Global Automotive Telematics Market Size To Worth USD 374.53 Billion By 2033 | CAGR of 16.20%
Category: Automotive & TransportationGlobal Automotive Telematics Market Size To Worth USD 374.53 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Automotive Telematics Market Size is to Grow from USD 83.45 Billion in 2023 to USD 374.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.20% during the projected period.
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Browse key industry insights spread across 260 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Telematics Market Size, Share, and COVID-19 Impact Analysis, By Technology (Embedded, Tethered, And Integrated), By Solution (Component and Service), By Sales Channel (OEM and Commercial), By Application (Information & Navigation, Safety & Security, Fleet Management, Insurance Telematics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033" Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/automotive-telematics-market
Telematics is a term that utilizes the words telecommunications and informatics to describe the use of communication as well as technology to send, preserve, and receive data from devices to faraway objects via a network. Telematics emerged from the merger of telecommunications and information processing. Telematics is most commonly used in the automotive industry, but it has also found applications in other industries. The process of communicating, receiving, and storing data using telecommunication devices to control external topics. Telematics is commonly used in business environments to refer to car telematics. Telematics is a phrase used in the automotive industry to describe onboard communication services and applications. Strict security standards, increased public awareness of safety concerns, and the growing cost of telematics capabilities all contribute to its growth. The future of automobile telematics appears promising, particularly with the rise of electric vehicles (EVs). Leading manufacturers are supportive of the possibilities of electric vehicles, and embedding telematics technology into them is projected to be an important driver of industry growth. Furthermore, automotive telematics offers numerous exciting capabilities, but some drivers are hesitant to adopt them due to security and confidentiality of data concerns.
The embedded segment is predicted to hold the largest market share of the automotive telematics market during the projected timeframe.
Based on the technology, the automotive telematics market is divided into embedded, tethered, and integrated. Among these, the embedded segment is predicted to hold the largest market share of the automotive telematics market during the projected timeframe. Embedded telematics includes a built-in system that monitors vehicle performance and maintains continuous connection. These systems effortlessly interface with the vehicle's existing electronics, providing real-time data insights, navigation assistance, and remote-control capability with the need for extra hardware or aftermarket service.
The component segment is anticipated to grow at the highest CAGR of the automotive telematics market during the projected timeframe.
Based on the solution, the automotive telematics market is divided into component and service. Among these, the component segment is anticipated to grow at the highest CAGR of the automotive telematics market during the projected timeframe. Government initiatives to promote road safety and develop smart transportation networks by expanding automotive connectivity and improving existing driving monitoring technologies are contributing to the components' immense development.
The OEM segment is expected to hold a significant share of the automotive telematics market during the projected timeframe.
Based on the sales channel, the automotive telematics market is divided into OEM and commercial. Among these, the OEM segment is expected to hold a significant share of the automotive telematics market during the projected timeframe. A significant portion of the market share is being driven by automakers' increased emphasis on integrating cutting-edge telematics systems into new models in to link them with insurance premium businesses and improve driver and passenger safety.
The fleet management segment is expected to grow the highest market share during the projected timeframe.
Based on the application, the automotive telematics market is divided into information & navigation, safety & security, fleet management, insurance telematics, and others. Among these, the fleet management segment is expected to grow the highest market share during the projected timeframe. Fleet management systems deliver consumers, automobile manufacturers, and insurance companies with cost-effective and efficient services such as GPS vehicle tracking, driving behavior analysis, fleet alarms, route planning and monitoring, and fuel management, and are widely used in the automobile market.
Asia-Pacific is expected to hold the largest share of the automotive telematics market over the forecast period.
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Asia-Pacific is expected to hold the largest share of the automotive telematics market over the forecast period. According to the World Health Organization (WHO), urbanization is one of the most significant worldwide phenomena of the twenty-first century, with significant health implications. More than 55% of the world's population lives in cities, and this percentage is expected to increase to 68% by 2050. Rapid urbanization and rising car sales are likely to move the Asia-Pacific region forward in the automotive telematics market. As urban populations and cities expand, there is a greater need for effective transportation solutions to solve traffic congestion, pollution, and mobility issues. Furthermore, as more automobiles hit the road, there is a greater demand for telematics solutions that increase vehicle safety, accelerate fleet administration, and improve driver behavior.
North America is predicted to grow at the fastest pace in the automotive telematics market during the projected timeframe. The increasing understanding of security and safety among drivers and passengers, as well as the increasing concentration on accident prevention, is the main drivers of worldwide market expansion and demand, along with the increasing popularity of fuel-efficient vehicles, particularly in developed countries such as the United States and Canada. Furthermore, the increased use of add-on technologies such as the global positioning system as a standard option for resolving a variety of issues, including an increase in the number of accidents and rising fuel prices across the region, will contribute to market growth.
Major vendors in the automotive telematics market are LG Electronics, Continental AG, AT&T Inc., Verizon, Masternaut Limited, Ford Motor Company, Toyota Motor Corporation, Mercedes-Benz AG, Volkswagen AG, General Motors Company, BMW Motors, Teletrac Navman, Airbiquity Inc., Robert Bosch, and others.
Recent Developments
- In February 2024, MWC HARMAN, the Samsung-owned related vehicle software vendor, confirmed the availability of a new telematics control unit (TCU) that utilizes Qualcomm-linked car technology in order to "democratize the automotive connectivity market."
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive telematics market based on the below-mentioned segments:
Global Automotive Telematics Market, By Technology
- Embedded
- Tethered
- Integrated
Global Automotive Telematics Market, By Solution
- Component
- Service
Global Automotive Telematics Market, By Sales Channel
- OEM
- Commercial
Global Automotive Telematics Market, By Application
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Others
Global Automotive Telematics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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