Automotive Telematics Market Analysis Highlights the Impact of COVID-19 (2020–2024) | Popularity of EVs to boost the Market Growth | Technavio

Technavio has been monitoring the automotive telematics market and it is poised to grow by 65.76 million units during 2020–2024, progressing at a CAGR of over 16% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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• What was the size of the automotive telematics market in 2019?
• Technavio says that the value of the market was at 58.43 million units in 2019 and it is projected to reach 124.19 million units by 2024.
• Based on segmentation by application, which is the leading segment in the market?
• The commercial vehicles segment is expected to be the leading segment in the global market during the forecast period.
• At what rate is the market projected to grow?
• Growing at a CAGR of over 16%, the incremental growth of the market is anticipated to be 65.76 million units during the forecast period.
• Who are the top players in the market?
• Agero Inc., Airbiquity Inc., Continental AG, LG Electronics Inc., Panasonic Corp., Robert Bosch GmbH, TomTom International BV, Trimble Inc., Verizon Communications Inc., and Visteon Corp. are some of the major market participants.
• What are the key market drivers and challenges?
• Popularity of EVs and the presence of a conducive technology environment are the major factors driving the market. However, the high cost associated with telematics services restraints the market growth.
• How big is the APAC market?
• The market in the APAC region was valued at 19.37 million units in 2019 and it is anticipated to grow to 45.49 million units by 2024.

The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. Agero Inc., Airbiquity Inc., Continental AG, LG Electronics Inc., Panasonic Corp., Robert Bosch GmbH, TomTom International BV, Trimble Inc., Verizon Communications Inc., and Visteon Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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The popularity of EVs has been instrumental in driving the growth of the market.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Automotive Telematics Market 2020–2024: Segmentation

Automotive Telematics Market is segmented as below:

• Application
• Commercial Vehicles
• Passenger Cars
• Fitment
• Embedded
• Smartphone Integration
• Tethered
• Geographic Landscape
• APAC
• Europe
• MEA
• North America
• South America

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41037

Automotive Telematics Market 2020–2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The automotive telematics market report covers the following areas:

• Automotive Telematics Market Size
• Automotive Telematics Market Trends
• Automotive Telematics Market Analysis

This study identifies the presence of a conducive technology environment as one of the prime reasons driving the automotive telematics market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.