European telematics tipped to boom over next few years as Germany leads the market
Telematics is expected to boom across Europe over the next few years, according to a new report.
Published by KBV Research, the study foresees Europe’s automotive telematics market attaining a market size of $46.4 billion (£40.7 billion) by 2024.
Germany remained the biggest country for telematics in 2017, with Italy tipped to witness the most significant growth in telematics integration over the next six years.
KBV Research’s study covers all types of telematics featured in vehicles across Europe, include segments such as fleet/asset management, navigation, insurance, infotainment, tele health and others, like V2V and V2I, and remote alarm and monitoring.
The report also covers the various end-users for telematics, which include logistics and transportation, individuals and car rental companies, insurance, healthcare, media and entertainment, automotive manufacturers and dealers and government security agencies.
A separate report from the same research group predicted the global telematics market to grow by almost a quarter by 2024, reaching a market size of £116.96 billion.
In a statement accompanying KBV Research’s study, it claims that the automotive industry is going through a phase of digital revolution right now, with cars set to increasingly resemble communication devices over the next few years.
“New hi-tech devices, smartphones, high-speed internet, numerous applications and open sources such as Android systems have transformed the concept of connected vehicles,” it reads.
It adds that over time, smartphones have redefined connectivity, which it deems the “need of the hour”.
The statement goes on: “24/7 connectivity is necessary for availing telematics services, for example tracking of vehicle for avoiding theft or for patient’s health monitoring during their travel.”
Jez Strong, general manager for Tele-Gence, commented: “Telematics has really gathered pace and momentum amongst fleets recently and we can only expect that to continue to boom over the next few years.”back