Global Automotive Telematics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $74 Billion by 2024 from $17 Billion in 2016, growing at a CAGR of 20.4% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 20.8% and 20.5%, respectively, during the forecast period.
Rising awareness regarding the benefits of telematics such as GPS, emergency warning system, driving assistance systems and among others in vehicles and increasing road congestions coupled with high number of vehicle mishaps & road accidents are the key factors supporting the growth of the market. Moreover, support from government to use telematics in vehicles and increasing demand for wireless communication system by passengers is also expected to fuel the growth of the market
By applications, vehicle tracking and fleet management accounted 35.3% and 27.7% of the market respectively, in the year 2016. In vehicle type segments, passenger vehicle accounted the maximum share of 53.9% followed by light commercial vehicles with 26.8%, in 2016.
Asia-Pacific is the fastest growing region in the global automobile telematics market, and is expected to continue this trend due to increasing population and high demand for telematics in personal vehicles. Asia Pacific accounts the largest share of the market with 32.7% followed by North America with 28.9%, in the year 2016.
The key market players include Robert Bosch Gmbh, Airbiquity Inc., Mix Telematics, Visteon Corporation, Delphi Automotive Plc., Continental Ag, Teletrac Inc., Omnitracs LLC, DigiCore and TomTom Telematics among others.