Automotive Telematics Market: Current Analysis and Forecast (2021-2027)

Automotive Telematics Market: Current Analysis and Forecast (2021-2027)

Global Automotive Telematics is anticipated to display a CAGR of around ~15% over the forecast period (2021-2027). Over time, smartphones have evolved into the primary mode of communication. It has opened up several possibilities for automakers to replace traditional computer-based infotainment systems with tablets and smartphones, lowering product costs. The growing trend of remaining connected to the outside world while traveling is prompting automakers to implement connectivity options into their vehicles in order to boost sales. Fuel theft monitoring, car insurance telematics, and eco-driving assistance are now all available through monitoring systems embedded in smartphone apps. As a result, cellphones are a less expensive and more handy gadget because they do not require in-vehicle electronics. For example, Driveway Software and Zurich Insurance Group collaborated to develop smartphone-based systems that monitor driving movements, quantify driver distraction, and provide feedback to drivers via their phones. For the safety and security of autos, governments in major countries throughout numerous regions have implemented strict rules and regulations. Many governments have mandated increased installation to track the location and behavior of cars. Many countries have made services such as theft tracking and emergency call systems mandatory

Insights Presented in the Report
"Amongst Application, Fleet/Asset Management segment dominated the market in 2020”

Based on application, the market is segmented into Fleet/Asset Management, Navigation & Location-Based System, Infotainment System, Insurance Telematic, Safety & Security, and Others. The Fleet/Asset Management segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Fleet/Asset management systems assist in the smooth operation of a business by recognizing unsafe driver habits, reducing excess fuel usage, and providing a strategy for more efficient routes. Operators can use fleet management systems to find vehicles on demand, gather and preserve engine problem data, and spot unsafe driving tendencies like idling, forceful braking, and speeding. For fleet operators, this driver data is priceless. Fleet management services are becoming more popular as they help fleet operators minimize expenses throughout their operations.
"Amongst Technology Type, Embedded segment dominated the market in 2020”

Based on technology type, the market is segmented into Embedded, Tethered, and Integrated. The Embedded segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Because of the rise of cloud-based technology and the optimization of service plan prices, Embedded has carved out a significant portion of the global Automotive Telematics Market. The expansion of integrated automotive telematics is being driven by an increase in the frequency of road accidents and vehicle incidents. Furthermore, in recent years, the logistics sector's demand for GPS navigation and emergency systems has grown by leaps and bounds
"Amongst vehicle type, Passenger Car segment dominated the market in 2020.”

Based on the vehicle type, the market is segmented into Passenger Car and Commercial Vehicle. The Passenger Car segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. One of the major drivers of category expansion is government mandates. The demand for advanced telematics passenger car services such as fuel & routing optimization, vehicle-maintenance alerts, vehicle-finder services, real-time tracking, and stolen-vehicle recovery, as well as the demand for safety and convenience-related advanced telematics passenger car services like fuel & routing optimization, vehicle-maintenance alerts, vehicle-finder services, real-time tracking, and stolen-vehicle recovery, are the main drivers for the segment market growth. The commercial vehicle telematics market is likely to benefit from the rising industrialization and development of the transportation and logistics industry. As a result of this advancement, trucks, and buses can now run at all hours of the day and night, seven days a week.
"Amongst Sales Channel, OEM segment dominated the market in 2020”

Based on sales channel, the market is segmented into OEM and Aftermarket. The OEM segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. As most manufacturers are focused on providing advanced assistance features in their vehicles, OEM is expected to be a significant section of the market, growing at a significant rate throughout the projected period. Furthermore, in the last five years, the aftermarket section of the automotive telematics market has been spurred by the rapid use of telematics services for fleet management among commercial vehicles.
"Asia Pacific represents the largest market.”

Because of rising connectivity trends and government rules and regulations, the Asia Pacific region has accounted for a large share of the market's expansion. Furthermore, the market's growth will be fueled by OEM contributions to APAC automotive telematics and high demand for embedded systems or technology-based solutions, which are low-cost and easy to manage. Furthermore, rising government initiatives and stricter restrictions governing the integration of telematics systems for passenger safety and security in nations like India, China, Japan, and Australia are expanding the usage of vehicle telematics. Some of the major players operating in the market include Airbiquity Inc., Verizon Communications Inc., Masternaut Limited, Robert Bosch GmbH, Mix Telematics, Omnitracs, LLC, Zonar Systems, Harman International, Trimble Inc, and Teletrac Navman etc.

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