.6% value share in 2018. By 2026, this value is projected to reach US$ 25,921 million, i.e. a 32.0% value share, exhibiting a CAGR of 9.9%.

The report, from Persistence Market Research, notes that “the market is expected to witness an increase in the number of safety and security regulations for vehicles and increase in wireless technology for necessary vehicle operations such as door locking or unlocking, start or stop, tire pressure, wear and tear of vehicle components, location and others.”

Global and APAC Automotive Telematics Market Dynamics

Increasing government initiatives towards vehicle safety and security are projected to boost up the APAC automotive telematics market. For instance, the Government of China made the installation of satellite positioning and telematics systems in commercial vehicles compulsory in 2016, the Government of India has allotted US$ 2.4 Bn for improving security networks in selected cities.

Global and APAC Automotive Telematics Market Forecast

From a regional perspective, Europe is projected to dominate the global automotive telematics market. In 2018, the estimated value for Europe is US$ 14,555 Mn, i.e. a 34.1% value share. By 2020, this value is projected to reach US$ 27,554 Mn, i.e. a 34.0% value share. North America is projected to be the second largest market for automotive telematics, owing to the increasing penetration of telecom services such as car connecting technology during the forecast period. The APAC region is projected to grow with a remarkable growth rate in the global automotive telematics market, owing to the increasing production of passenger vehicles and commercial vehicles over the stipulated time period.

By vehicle type, the passenger segment is projected to dominate the automotive telematics market, owing to the increasing demand, coupled with government initiatives, particularly for vehicle safety and security. The passenger vehicle segment is projected to be valued at US$ 10,608 Mn and account for an 87.0% value share in the APAC automotive telematics market by 2018 end. By 2026, this value is projected to reach US$ 22,118 Mn and account for an 85.3% value share.

More at https://www.persistencemarketresearch.com/checkout/3318

Category: General Update, News

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