Future market research insights:
Telematics is the use of wireless communication technology to transfer information from a vehicle to a remote location. In the automotive industry, telematics refers to the collection and transmission of vehicle data, including location, speed, engine performance, and other diagnostic information, through cellular or satellite networks.
The global telematics in automotive market is expected to grow at a significant rate in the coming years, driven by factors such as increasing demand for connected cars, rising safety and security concerns, and the need for efficient fleet management. The market is also expected to benefit from advancements in technology, such as the development of 5G networks, which will enable faster and more reliable data transfer.
Over the projection period of 2022 to 2030, the global telematics in the automotive market is anticipated to grow by USD 72,780 million at a CAGR of 21.1%.
Telematics is the technology used in fleet monitoring to manage a car, a fleet of cars, and other assets, particularly in trucking, site excavation, and construction applications. The integration of data processing, communications, and vehicle technology is known as automotive telematics. Cars are a good mobile information station due to the usage of telematics in them. Telematics offers very accurate live updates of a vehicle.
The public's growing understanding of the advantages of using telematics in cars, as well as the rise in traffic jams and accidents, are the main factors driving the market's expansion. Additionally, the market will continue to expand due to rising government backing for the usage of telematics in vehicles and the surge in passenger demand for wireless communication systems.
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The creation and usage of environmentally friendly automobiles would help to lower atmospheric concentrations of greenhouse gases (GHG). Throughout the forecast period, the market is also anticipated to be driven by an increase in the number of traffic accidents.
The expensive cost of these telematics systems and the lack of technical expertise, however, are predicted to impede the growth of this industry. Throughout the projected period, growth possibilities are anticipated to arise from the entry of new competitors and unexplored markets in emerging countries.
Automotive Telematics Market Regional Evaluation
The North American, Asia Pacific, European, and Rest of the World regions make up the worldwide telematics in the automobile market. The automobile telematics system market is anticipated to be dominated by the North American region, followed by Europe and Asia Pacific. The United States is the primary user of automobile telematics systems inside vehicles in the area of North America. To increase the usage of automobile telematics systems and increase road safety, governments in these developed economies have put in place a variety of rules and laws.
The increased use of cutting-edge technology and gadgets, such as mobile phones, smartphones, computers, and other associated technical items, is another factor driving the industry. To compete and maintain or grow their market share, leading manufacturers are also investing in the creation of new products by adding new capabilities to telematics devices.
Additionally, the Asia Pacific region is anticipated to see the greatest growth throughout the forecast period as a result of the rise in domestic demand for wireless communication systems in cars, particularly in emerging nations like China and India. China is the market leader for telematics in automobiles in the Asia Pacific area, followed by Japan.
Automotive Telematics Market Market Segmentation:
Over the evaluation period, passenger vehicles will dominate the worldwide telematics market. Telematic car services are driving demand.
Fleet management for commercial vehicles is expected to lead the worldwide automotive telematics market throughout the assessment period. Fuel economy and lower business costs drive category growth. Fleet management software helps businesses run smoothly by planning more effective routes, identifying unsafe driver patterns, and minimizing fuel use. Users may find business cars on demand, save engine fault codes, and identify risky driving patterns including idling, abrupt braking, and speeding.
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Over the assessment period, embedded systems will dominate the worldwide automotive telematics market. Government mandates drive segment expansion. Cloud-based services and cost-optimized service plans are also expected to support the segment's growth.
Key Players of the market:
Important suppliers include Trimble, Inc. (U.S.), Telogis (U.S.), Masternaut Limited (France), TomTom International B.V. (Netherlands), and Visteon Corporation (U.S.). Germany's Continental AG, the United States' Airbiquity, Inc., the United Kingdom's Delphi Automotive PLC, the United States' Harman International Industries, Inc., Germany's Robert Bosch GmbH, the United States Trimble Inc., and the United States Verizon Communications, Inc. (U.S.)
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