Dublin, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "Global Automotive Telematics Market - Analysis and Forecast (2016-2022)" report to their offering.
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 global automotive telematics market has been observed along the lines of its connectivity, services, vehicle type, distribution channel, and geography.
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.
Application of telematics in passenger cars accounted for a major share and OEMs were the chief distributors of telematics in 2015. This report provides the revenue of the key regions - North America, Europe, Asia-Pacific (APAC), and Rest of the World (ROW). The analysis had identified that North America was the maximum revenue generating segment in 2015.
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.
The report answers the following questions about the global automotive telematics market:
- What is the global automotive telematics market size in terms of revenue and volume from 2015-2022?
- What is the dominant type of connectivity and service used in automotive telematics?
- What is the revenue generated by the different connectivity systems, services, vehicle type, and distribution channel of automotive telematics?
- What are the different factors driving the market in the forecast period?
- What are the major factors challenging the growth of global automotive telematics market?
- What kind of new strategies are being adopted by existing market players to make a mark in the industry?
- Which region will lead to the global automotive telematics market by the end of the forecast period?
Market Dynamics
Market Drivers
- Stringent Government Regulations
- Rising Disposable Income
- Lower Cost of Wireless Connectivity
- Surging Consumer Demand for Luxury Cars for Safe and Comfortable Driving
Market Restraints
- Hacking, Privacy, and Security Concerns
- Consumer Acceptance
Market Opportunities
- Future Demand for Connected Cars
- Opportunities in Emerging Economies
- Increased Adoption of Telematics in Insurance Industry
Industry Attractiveness
- Evolution of Automotive Telematics
- Pricing Analysis, by Connectivity
Companies Mentioned
- 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
For more information about this report visit http://www.researchandmarkets.com/research/xmcwl4/global_automotive