Recent innovations in automotive telematics have greatly pumped up their demand. Considering this, technological applications of telematics solutions in vehicles have completely transitioned over the years. Various factors are steering this paradigm shift and new product launches with add-on features is key factors bolstering growth of the market. For instance, Agero, Inc., a market leader in software-enabled driver assistance services for automotive manufacturers and insurance providers in North America, today announced Driver360, a holistic mobile solution that utilizes a smartphone’s native sensors to provide automatic crash detection, response and prevention, without the need for additional hardware.
The global automotive telematics market to reach US$75.79 bn by the end of 2025, from its valuation of US$10.15 bn in 2016. In the last five years the market has witnessed robust growth in response to the expansion of the automotive industry.
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Regionally, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa constitute the key market segments. Among these, Asia Pacific led the overall market with a share of 33.5% in 2016. North America emerged as the second-leading market for automotive telematics, followed by Europe.
Besides the increasing demand from emerging nations such as China and India, Russia has proven to be a major market for automotive telematics in Asia Pacific. In addition, the region is home to a booming automotive industry, which invariably creates the demand for advanced technologies for better driving experience.
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While China is the leading market for automotive telematics in Asia Pacific, India will exhibit the highest CAGR during the forecast period. In Europe, France held the largest market share while in North America, the U.S. will continue exhibiting lucrative opportunities.