New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Telematics Global Market Report 2022" - https://www.reportlinker.com/p06325387/?utm_source=GNW
, Actsoft, Idem Telematics GmbH, and Microlise Limited.
The global automotive telematics market is expected to grow from $59.19 billion in 2021 to $74.89 billion in 2022 at a compound annual growth rate (CAGR) of 26.5%. The automotive telematics market is expected to reach $178.89 billion in 2026 at a CAGR of 24.3%.
The automotive telematics market consists of sales of automotive telematics by entities (organizations, sole traders, and partnerships) that are used to track automobiles, trucks, equipment, and other assets and plot their movements on a computerized map.Automotive telematics refers to fleet monitoring or global positioning system vehicle tracking and is an important management tool for many commercial and government fleets.
This system helps to collect information regarding parameters such as speed, fuel consumption, low tire pressure, and more.
The main types of vehicles in the automotive telematics markets are commercial cars, passenger vehicles, and two-wheelers.Commercial cars use automotive telematics for monitoring and tracking.
It refers to a vehicle that is primarily used to move goods or materials rather than people.A commercial vehicle can normally carry two, three, or more passengers, but behind the seats will be something meant to transport supplies or tow anything large, and this feature will make up the majority of the commercial vehicle.
The different connectivity solutions include embedded, integrated smartphones, and tethered. It is used in fleet or asset management, navigation and location-based systems, infotainment systems, insurance telematics, safety and security, and others, and distributed through various channels such as original equipment manufacturer (OEM) and aftermarket.
North America was the largest region in the automotive telematics market in 2021.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The automotive telematics market research report is one of a series of new reports that provides automotive telematics market statistics, including automotive telematics industry global market size, regional shares, competitors with an automotive telematics market share, detailed automotive telematics market segments, market trends and opportunities, and any further data you may need to thrive in the automotive telematics industry. This automotive telematics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
An increase in car accidents is contributing to the growth of the automotive telematics market going forward.Car accidents, also referred to as car collisions or accidents with a car that involve a collision with another vehicle or stationary objects, Automobile telematics reduces accidents by providing real-time feedback to drivers.
Major car manufacturers are now installing automotive telematics to keep vehicles and drivers safe. For instance, according to Vox, a US-based news website and media company, in 2021, car accidents will have resulted in the fatalities of 1.3 million people worldwide. Furthermore, car accidents also caused the deaths of 6,205 pedestrians in the US in 2019. Therefore, the increase in car accidents is driving the growth of the automotive telematics market.
New product innovations are the key trend gaining popularity in the automotive telematics market.Major companies operating in the automotive telematics sector are focused on introducing new innovations to sustain their position in the market.
For instance, in June 2021, Masternaut, a UK-based telematics company specializing in fleet and asset management, launched the MoveElectric transition tool that helps in identifying which journeys could be carried out by an EV (Electric Vehicle) instead of an ICE (Internal Combustion Engine) vehicle based on parameters that reflect business needs and working patterns. It uses comprehensive real-world data that allows fleet managers to measure and demonstrate the wider benefits of the move to EVs, including efficiency, CO2 reduction, and cost savings.
In May 2019, Michelin, a France-based tire manufacturing company, acquired Masternaut for an undisclosed amount.This deal would allow Michelin to accelerate the growth of its light vehicle services and solutions business, support the booming fleet market, and increase the volume of data captured, thereby allowing it to provide the best solutions to customers, improve product performance, and develop data science deployments.
Masternaut is a France-based automotive telematics company that provides onboard fleet telematics solutions.
The countries covered in the automotive telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06325387/?utm_source=GNW
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