EUROPE TELEMATICS SOFTWARE AND SERVICE MARKET ANALYSIS

Europe Telematics Software And Service MarketSize and Trends

Europe Telematics Software and Service Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic adversely effected various businesses across the globe including consumer electronics, manufacturing, transportation, and others. Companies providing telematics software, fleet management software have experienced a decrease in revenue, due to a decrease in demand for software from the European automotive industry. In 2020, automotive companies have experienced a decrease in automotive sales and production primarily due to the impact of COVID-19. The automotive industry has seen disruptions across vehicle production resulting in a temporary shutdown of several major automobile production facilities. The disruptions across vehicle production are attributed to the lockdown imposed, international borders sealed, and short-term imbalance in demand. For instance, according to ACEA (European Automobile Manufacturers Association), the automotive sector has witnessed an EU-wide production loss of around 3.6 million vehicles, worth around US$ 112 billion, in the first half of the year 2020. The pandemic also impacted the spending pattern of people in Europe. Consumers have reduced their spending on the buying of automotive cars and the market is expected to regain its position by the year 2022.

Germany held dominant position in the Europe Telematics Software and Service market in 2020

Statistics:

Germany held dominant position in the Europe Telematics Software and Service market in 2020, accounting for 21.7% share in terms of value, followed by UK and Central & Eastern Europe.

Figure 1: Europe Telematics Software and Service Market Share (%), By Country, 2020

UK and Central & Eastern Europe expected to contribute notable share in Europe Telematics Software and Service market and is anticipated to follow same trend over forecast period. Germany is expected to account for the largest market share during the forecast period.

Secured Onboard Communication segment is expected to drive the market growth during the forecast period

In 2020, the secured onboard communication segment generated revenue of US$ 1,506.8 Mn and is expected to reach US$ 4,997.9 Mn by 2028, with a CAGR of 18.1% over the forecast period 2021 – 2028

Telematics software is used in vehicles to provide secure communication between human users and electronic devices over the network. The telematics system consists of telematics devices installed in vehicles in order to send, receive, and store telemetry data. Vehicle and driver behavior data helps businesses or fleet managers to get a daily record of both fixed and movable assets in the organizations. This data is used for analysis and can predict the overall business performance through customized dashboards and analytics. The driver behavior monitoring systems help to monitor and track fuel waste and related costs, idle time including power take-off, and driving habits for entire vehicles. GPS tracking software can provide a full report on fleet performance data and increases fleet lifespan and productivity level and cost-saving.

Figure 2: Europe Telematics Software and Service Market Value (US$ Mn) Analysis and Forecast, 2017 - 2028

The Europe Telematics Software and Service market was valued at US$ 6,032.0 Mn in 2020 and is expected to reach US$ 20,483.0 Mn by 2028 at a CAGR of 18.4% between 2021 and 2028.