Telematics involves constant monitoring of a vehicle through the combination of GPS systems and on-board diagnostics. It is anticipated that telematics will enable motorists to use a host of applications, such as accessing the internet and receiving/sending emails.
Global Automotive Telematics Market will be Worth US$ 50.7 Bn by 2020
The global automotive telematics market was worth US$ 30.6 Bn in 2014, and it is anticipated to reach a valuation of US$ 50.7 Bn by 2020. It is forecasted that the market will witness a CAGR of 8.8% during the forecast period. Rising acceptance of telematics technology by consumers, stellar growth in automotive production, and government initiatives to promote telematics are anticipated to be the key factors for the growth of the global automotive telematics market.
The Asia Pacific (APAC) region has been witnessing healthy growth in the last few years. In the period 2007-2012, the average real GDP growth in Asia Pacific was 6.3%, whereas the average real GDP growth in the global economy was 3.3%. Technologically, the APAC region is witnessing numerous transformations — the region accounted for 42% of the global internet users in 2013. Moreover, the number of 4G and 3G subscribers is anticipated to increase substantially in the next five years.
The APAC automotive telematics market is anticipated to witness a CAGR of 11.6% through 2020 and reach a valuation of US$ 15.3 Bn. The contribution of APAC to the global automotive telematics market is projected to increase from 26% in 2014 to 30% by 2020. The key drivers for the growth of the APAC automotive telematics market include increasing penetration of smartphones, growth in the telecom infrastructure, and presence of leading automotive manufacturers.
On the basis of technology, the APAC automotive telematics market can be segmented into:
Among these, the embedded technology segment is the most dominant and it is anticipated that it will witness a CAGR of 12.1% through 2020. Drop in the electronics parts prices and ease of troubleshooting are anticipated to be the key drivers for the growth of the embedded automotive telematics segment.
The tethered technology segment is anticipated to witness the lowest growth at 8.9% and reach a valuation of US$ 2.1 Bn by 2020. On the other hand, the smartphone technology segments is anticipated to witness a CAGR of 12.6% and reach a valuation of US$ 1.2 Bn by 2020. It is projected that the smartphone technology segment will witness robust growth in the next five years on account of growing penetration of smartphones in the region.
On the basis of key applications, the APAC automotive telematics market is segmented into safety and security, infotainment, navigation, and diagnosis. The safety and security segment is anticipated to witness a CAGR of 12.1% through 2020 and reach a valuation of US$ 4.4 Bn. The infotainment segment is projected to register the highest CAGR of 12.6% and be worth US$ 2.7 Bn. Furthermore, navigation and diagnosis segments are forecasted to witness a CAGR of 11.7% and 10.7% respectively.
The APAC automotive telematics market is poised for a steady growth through 2020. A shift in consumer buying pattern, innovation in products, and penetration of cloud technology are anticipated to provide an impetus to the APAC automotive telematics market.
Browse full Report of APAC Automotive Telematics Market: http://www.futuremarketinsights.com/reports/details/asia-pacific-automotive-telematics-market
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