Automotive Telematics Market :Increasing awareness of road safety is driving automotive telematics market revenue growth
Market Size – USD 100.70 Billion in 2021, Market Growth – at a CAGR of 26.1%, Market Trends – Increasing R&D activities
VANCOUVER, BC, CANADA, April 14, 2022 /EINPresswire.com/ -- The global automotive telematics market size reached USD 100.70 Billion in 2021 and is expected to register a revenue CAGR of 26.1% during the forecast period, according to latest analysis by Emergen Research. Increasing awareness regarding road safety is driving automotive telematics market revenue growth during the forecast period. Telematics can create intelligent traffic management that will offer various services such as real-time positioning, live traffic updates, stolen vehicle recovery, parking management, electronic till systems, and vehicle diagnostics, which will improve road safety.
Telematics potentially helps usage-based insurance (UBI) business model by benefitting consumers and insurers by providing better risk assessment and over-the-top incentives. Telematics can measure a wide range of factors such as Global Positioning System (GPS), total miles driven, hard braking, airbag deployment, rapid acceleration, hard cornering, and time of day for underwriters to analyze and set premium accordingly. For example, the premium is higher for drivers who drive long distances at higher speeds compared to drivers who drive at slower speeds.
However, factors, including high installation costs and threat of knowledge hacking are restraining market revenue growth. Users of the system provides some personal information, which makes tracking the concerned user simple. Automotive telematics records various information of the users and can track vehicle movement which makes it vulnerable to hacking and this makes users hesitant to use it. Moreover, installation of telematics box can take long hours. Such factors are expected to hamper automotive telematics market growth during the forecast period.
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Key participants include Trimble Inc., Omnitracs, Verizon, I.D.Systems Inc., Masternaut Limited, Airbiquity Inc., TomTom Telematics B.V, Harman International Industries, Inc., MiX Telematics, Teletrac Navman, and Cartrack.
In telematics and M2M devices, with sturdy communication network, fleet management activities are often simply handled, and have a fast access and response mechanism. Moreover, many solutions offered within the automotive telematics market collect, manage, explore, interpret, and analyze the driving information of a selected driver. Such good fleet management solutions generate an enormous volume of knowledge, and help in establishing new business avenues in autonomous driving.
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For the purpose of this report, Emergen Research has segmented the global Automotive Telematics Market on the basis of vehicle type, applications, connectivity solutions, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
Passenger Vehicle
Commercial Vehicle
Two-Wheeler
Applications Outlook (Revenue, USD Billion; 2017-2027)
Asset/Fleet Management
Navigation and Location Based System
Infotainment System
Insurance Telematics
Safety and Security
V2X
Connectivity Solutions Outlook (Revenue, USD Billion; 2017-2027)
Embedded
Integrated Smartphones
Tethered
Applications Outlook (Revenue, USD Billion; 2017-2027)
Park Assist System
Lane Departure Warning System
Adaptive Cruise Control System
Autonomous Emergency Braking System
Blind Spot Detection
Others
Regional Outlook (Revenue: USD Billion; 2017-2027)
North America
U.S
Canada
Mexico
Europe
U.K
Germany
France
Benelux
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Rest of MEA
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Overview of the Keyword Market Report:
Introduction, Product Scope, Market Overview, and Opportunities
Analysis of the Manufacturers with sales, revenue, and price analysis
Comprehensive analysis of the competitive landscape
Extensive profiling of the key competitors along with their business strategies and market size
Regional analysis of the market along with sales, revenue, market share, and global position
Country-wise analysis of the market along with types, applications, and manufacturing
Strategic recommendations to established players as well as new entrants
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Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Key Highlights From The Report
Vehicles across every fleet have become technology dependant, the association of which is predicted to drive the automotive telematics market. Moreover, high fuel economy and low carbon emission are the prime concern of vehicle owners. Thus, telematics service suppliers facilitate on improving the ownership cost of a vehicle.
Fleet management services occupies a significant part of the market share when it comes to areas of applications. Adoption of telematics services and technology and advanced technologies in vehicles to reinforce safety are anticipated to propel the automotive telematics market.
Vehicle trailing and eCall options offered by telematics services are extremely widespread among vehicle owners. Widespread population across Asia Pacific regions makes recovery of purloined vehicles within the region difficult. However, vehicle trailing is predicted to make tasks notably easier for government authorities.
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