Technavio analysts forecast the global motor racing telematics (MRT) market to grow at a CAGR of more than 16% over the forecast period, according to their latest report.
The automotive telematics system is a device, which deals with communication of the vehicle’s present condition such as speed, acceleration, and other surrounding parameters. In the motorsports industry, telematics has helped in making racing more competitive by providing comprehensive information about the racing car such as accurate lap times, fuel consumption, and sector-wise analysis.
Technavio analysts highlight the following three factors that are contributing to the growth of the global motor racing telematics (MRT) market:
Increasing use of electronic components leading to superior performance
The evolution of electronics integrated into motor vehicles has boosted the growth rate of the automotive electronics market. This should increase the intensity of software implementation in vehicular systems. These features may help to widen the scope of telematics applications and services such as remote diagnostics.
Remote monitoring through telematics enabling better performance and reliability
The global motorsport industry has witnessed evolution in racing technology, performance systems, and worldwide viewers. The latest developments in the field of motorsports have led to the use of high-tech, complex performance machines, which is driving the growth of telematics in the motor racing industry.
The use of remote monitoring and simulation through the integration of telematics is leading to improved performance and better fuel efficiency. This has been achieved through the adoption of numerous sensors, processors, and control modules for continuous monitoring of various parameters such as engine oil temperature and pressure, tire pressure and temperature, and other crucial parameters.
Increasing regulatory mandates and norms favoring use of in-vehicle telematics
The automotive governing council of Europe, Russia, and Brazil have laid down mandates requiring automakers to equip the vehicle with telematics-based systems, such as eCall, ERA-GLONASS and SIMRAV. This includes installation of a telematics device in the vehicle that automatically transmits the roadside assistance team about crucial information in case of accidents.