Overview and Scope
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. Automotive telematics are used to track automobiles, trucks, equipment, and other assets and plot their movements on a computerized map.
Sizing and Forecast
The automotive telematics market size has grown exponentially in recent years. It will grow from $129.48 billion in 2023 to $166.43 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in vehicle ownership, increased occurrences of vehicle theft and high adoption of connected cars.
The automotive telematics market size is expected to see exponential growth in the next few years. It will grow to $440.78 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to rising demand for electric vehicles (ev), supportive government regulations and the increasing concerns about vehicle safety. Major trends in the forecast period include use of artificial intelligence (ai), product innovations, collaborations and acquisitions, new technology development, telematics-based insurance, use of cloud technology and adoption of self-installed telematics devices.
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Segmentation & Regional Insights
The automotive telematics market covered in this report is segmented –
1) By Connectivity Solutions Type: Embedded, Integrated, Tethered
2) By Vehicle Type: Commercial Vehicles, Passenger Vehicles
3) By Application Type: Fleet/Asset Management, Navigation And Location-Based System, Infotainment System, Insurance Telematic, Safety And Security, Other Applications
4) By Sales Channel Type: Original Equipment Manufacturer (OEM), Aftermarket
North America was the largest region in the automotive telematics market in 2023. 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, Africa.
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Major Driver Impacting Market Growth
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 7,485 pedestrians in the US in 2021. Therefore, the increase in car accidents is driving the growth of the automotive telematics market.
Key Industry Players
Major companies operating in the automotive telematics market report are Samsung Electronics Co., Ltd., Robert Bosch GmbH, Michelin Group, Valeo Group, TomTom N.V., Vontier, Trimble Inc., Continental AG, NavInfo Co. Ltd., Ficosa International SA, Mahindra Truck and Bus (MTB), Mitsubishi Fuso Truck, Hyundai, Geely Lynk & Co, Shenzhen Eelink Communication Technology Co., Ltd., 22 DOTS, TruckTrack GmbH, INTRANAV, FLEETIZE – Telematics, Exatrek, Visualix, Trackee.io, IoT Venture GmbH, In Car Telematics, Masternaut, Teletrac Navman, Verizon Connect, Movolytics, QUARTIX, Vodafone Fleet Telematics, RAM Tracking, Samsara, OCTO Automotive, MiX Telematics, Telematika, Kazan Telematics, TrackGPS, Mapon, Intellishift, Linxup, Damoov, Cambridge Telematics, ISAAC Instruments, Frotcom, Argus Telematics, Iveco, Autotrac, Mercedes-Benz, Omnilink, Volkswagen, Teltonika Telematics, Location Solutions Telematics LCC, Norconsult Telematics, FMS Tech, Advanced Telematics Solutions, Ctrack Matrix
The automotive telematics market report table of contents includes:
1. Executive Summary
2. Automotive Telematics Market Characteristics
3. Automotive Telematics Market Trends And Strategies
4. Automotive Telematics Market – Macro Economic Scenario
5. Global Automotive Telematics Market Size and Growth
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31. Automotive Telematics Market Other Major And Innovative Companies
32. Global Automotive Telematics Market Competitive Benchmarking
33. Global Automotive Telematics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Telematics Market
35. Automotive Telematics Market Future Outlook and Potential Analysis
36.Appendix
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