Embedded Automotive Telematics to Procure US$ 6 Bn for Automotive Telematics: Fact.MR Study
Published : 17 Nov 2021 Industry: Automotive
Fact.MR predicts the global sales of automotive telematics to reach US$ 217.7 Bn by registering a CAGR of 18% in the sales indicator period 2021-2031. Increasing concern towards safety and security has propelled the demand for automotive telematics across various end sectors.
Historically, from 2016 to 2020, demand for automotive telematics registered an impressive 16% CAGR. A Y-o-Y increase of 23.3% was recorded in 2019 over 2018, mainly on the back of increased deployment of advanced safety features across both conventional and electric vehicles. Despite facing a crunch of 16% due to the COVID-19 pandemic, the automotive industry stimulated high demand for automotive telematics.
As per statistics published by the World Health Organization, more than 50 million people are injured due to road accidents, while 1.35 million succumb to the same across the world, which comprises of a figure greater than those dying of AIDS or malaria. Furthermore, road deaths and injuries cost between 3-5% of developed countries GDP. Hence, automotive manufacturers are including high grade automotive telematics.
Key Takeaways from the Market Study
- By product, embedded automotive telematics to garner US$ 6 Bn for automotive telematics in the assessment period
- By sales channel, OEM to yield an opportunity worth US$ 32 Bn for automotive telematics in the forecast period
- Europe to emerge as the fastest expand automotive telematics landscape, clocking a 10% CAGR
- Asia to register a 9% CAGR, generating US$ 77.2 Bn in value for automotive telematics
- By 2021, automotive telematics market value to reach US$ 41.6 Bn, expanding over 5x by 2031
“As global ownership of automobiles increases, prominent manufacturers are introducing enhanced safety and security features across new car models to prevent road accidents and damage, widening prospects for automotive telematics,” opines Fact.MR analyst.
Prominent service providers are relying on introducing new software which facilitate advanced damage detection systems, based on cloud and artificial intelligence approaches. Noteworthy developments in the past few months are as follows:
- In January 2021, Harman International Industries Inc. announced the introduction of HARMAN Turbo Connect (TBOT). The software anticipates and mitigates connectivity discrepancies on the road. This addition to the current portfolio satisfies current demand for high speed connectivity with low latency, especially when used with 5G-enabled technologies, including its Smart Conformal Antenna
- In November 2021, Robert Bosch GmbH introduced its Ridecare services, equipped with a sensor box, to detect damage to a vehicle and smoke inside the vehicle. The sensor deploys a cloud-based data analysis using artificial intelligence, disbursing information on whether a vehicle has been damaged, or someone has smoked in it. Pilot projects are being initiated across North America, Asia and Germany
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive telematics market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of product type (embedded, integrated and tethered), services (safety & security, information & navigation and entertainment & remote diagnostics), vehicle type (passenger car, LCV and HCV) and sales channel (OEM and aftermarket) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Automotive