High demand for passenger cars, increasing demand for automobiles with latest features and in-car infotainment systems, and increasing awareness about benefits of TCU among consumers are some key factors boosting global market revenue growth
Market size: USD 2.7 Billion in 2020, Market Growth: CAGR of 19.1% Market Trends: Increasing adoption of cloud-based services
The global Telematics Control Unit (TCU) market size is expected to reach USD 10.87 billion in 2028 and register a robust CAGR of 19.1%, according to the latest report by Reports and Data. Rapid advancements in the automotive sector, increasing need for improved safety, security, and automation, and increasing adoption of 5G technology are key factors driving global market revenue growth.
A Telematics Control Unit (TCU) is an embedded system in automobiles that connects the vehicle to cloud services through vehicle-to-everything (V2X) standards in order to track location, speed and evaluate performance of the vehicle. TCU gathers and analyses data with the help of Artificial Intelligence (AI), big data analytics, and Machine Learning (ML) to track driver performance, engine performance and offers Personal Area Network (PAN) to wireless devices in the vehicles along with electronic tolling and eCAll crash notifications. Factors such as increasing demand for in-car comfort and convenience while travelling, high adoption of telematics control units in commercial vehicles for geofencing, maintenance monitoring and fleet tracking, and favorable government regulations to improve passenger safety and improve vehicle performance are fueling market growth.
However, factors such as high costs of TCU and rising risks of cyber-attacks and data security concerns are expected to hamper overall growth of the Telematics Control Unit (TCU) market to a certain limit during the forecast period.
Some key players operating in the global telematics control unit are Harman International, Continental AG, Marelli Motori S.P.A, Laird (Novero), Flaircomm Microelectronics, Inc., Ficosa International S.A, LG Electronics Inc., Bosch Software Innovations GmbH, Denso Corporation, Fujitsu Ten Corporation, Huawei Technologies Co. Ltd., Texas Instruments Incorporated, Peiker, Novero, and Visteon.
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Some key highlights in the report:
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For this study, Reports and Data has segmented the global telematics control unit market on the basis of product type, application, end use industry, and region:
Product Type Outlook (Revenue, USD Billion; 2018 – 2028)
Application Outlook (Revenue, USD Billion; 2018 – 2028)
End Use Outlook (Revenue, USD Billion; 2018 – 2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
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