Latin America Automotive Telematics Market 2023-2030
MARKET OUTLOOK
As per Triton’s report, the Latin America automotive telematics market is anticipated to propel with a compound annual growth rate of 15.29% during the forecast period 2023-2030. Brazil, Mexico, and Rest of Latin America are taken into consideration in the region’s market.
In Mexico, the market’s growth is attributed to the growing demand from fleet operators to streamline operations while ensuring vehicle safety. Also, the growing advancement in insurance telematics is expected to create growth opportunities for the players. For instance, Swiss Re partnered with InsurTech Jooycar to assist SMEs. Hence, strategic steps by market players boost the automotive telematics market on a growth path.
Argentina has a large-scale use of telematics in the trucking industry. However, the light commercial fleet category has fully adapted to the features of telematics solutions. In Chile, key players like TomTom NV and Geotab have elevated the adoption of telematics solutions in the automotive industry. Therefore, as per our estimates, the growing demand for advanced solutions and the presence of key players are expected to generate opportunities for the market in the Rest of Latin America.
COMPETITIVE OUTLOOK
The notable companies in the automotive telematics market include TomTom NV, Geotab Inc, Harman International, Samsara Inc, and Solera Inc.
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