As per the estimates of P&S Intelligence, a market research company based in India, the German automotive telematics market value would grow from $1,408.2 million in 2019 to $7,748.0 million by 2030. Additionally, the market is expected to register a CAGR of 16.5% from 2020 to 2030.
In terms of vehicle type the German automotive telematics market is classified into construction machines, commercial vehicle, passenger car, and two-wheeler, out of which, the construction machines classification is projected to grow at the fastest pace during the forecast period. Security and safety are the two major requirements that are associated with these vehicle. Safety & compliance solutions such as theft protection features and accident communication are important for construction machines, and are leading to the growth of the market.
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The surging preference for safer driving option is a key driving factor of the German automotive telematics market. While road transportation have various advantages, road traffics and deaths and injuries because of road accidents are among the negative aspects of these facilities. Furthermore, most of the road accidents and crashes are because of negligence on the part of the driver, owing to which, manufacturers in the transportation industry are integrated vehicles with advanced solutions, such as automotive telematics, for increasing their safety.
A key trend being witnessed in the German automotive telematics market is the rising integration of telematics solutions in off-highway vehicles. The rising requirement for off-highway vehicle data analysis, enhanced efficiency and productivity of these vehicles, and the need for decreasing operations costs related to maintenance and repair are resulting in the rising adoption of automotive telematics solutions in these vehicles. This is expected to result in the growth of the market in the years to come.