Portland, OR, Feb. 13, 2020 (GLOBE NEWSWIRE) -- According to the report, the global automotive telematics market was estimated at $50.4 billion in 2018 and is expected to reach $320.6 billion by 2026, growing at a CAGR of 26.8% from 2019 to 2026. The report offers an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, top investment pockets, and changing market trends.
Global automotive telematics market by channel type, the OEM segment contributed to the highest share in 2018. On the other hand, by geography, the region across the Asia Pacific would register the fastest CAGR of 29.7% during 2019–2026.
Stringent government regulations for vehicle telematics, increase in trend of connectivity solution, ease of connectivity diagnosis, and rise in use of cloud-based technology drive the growth of the global automotive telematics market. On the other hand, the threat of data hacking, high installation cost, and the dearth of unceasing & seamless Internet connectivity impede the market to some extent. Nevertheless, the smart transportation system, enhanced performance of autonomous vehicles, better driver and vehicle safety, and improvement of business decisions for fleet owners are expected to create an array of opportunities in the industries.
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The OEM segment generated the largest share in 2018-
Based on channel type, the OEM segment accounted for the major share in 2018, holding more than two-thirds of the total market, and is expected to dominate throughout 2019–2026. The same segment would also grow at the fastest CAGR of 27.9% during the estimated period.
The commercial vehicle segment to retain its lion’s share by 2026-
Based on vehicle type, the commercial vehicle segment contributed to two-thirds of the total market revenue in 2018 and is anticipated to maintain its top status by the end of 2026. At the same time, the two-wheeler segment is projected to showcase the fastest CAGR of 31.4% during the study period,
North America to rule the roost-
Based on geography, North America generated more than one-third of the total market share in 2018 and is predicted to lead the trail by 2026. Simultaneously, the Asia Pacific region would cite the fastest CAGR of 29.7% throughout the estimated period.
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Frontrunners in the industry-
The key players analyzed in the automotive telematics market report include TomTom Telematics B.V, CARTRACK, Masternaut Limited, I.D.Systems, Inc., Airbiquity Inc., Harman International Industries, Inc., MiX Telematics, Omnitracs, Trimble Inc., Teletrac Navman, and VERIZON. These players have incorporated a number of exclusive strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to retain their strong stand in the market.
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