New York, United States , Sept. 03, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Telematics Market Size is to Grow from USD 83.45 Billion in 2023 to USD 374.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.20% during the projected period.
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Telematics is a term that utilizes the words telecommunications and informatics to describe the use of communication as well as technology to send, preserve, and receive data from devices to faraway objects via a network. Telematics emerged from the merger of telecommunications and information processing. Telematics is most commonly used in the automotive industry, but it has also found applications in other industries. The process of communicating, receiving, and storing data using telecommunication devices to control external topics. Telematics is commonly used in business environments to refer to car telematics. Telematics is a phrase used in the automotive industry to describe onboard communication services and applications. Strict security standards, increased public awareness of safety concerns, and the growing cost of telematics capabilities all contribute to its growth. The future of automobile telematics appears promising, particularly with the rise of electric vehicles (EVs). Leading manufacturers are supportive of the possibilities of electric vehicles, and embedding telematics technology into them is projected to be an important driver of industry growth. Furthermore, automotive telematics offers numerous exciting capabilities, but some drivers are hesitant to adopt them due to security and confidentiality of data concerns.
Browse key industry insights spread across 260 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Telematics Market Size, Share, and COVID-19 Impact Analysis, By Technology (Embedded, Tethered, And Integrated), By Solution (Component and Service), By Sales Channel (OEM and Commercial), By Application (Information & Navigation, Safety & Security, Fleet Management, Insurance Telematics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The embedded segment is predicted to hold the largest market share of the automotive telematics market during the projected timeframe.
Based on the technology, the automotive telematics market is divided into embedded, tethered, and integrated. Among these, the embedded segment is predicted to hold the largest market share of the automotive telematics market during the projected timeframe. Embedded telematics includes a built-in system that monitors vehicle performance and maintains continuous connection. These systems effortlessly interface with the vehicle's existing electronics, providing real-time data insights, navigation assistance, and remote-control capability with the need for extra hardware or aftermarket service.
The component segment is anticipated to grow at the highest CAGR of the automotive telematics market during the projected timeframe.
Based on the solution, the automotive telematics market is divided into component and service. Among these, the component segment is anticipated to grow at the highest CAGR of the automotive telematics market during the projected timeframe. Government initiatives to promote road safety and develop smart transportation networks by expanding automotive connectivity and improving existing driving monitoring technologies are contributing to the components' immense development.
The OEM segment is expected to hold a significant share of the automotive telematics market during the projected timeframe.
Based on the sales channel, the automotive telematics market is divided into OEM and commercial. Among these, the OEM segment is expected to hold a significant share of the automotive telematics market during the projected timeframe. A significant portion of the market share is being driven by automakers' increased emphasis on integrating cutting-edge telematics systems into new models in to link them with insurance premium businesses and improve driver and passenger safety.
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Asia-Pacific is expected to hold the largest share of the automotive telematics market over the forecast period. According to the World Health Organization (WHO), urbanization is one of the most significant worldwide phenomena of the twenty-first century, with significant health implications. More than 55% of the world's population lives in cities, and this percentage is expected to increase to 68% by 2050. Rapid urbanization and rising car sales are likely to move the Asia-Pacific region forward in the automotive telematics market. As urban populations and cities expand, there is a greater need for effective transportation solutions to solve traffic congestion, pollution, and mobility issues. Furthermore, as more automobiles hit the road, there is a greater demand for telematics solutions that increase vehicle safety, accelerate fleet administration, and improve driver behavior.
North America is predicted to grow at the fastest pace in the automotive telematics market during the projected timeframe. The increasing understanding of security and safety among drivers and passengers, as well as the increasing concentration on accident prevention, is the main drivers of worldwide market expansion and demand, along with the increasing popularity of fuel-efficient vehicles, particularly in developed countries such as the United States and Canada. Furthermore, the increased use of add-on technologies such as the global positioning system as a standard option for resolving a variety of issues, including an increase in the number of accidents and rising fuel prices across the region, will contribute to market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Telematics Market are LG Electronics, Continental AG, AT&T Inc., Verizon, Masternaut Limited, Ford Motor Company, Toyota Motor Corporation, Mercedes-Benz AG, Volkswagen AG, General Motors Company, BMW Motors, Teletrac Navman, Airbiquity Inc., Robert Bosch, and Other Key Vendors.
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Recent Developments
- In July 2024, Najm for the Insurance Services Company, a Saudi producer of complete insurance solutions, unveiled a new telematics project to improve road safety in Saudi Arabia. This effort is being launched in collaboration with Cambridge Mobile Telematics (CMT), which is known for its AI-powered DriveWell Fusion platform, and AiGeNiX, a leader in AI-based analytics with a strong regional presence.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive telematics market based on the below-mentioned segments:
Global Automotive Telematics Market, By Technology
- Embedded
- Tethered
- Integrated
Global Automotive Telematics Market, By Solution
- Component
- Service
Global Automotive Telematics Market, By Sales Channel
- OEM
- Commercial
Global Automotive Telematics Market, By Application
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Others
Global Automotive Telematics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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