Automotive Telematics Market is Expected to Expand at a CAGR of 9.9% During 2018 - 2026 - Persistence Market Research

NEW YORK, August 16, 2018 /PRNewswire/ --

Persistence Market Research has rolled out a new market research report on "Automotive Telematics Market: Global Industry Analysis 2013 - 2017 and Forecast 2018 - 2026", which examines the automotive telematics market and offers critical insights for the next eight years. Based on the findings specified in the report, the market is expected to witness an increase in the number of safety and security regulations for vehicles and increase in wireless technology for necessary vehicle operations such as door locking or unlocking, start or stop, tire pressure, wear and tear of vehicle components, location and others.

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The estimated value of the global automotive telematics market in 2018 is US$ 42,624 Mn, which is expected to expand at a CAGR of 8.4% to reach US$ 81,100 Mn by the end of 2026. The APAC automotive telematics market is projected to be valued at 12,199 Mn, accounting for a 28.6% value share in 2018. By 2026, this value is projected to reach US$ 25,921 Mn, i.e. a 32.0% value share, exhibiting a CAGR of 9.9%.

Global and APAC Automotive Telematics Market Dynamics 

Increasing government initiatives towards vehicle safety and security are projected to boost up the APAC automotive telematics market. For instance, the Government of China made the installation of satellite positioning and telematics systems in commercial vehicles compulsory in 2016, the Government of India has allotted US$ 2.4 Bn for improving security networks in selected cities. Furthermore, increasing mobile phone penetration in telecom is also promising factor expected to enrich the APAC automotive telematics market during the forecast period. For example, smartphone penetration in Australia was 70 - 80% in 2016, and by 2020, smartphone penetration in China, South Korea and Japan is expected to be more than 50%. Moreover, increasing transportation and logistics activities are also projected to foster the APAC automotive telematics market. The transportation and logistics market in Asia Pacific is pegged to grow annually by 7.6% and reach US$ 4.09 Tn by 2018 end, which is translating to an increase in the sales of fleet management systems.