Covid-19 Impact on Automotive Embedded Telematics Market Size To Reach $37.69 Billion By 2025
April 2021 | Report Format: Electronic (PDF)
Automotive Embedded Telematics Market Growth & Trends
The global automotive embedded telematics market size is expected to attain a valuation of USD 37.69 billion by 2025, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 20.9% over the forecast period. Increased demand for real-time vehicle tracking and advanced driver safety features are some of the factors expected to drive the market growth.
The automotive embedded telematics market is expected to witness significant growth over the forecast period on account of the provision of customization options such as bundled packages, pay-per-use services, and premium subscription services. Moreover, government regulations such as eCall by the European Union (EU) in 2018, CONTRAN 245 by Brazil in 2013, and ERA-GLONASS by Russia in 2013 have encouraged the adoption of these systems.
The increasing volumes of passenger and commercial vehicles and demand for improved in-vehicle connectivity in the Asia Pacific region are expected to accelerate market growth. The installation/inclusion of features such as automatic collision notifications, hands-free calling, and driver assistance in connected passenger and commercial vehicles further encourages the growing adoption of automotive embedded telematics systems. Introduction of navigation services, along with the implementation of data services such as application-based services, content management, among others are anticipated to further fuel the demand in the near future.
Stringent government regulations concerning the safety of passengers have necessitated Original Equipment Manufacturers (OEMs) to install security systems in vehicles. The European Union mandated the inclusion of an eCall alarm system in all passenger cars and light commercial vehicles produced post May 2018. The regulation applies to all new cars manufactured in Europe. In addition to the instantaneous deployment of airbags, the eCall system automatically places a call to an emergency response center in the event of an accident or other emergencies. The GPS installed in the car is used to determine the vehicle’s location to facilitate the immediate deployment of emergency assistance to that location. Such favorable government policies are anticipated to contribute to the market expansion in the forthcoming years.
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Automotive Embedded Telematics Market Report
Automotive Embedded Telematics Market Report Highlights
- Automotive manufacturers are apportioning considerable investment capital and dedicating company resources to developing autonomous vehicles. This is anticipated to lead to a subsequent rise in the adoption of automotive embedded telematics systems
- Key companies in North America including Verizon and Mix Telematics are developing various advanced solutions in the automotive embedded telematics market and thus expected to encourage regional market growth in the near future
- Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period and is projected to reach USD 13.0 billion by 2025
- The key market participants include Ford Motor Company, Continental AG, General Motors, TomTom Telematics BV, Hyundai Motor Company, Toyota Motor Corporation, MiX Telematics International Ltd., INFINITI Motor Company Ltd., BMW AG, and Verizon Connect, to enumerate a few.
