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Revenue Explosion Predicted in European Automotive Telematics Market Between 2020 and 2030

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Revenue Explosion Predicted in European Automotive Telematics Market Between 2020 and 2030

November 16
12:50 2020
Revenue Explosion Predicted in European Automotive Telematics Market Between 2020 and 2030
Europe automotive telematics market size is projected to generate $37,249.8 million revenue by 2030 by P&S Intelligence.

The European automotive telematics market attained a value of $7,340.3 million in 2019 and is predicted to advance at a CAGR of 16.1% between 2020 and 2030. Furthermore, according to the forecast of P&S Intelligence, a market research firm based in India, the market would generate a revenue of $37,249.8 million in 2030. The burgeoning requirement for advanced safety features in automobiles and the increasing implementation of supportive government policies are the main factors fueling the expansion of the market.

The rising prevalence of road accidents is the biggest factor responsible for the increasing requirement for enhanced safety features and systems in vehicles. Human error is one of the leading causes of road crashes and casualties in Europe and the rest of the world. According to the Community database on Accidents on the Roads in Europe published in 2018, in the European Union (EU) member countries, 25,600 people lost their lives in road accidents in 2016.

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Apart from the aforementioned factors, the rising enactment of strict and favorable government regulations regarding the usage of telematics solutions in automobiles is also fueling the expansion of the European automotive telematics market. For example, the European Commission has made the adoption of the 112-based eCall in-vehicle alarm system in all N1 and M1 (light-duty vehicles and passenger cars respectively) vehicles sold in the EU countries mandatory from March 31, 2018.

Based on service, the European automotive telematics market is divided into infotainment and navigation, safety and security, remote diagnostics, insurance telematics, fleet/asset management, and vehicle-to-everything (V2X). Out of these, the safety and security category is predicted to demonstrate the highest growth rate in the market, in terms of value, in the future years. The market recorded the highest growth in Germany in the years gone by and this trend is likely to continue in the upcoming years as well.

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Some of the key players operating in the European automotive telematics market are Robert Bosch GmbH, Valeo S.A., Continental AG, MiX Telematics Ltd., Verizon Communication Inc., AREALCONTROL GmbH, FleetGO Group Ltd., MAC & NIL srl, frameLOGIC PL, Emixis SA, ICOM Ltd., iData Kft., CVS Mobile Inc., Mireo d.d., Movildata Internacional SLU, Axtech AB, SafeFleet, Transpoco, BigChange Group Limited, and Loqus Holdings p.l.c.

Market Size Breakdown by Segment

By Product Type

  • Embedded
  • Tethered
  • Integrated

By Service

  • Safety and Security
  • Infotainment and Navigation
  • Remote Diagnostics
  • Fleet/Asset Management
  • Insurance Telematics
  • Vehicle to Everything (V2X)

By Channel

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket

By Vehicle Type

  • Two-Wheeler
  • Passenger Car
  • Commercial Vehicle
  • Construction Machines

By Verticals

  • Transportation and Logistics
  • Government and Utilities
  • Travel and Tourism
  • Construction
  • Education
  • Healthcare
  • Media and Entertainment

By Offerings

  • Hardware
  • Software
  • Services

By Country

  • Germany
  • U.K.
  • Italy
  • France
  • Spain
  • Netherlands
  • Rest of Europe

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Company Name: P&S Intelligence
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Country: India