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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.         

Read More: https://www.emergenresearch.com/industry-report/automotive-telematics-market

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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Emergen Research
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