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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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.
Hence, it can be said with full surety that the market would exhibit substantial growth in the upcoming years, mainly because of the rising requirement for advanced safety features and systems in automobiles and the growing enactment of favorable government policies and regulations regarding the integration of advanced safety features in vehicles in the region.
