Automotive Telematics Market accounted for US$ 41.23 billion in 2020 and is estimated to be US$ 217.65 billion by 2030 and is anticipated to register a CAGR of 18.30%. Telematics is a way of tracking a vehicle's location and movement using a combination of the Global Positioning System (GPS) and on-board diagnostics. It is possible to record the speed and internal behaviour of automobiles using GPS and diagnostics systems. Automobile insurance firms, fleet management businesses, and others use telematics devices to track a vehicle's position and activity. Telematics Control Unit (TCU), telematics cloud server, and the front end-web app and mobile app-are the three main components of a vehicle telematics solution.
The report " Global Automotive Telematics Market, By Product (Embedded Devices, Tethered Devices, and Integrated Smartphones), By Vehicle (Passenger Cars and Commercial Vehicles), By Installation (OEM and Aftermarket), By Application (Remote Diagnostics, Navigation & Infotainment, Fleet Maninstallationment, Safety & Security, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
- Harman International Industries Inc. announced the launch of HARMAN Turbo Connect in January 2021. (TBOT). On the road, the programme anticipates and mitigates connectivity issues. This addition to the company's existing portfolio meets the demand for high-speed communication with minimal latency, especially when combined with 5G-enabled technology like its Smart Conformal Antenna.
- Robert Bosch GmbH announced its Ridecare services in November 2021, which include a sensor box that detects vehicle damage and smoke within the vehicle. The sensor uses artificial intelligence to do a cloud-based data analysis, disseminating information on whether a car has been damaged or whether someone has smoked in it. North America, Asia, and Germany are all launching pilot programmes.
Analyst View:
Government rules for vehicle telematics, as well as a rise in the popularity of connectivity options, are propelling the sector forward. Furthermore, the automotive telematics industry is growing due to the simplicity with which vehicles can be diagnosed due to telematics systems. However, the market's growth is hampered by the potential of data hacking, expensive installation costs, and a lack of continuous and seamless internet connectivity. Furthermore, the market has a significant development opportunity due to smarter transportation systems, increased autonomous vehicle performance, and improved business decisions for fleet owners.
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Key Market Insights from the report:
Global Automotive Telematics Market accounted for US$ 41.23 billion in 2020 and is estimated to be US$ 217.65 billion by 2030 and is anticipated to register a CAGR of 18.30%. The global automotive telematics market is segmented based on product, vehicle, installation, application, and region.
- Based on Product, Global Automotive Telematics Market is segmented into Embedded Devices, Tethered Devices, and Integrated Smartphones.
- Based on Vehicle, Global Automotive Telematics Market is segmented into Passenger Cars and Commercial Vehicles.
- Based on Installation, Global Automotive Telematics Market is segmented into OEM and Aftermarket.
- Based on Application, Global Automotive Telematics Market is segmented into Remote Diagnostics, Navigation & Infotainment, Fleet Maninstallationment, Safety & Security, and Others.
- By Region, the Global Automotive Telematics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Automotive Telematics Market:
The key players operating the global automotive telematics market involves Masternaut Limited, Trimble Inc., TomTom Telematics B.V, Verizon, Inc., I.D.Systems, Inc., Robert Bosch GmbH, Airbiquity Inc., MiX Telematics, Harman International Industries, Inc., Teletrac Navman, and CARTRACK. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in 2017, Robert Bosch GmbH has completed the acquisition of ITK Engineering AG. The primary aim of this acquisition is to strengthen the position of Bosch in custom systems & software development services.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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