Technavio, a tech-focused market research firm, has published a new report on the global MRT market, which is expected to grow at a CAGR of more than 16% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global MRT (motor racing telematics) market into the following key regions: APAC, Europe, and North America.
Source: Technavio
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MRT market in Europe: The growth of the MRT market in Europe is attributable to the numerous motor racing events that are hosted in the region and the role advanced telematics and telemetry play in such events. Countries such as Germany, France, UK, Spain, and the Netherlands are the key revenue contributing countries in the market for MRT in Europe.
According to Siddharth Jaiswal, a lead analyst at Technavio, specializing in research on automotive electronics, “The availability of improved transportation services and developed communication infrastructure in Western European countries is propelling the adoption of MRT in the region. Moreover, strict vehicle safety norms and star ratings awarded by the European new car assessment program on vehicle safety and security is fostering market growth.”
MRT market in North America: The US is the key revenue contributing country in the MRT market in North America. The high growth of the market in this region is fueled by its large market for the racing industry. The presence of motor racing events, such as Indianapolis 500, NASCAR, Formula 1, numerous desert and street racing events, are one of the primary factors fueling the growth of MRT market. The flourishing luxury car market in the US is also anticipated to favor the growth of the market.
MRT market in APAC: Within the APAC region, Asia dominates the market for MRT owing to the several renowned world rally events that it hosts. Countries, such as China, Japan, Malaysia, Indonesia, Philippines, Saudi Arabia, Qatar, and India are the key revenue contributing countries in the MRT market in this region. Increased purchasing power and the resultant rise in automobile sales is anticipated to reflect positively on the market’s growth over the next four years.
The leading vendors operating in the global MRT market are:
- Agero
- Airbiquity
- Continental
- Verizon Telematics
- Visteon Corporation
Other prominent vendors in the market include AT&T, Bynx, Connexis LLC, Ericsson, Fleetmatics Group, Luxoft, Magneti Marelli, Octo Telematics, PTC, Robert Bosch, Comtech Telecommunications, TELENAV, Telogis, TomTom International, Valeo, Vodafone Automotive, and WirelessCar.
A more detailed analysis is available in the Technavio report titled, ‘Global MRT Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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