The motor racing telematics market is expected to grow by 20.92 thousand units during 2020-2024, expanding at a CAGR of almost 1%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Motor Racing Telematics (MRT) Market 2020-2024 (Graphic: Business Wire)
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Motor Racing Telematics Market: Automotive suppliers venturing into MRT market to drive growth
The growing popularity of telematics solutions is encouraging automotive suppliers to develop telematics solutions. Some automotive suppliers have already developed various advanced telematics solutions such as prognostics systems. Besides, some automotive suppliers are acquiring telematics solutions providers to tap the growing market potential. For instance, in April 2019, Bridgestone acquired TomTom Telematics BV (TomTom Telematics), a prominent telematics provider. The acquisition helped Bridgestone unlock new digital business models across commercial and consumer mobility. Such developments in the automotive industry are expected to fuel the growth of the global motor racing telematics market during the forecast period.
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As per Technavio, favorable regulations on the adoption of motor racing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Motor Racing Telematics Market: Favorable Regulations Driving Adoption of Motor Racing Telematics
Many developed and developing countries across the world are introducing various regulations that favor the adoption of telematics solutions in motor racing. For instance, the Government of Canada has made telematics mandatory for motor racing. The regulations require the racer to provide an effective communication system when on the race track. Similarly, the automotive governing council of Europe has laid down several mandates that require the automakers to equip their vehicles with telematics-based systems, such as eCall to help drivers in case of emergencies. Such regulations are positively influencing the growth of the global motor racing telematics market.
“The telematics integration of IoT platform for optimum engine performance and the increasing use of electronics to improve performance of vehicles will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Motor Racing Telematics Market: Segmentation Analysis
This market research report segments the motor racing telematics market by Application (M2M and IoT) and Geography (Europe, North America, APAC, South America, and MEA).
The M2M segment led the global motor racing telematics market in 2019. The segment is driven by the rapid adoption of M2M applications in countries such as China, India, Thailand, and Singapore. In addition, the increasing stringency of regulations regarding the mandatory incorporation of automotive safety systems is expected to drive the growth of the segment during the forecast period.
The European region led the motor racing telematics market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of diverse racing events such as Formula One, NASCAR, and Indianapolis 500 in the region.
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