Everything you need to know about the automotive telematics market: Forecast report by Fact.MR

Fact.MR predicts the global sales of automotive telematics to attain US$ 217.7 Bn through registering a CAGR of 18% in the sales indicator period 2021-2031. Increasing situation in the direction of protection and protection has propelled the demand for car telematics throughout a range of quit sectors.

Historically, from 2016 to 2020, demand for automotive telematics registered an extraordinary 16% CAGR. A Y-o-Y extend of 23.3% used to be recorded in 2019 over 2018, generally on the back of increased deployment of superior safety features across both conventional and electric powered vehicles. Despite going through a crunch of 16% due to the COVID-19 pandemic, the car enterprise prompted excessive demand for automotive telematics.

As per information posted by means of the World Health Organization, more than 50 million humans are injured due to street accidents, while 1.35 million succumb to the identical throughout the world, which involves of a figure greater than these demise of AIDS or malaria. Furthermore, avenue deaths and accidents cost between 3-5% of developed international locations GDP. Hence, automotive manufacturers are consisting of excessive grade automotive telematics.

Region Wise Analysis:

The Demand for Automotive Telematics Market in Europe:

According to Fact.MR’s projections, Europe is predicted to emerge as an opportunistic market for automotive telematics, given the rising worries over street security in latest years. A amazing CAGR exceeding 10% is projected, with an anticipated valuation of almost 35 Bn with the aid of 2031.

As per information posted by European Transport Safety Council, there had been around 42 road deaths per million inhabitants in the EU in 2020. In FY 2019-20, a 17% minimize in the variety of casualties was once located across the EU, with determine even greater at 23% over the previous 5 years.

How is the Market for Automotive Telematics Expected in Asia:

Fact.MR anticipates demand for automotive telematics in the Asian region to surge at a CAGR of 9% throughout the 2021-2031 evaluation period. A valuation of US$ 77.2 Bn has been forecast for the Asian market by the end of the forecast period.

Key Takeaways from the Market Study

• By product, embedded automotive telematics to garner US$ 6 Bn for automotive telematics in the assessment period.
• By sales channel, OEM to yield an opportunity worth US$ 32 Bn for automotive telematics in the forecast period.
• Europe to emerge as the fastest expand automotive telematics landscape, clocking a 10% CAGR.
• Asia to register a 9% CAGR, generating US$ 77.2 Bn in value for automotive telematics.
• By 2021, automotive telematics market value to reach US$ 41.6 Bn, expanding over 5x by 2031.

Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.