Europe Telematics Software And Service Market
Telematics software is any device which merges telecommunications and informatics. Telematics software allows the communication between an electronic device and other devices, or human users over a network. Telematics addresses dynamic mobility management and is critical in measuring real-time vehicle data such as speed, location, routes, performance, on-road behavior, energy consumption, battery levels, estimated time of arrival and much more. Telematics software encapsulates a broad range of technologies. For instance, telematics solutions are behind navigation and GPS systems, hands free calling, driving sensors, wireless communications, in-car multimedia use, and other modern vehicular technologies that involve the transfer of data over a network.
Due to the excellent degree of real-time management and vehicle connectivity, telematics solutions are perfect for fleet management applications. Vehicles fitted with telematics software can be tracked for key information such as speed, erratic driving, fuel usage and efficiency. Telematics represents a major advancement in vehicle monitoring and reporting. With the emergence of connected services and the increased demand among fleet owners, telematics software has become a key differentiator for the automotive manufacturers.
Europe telematics software and services market was valued ~US$ 6 Billion in 2020 and is expected to exhibit a CAGR of ~18% over the forecast period to reach US$ 20 Billion in 2028. Europe telematics software and services market is segmented on the basis of component, deployment, solutions, application, and country. Telematics software offers several advantages such as vehicle tracking, fleet management, reduction in repair and maintenance cost of vehicle, increased safety of driver, and reduction in fuel cost. Furthermore, the growth of telematics software and services market is majorly attributed by growing focus on increasing fleet’s efficiency and shifting preference for purchasing of high-end vehicles. The rising demand for smart connectivity coupled with increased penetration of Internet of Things (IoT) is driving the growth of telematics software and services market in Europe.
Market Dynamics
Shifting Preference for High-end Vehicles
In the European automotive market, sales of high-end vehicles such as sports utility vehicles (SUVs), luxury vehicles is increasing, owing to the rising disposable income of people in many European countries. For instance, according to Stratagem Market Insights, in the year 2019, among the top five high disposable income countries, three are European countries, which is boosting the sales of high-end vehicles in the region.
In addition, the presence of large luxury automotive vehicle manufacturers such as Mercedes-Benz, Audi, BMW, Rolls-Royce plc, is boosting the adoption of telematics software in the region. For instance, luxury Germany-based car manufacturer, Mercedes-Benz has delivered the highest number of cars 2,456,343 in the year 2019, furthermore, Germany and Great Britain were in the top five markets of the company.
List of Merger / Acquisitions in the Market
Key features of the study:
Detailed Segmentation
“*” marked represents similar qualitative data in other categories in the respective section.
*Browse 60 market data tables and 40 figures on "Europe Telematics Software and Services Market - Global forecast to 2028”.
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