Austin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Automotive Telematics Market Share is anticipated to reach USD 233.23 billion by 2032, growing at a CAGR of 16.5% over 2024-2032. North America is likely to contribute around 35% to the automotive telematics market share by 2032. Telematics adoption in fleet management is relatively intense, with over 70% of the commercial fleets in the U.S. adopting telematics solutions for tracking their vehicles, managing fuel, and monitoring driver behaviour.
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Key Market Segmentation
By Technology
- Embedded
- Tethered
- Integrated
By Solution
- Component
- Service
By Vehicle
- Passenger
- Commercial
By Sales Channel
- OEM
- Aftermarket
By Application
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Others
Technology advancements and consumer preference drive the U.S. automotive telematics market.
It is believed that growth in connected car adoption is supported by various factors such as increasing demand for enhanced safety features, remote access to vehicles, and personalized driving experiences. More precisely, in the U.S., there has been growing demand for ADAS systems, and it is expected that by the year 2025, 80% of new vehicles will be fitted with such features.
Apart from that, increased focus on fleet management and insurance telematics compels a large number of fleet and private vehicle owners to consider telematics solutions. Moreover, the integration of telematics with AI and machine learning enables predictive analytics and personalized recommendations, thereby further enriching the value proposition of telematics among consumers.
The growth of the connected car deployments at a CAGR of 25%, has forced significant advances within the automotive telematics market.
In turn, this has resulted in a rapid increase in demand for telematics solutions that will enable services like remote diagnostics, over-the-air updates, and advanced driver-assistance capabilities. Again, innovation has been accelerated by the incorporation of telematics with emerging technologies such as artificial intelligence and the Internet of Things.
Automotive Telematics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 59 billion |
| Market Size by 2032 | USD 233.23 billion |
| CAGR | 16.5% CAGR by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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| Major Companies Listed in the Report | Robert Bosch, Continental AG, Qualcomm technologies, Verizon, Intel Corporation, Delphi Automotive Plc, LG Electronics, Harman International, DENSO Corporation, Ficosa International SA, Magnetic Marelli SpA, Trimble Inc., TomTom International B.V., Telogis, Visteon Corporation, AT&T Inc., Harman International Industries, Inc. |
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By 2032, it is estimated that the passenger car segment will hold 75% share of the market in the automotive telematics market.
The reasons being that advanced driver assistance system adoption and connected car technologies are gaining momentum. By type, SUVs and crossovers are the latest vehicles to see significant growth due to their high demand in emerging markets and the inclusions of telematics to offer safety and convenience features.
Further, the aftermarket segment is also gaining momentum with around 20% growth rate in the coming years as consumers look to upgrade in-use vehicles with telematics.
North America Region Dynamics: Key Insights and overall growth factors:
The North American automotive telematics market is said to be in a period of unprecedented growth, as technological advancements coupled with a growing force on finding connected car solutions make strong headways. Key analysis from the SNS Insider report state that the adoption of telematics systems in premium vehicles would increase by up to 25%, largely on account of features such as remote diagnostics and over-the-air updates.
This has also driven the insurance telematics market, which is growing at 15% due to the fact that insurers are using the data generated from telematics to present personalized quotations that incentivize and reward safer driving behaviours.
Competitive Intensity: Recent Developments & Key Analysis:
- Continental AG has recently introduced its new telematics platform with advanced features such as over-the-air software updates, predictive maintenance, and remote diagnostics.
- TomTom has partnered with several automobile manufacturers to mount its high-precision mapping and navigation solutions on their vehicles, increasing the driver experience.
- Verizon extended 5G network coverage for a growing population of connected cars that run faster data transfer speeds and richer telematics applications.
Key Takeaways:
- The key trends are a significant shift towards subscription-based models-subscription revenue is up 65% in the last five years.
- Telematics in electric vehicles is one of the rapidly adopting factors, having already reached 80% in new EV model launches.
- The Asia-Pacific region is the market leader, accounted for 55% of all global sales on account of rapid urbanization and increasing disposable incomes.
- Telematics for fleet management have seen quite an uptick, with 70% of commercial fleets engaging telematics solutions to smooth out their processes and lessen their expenditure.
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Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Feature Analysis, by Products
5.2 Performance Benchmarks, by Products
5.3 Usage Statistics, by Region, 2023
5.4 Integration Capabilities, by Products
5.5 Regulatory Compliance, by Region
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Automotive Telematics Market Segmentation, By Technology
8. Automotive Telematics Market Segmentation, By Solution
9. Automotive Telematics Market Segmentation, By Vehicle
10. Automotive Telematics Market Segmentation, By Sales Channel
11. Automotive Telematics Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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