IHS Sees Automotive Telematics Market Growing at 19% CAGR Through 2021
Global revenue from automotive telematics systems will grow at a compound annual growth rate of more than 19 percent, to $4.2 billion by the end of 2021, IHS said in a Tuesday forecast. CE-based telematic solutions will make up nearly…
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30 percent of the market in 2021, IHS said. “Currently, CE telematics leads the global automotive telematics market since it is a relatively low-cost solution and available in a wide range of vehicles,” it said. “More cars of the future will feature multiple connections for a variety of applications and services.” The telematics supply chain “will see amazing growth and innovation through the end of the decade, as more vehicles debut new connected solutions that make use of embedded modules, while at the same time enabling consumers to fully leverage their mobile devices,” IHS said. Telematics systems “are a major factor in changing the automobile from a collection of analog control systems to a fully networked and connected digital car, where software-defined functionality can be remotely changed, corrected and updated,” it said. “Telematics systems also add connectivity-based applications that make the average car safer and more fuel efficient, as well as help to correct common driver errors. As a result, telematics can bring many benefits to various parties including consumers, auto manufacturers, dealers, communities, and more.”