The Automotive Telematics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033)
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According to The Business Research Company’s Automotive Telematics, 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
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.
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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
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 identify 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.
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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26. South America Automotive Telematics Market
27. Brazil Automotive Telematics Market
28. Middle East Automotive Telematics Market
29. Africa Automotive Telematics Market
30. Automotive Telematics Market Competitive Landscape And Company Profiles
Top Major Players:
- Samsung Electronics Co., Ltd
- Robert Bosch GmbH
- Michelin Group
- Valeo Group
- TomTom N.V.
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