Automotive Telematics Market to Reach USD 320.6 Billion by 2026 at a CAGR of 26.8% | Valuates Reports
BANGALORE, India, Feb. 21, 2022 /PRNewswire/ -- The Global Automotive Telematics Market is Segmented by by Channel (OEM and Aftermarket), Vehicle Type (Commercial Vehicle, Passenger Car, and Two-Wheeler), Application (Fleet/Asset Management, Navigation & Location-Based System, Infotainment System, Insurance Telematic, Safety & Security, V2X, and Others), and Connectivity Solution (Embedded, Integrated Smartphones, and Tethered): Global Opportunity Analysis and Industry Forecast, 2019–2026. It is published in Valuates Reports under the Automotive Industry.
The global automotive telematics market size was valued at USD 50.4 Billion in 2018 and is projected to reach USD 320.6 Billion by 2026, registering a CAGR of 26.8% from 2019 to 2026.
Major factors driving the growth of the Automotive Telematics market are:
Ease of vehicle diagnosis due to the predictive analysis of telematics systems propels the automotive telematics market growth. Furthermore, intelligent transportation systems, Better driver and vehicle safety, improved performance of autonomous vehicles, enhancement of business decisions for fleet owners, and rise in the trend of connectivity solutions all contribute towards the growth of the automotive telematics market.
Government regulations for vehicle telematics, as well as a rise in the popularity of connectivity solutions, are propelling the market forward.
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GROWTH TRENDS OF THE AUTOMOTIVE TELEMATICS MARKET :
The automotive telematics market is expected to grow thanks to advanced diagnostic systems. This system in a car transmits vehicle data to both dealers and customers, allowing for the prediction of potential vehicle problems before they occur. With the help of connectivity solutions, fleet managers can easily track vehicle records and determine which vehicle has traveled the most, allowing them to provide services accordingly. Diagnostic systems monitor engine health by keeping track of smoke emissions and fuel consumption. As a result, the market's growth is expected to be fueled by the ease with which vehicles can be diagnosed using mobile applications.
Safety services provided by telematics solutions in vehicles are an excellent example of cutting-edge aftermarket technology that involves data sharing between vehicles and humans. Safety is a term that refers to a combination of telecommunications and automobile technology that is used to increase vehicle efficiency, lower fuel consumption and maintenance costs, improve security and safety measures, and assist the driver in improving the overall driving experience. Live traffic updates, automatic toll transactions, insurance telematics, roadside assistance in the event of accidents or breakdowns, and smart routing & tracking are expected to provide key players in the automotive telematics market with an exponential growth opportunity.
Due to the increased demand for fleet safety and security in the transportation of goods via commercial vehicles, vehicles now include real-time monitoring, geofencing, and diagnostic features. The automotive telematics market is expected to grow rapidly in developing countries, according to telematics service providers. The use of automotive telematics in electric vehicles is also expected to boost the market growth in the future. The market's leading vendors are eager to take advantage of the opportunities presented by the introduction of electric vehicles (EVs).
Furthermore, the growth of the telematics market is fueled by government rules and regulations for vehicle safety, security, and tracking in various regions. Moreover, Automobile manufacturers are incorporating connectivity solutions into their vehicles to increase vehicle sales now that connectivity has become a necessity. Consumers expect their cars to perform tasks similar to those performed by computers and smartphones. As a result, the automotive telematics market is expected to grow at a promising rate as customer demands for staying connected 24 hours a day, seven days a week, even while traveling grow.
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AUTOMOTIVE TELEMATICS MARKET SHARE:
Based on channel, the OEM segment was the highest revenue contributor in 2018, accounting for USD 33.7 Billion, and is estimated to reach USD 225.6 Billion by 2026, registering a CAGR of 27.9% during the forecast period.
Based on vehicle type, the Two Wheeler segment is expected to be the most lucrative during the forecast period.
Based on application, Safety & Security is expected to be the most lucrative. Typical applications offered under the safety and security features of telematics devices include tracking stolen vehicles, automatically alerting help centers in the event of accidents, driver monitoring, and remote locking/unlocking of vehicles.
Based on connectivity, the Embedded segment is expected to be the most lucrative during the forecast period. Government mandates, cost optimization of service plans, and the growth of cloud-based services are all contributing to the growth of embedded telematics solutions.
Based on region, the Asia Pacific region is expected to be the most lucrative. The rise in fleet management and concerns about safety and security are two key factors driving the growth of the China, India, and Southeast Asian automotive telematics solutions markets. Furthermore, the APAC telematics solutions market is expected to benefit from an increase in the trend of connectivity solutions.
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Key Market Players
- Cartrack
- Masternaut Limited
- Mix Telematics
- Omnitracs
- TomTom telematics BV
- Trimble Inc.
- Verizon Connect
- HARMAN International
- I.D. Systems
- Telectrac Navman
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