Growth Opportunities in the Global Automotive Telematics Market
The future of the global automotive telematics industry looks promising with opportunities in thepassenger car and light commercial vehicle. The global automotive telematics market is expectedto reach an estimated $55.3 billion by 2021. The global automotive telematics market is forecastto grow at a CAGR of 27.4% from 2016 to 2021. The major drivers of growth for this market areincreasing demand for integrated wireless communication systems within the vehicle andgovernment regulations concerning safety incorporated automotive telematics systems.
In this market, safety and security, information and navigation, entertainment, and remotediagnostics are some of the major segments by service. On the basis of vehicle type, the marketis segmented into passenger cars, light commercial vehicle, and heavy commercial vehicles. Onthe basis of its comprehensive research, Lucintel forecasts that the information, navigation, andentertainment segments are expected to show above-average growth during the forecast perioddue to increasing demand for real time information about the traffic, live news, internet radio, incarinternet, and Wi-Fi connectivity.
Within the global automotive telematics market, embedded, tethered, and integrated are themajor segments by connectivity type. The embedded segment is expected to be the largestmarket during the forecast period due to better network connectivity and performance. Passengercar segment is anticipated to be the largest growing segment in vehicle type segment.
For business expansion, the report suggests innovation and new service development toenhance the telematics services to provide real time assistance, traffic data, and locationinformation to increase passenger’s safety. The report further suggests the development ofpartnerships with customers to create win-win situations and development of low-cost solutionsfor customers.
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