Wilmington, Delaware, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Critical advantages of improved fleet safety and reduced operating costs is favoring the adoption of automotive telematics solutions. Commercial vehicles such as tractors, forklifts, and heavy-duty trucks, are equipped with telematics to check operator behaviors such as speed and movement patterns. Governments across the world are mandating the use of automotive telematics to control the driving hours of commercial vehicles. The automotive telematics market size is estimated to be US$ 34.52 Bn by 2031.
Increasing focus on safety during fleet operations is expected to drive the demand for telematics systems in cars. Companies in the automotive telematics market are equipping commercial vehicles with emergency warning systems, autonomous driving assistance, GPS navigation, and other telematics solutions, thereby boosting driver and cargo safety. Therefore, rise in focus on safety and robust fleet management, and expansion of the sensors market have led to the launch of new telematics solutions.
Significance of telematics technology to reduce road accidents is driving potential revenues in the automotive telematics market. Integration of emergency call systems (eCall) can help call primary medical assistance at an accident site, and thus enable timely help.
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Automotive Telematics Market – Key Findings of the Report
- Increasing integration of IoT into vehicles to boost vehicle efficiency and safety is expanding frontiers. Telematics is increasingly becoming mainstream in the automotive sector, as consumers are increasingly preferring vehicles with telematics. Key advantage of reduced operating cost, and to achieve sustainability goals is attracting commercial fleet operators to adopt telematics solutions.
- Emergence of Industry 4.0 is favoring the adoption of automotive telematics for vehicle tracking, fleet management, satellite navigation, and vehicle safety communication in the automotive sector. Focus of OEMs on transformation for production process to be customer-centric, efficient, and flexible to shape telematics future trends. Thus, rise in adoption of Industry 4.0 to boost product & process innovation, and attain cost optimization is anticipated to fuel the automotive telematics market.
- Integrated technology segment is anticipated to hold key share of the automotive telematics market during the forecast period. Growth of the segment is attributed to rise in adoption of telematics solutions in North America and Europe. Most premium and mid-segment vehicles are integrated with automotive telematics. Furthermore, OEMs are increasingly preferring integrated technology over embedded technology.
- Vehicle tracking application segment is anticipated to lead the automotive telematics market during the forecast period. Modern vehicles have telematics vehicle tracking as a basic feature. Car rental companies and ride-sharing companies rely on vehicle tracking for execution of operations.
- Asia Pacific is expected to dominate the automotive telematics market during the forecast period. China, India, and other countries in Asia Pacific are heavily investing in telecommunication and road infrastructure.
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Automotive Telematics Market – Growth Drivers
- Increasing adoption of 5G bandwidth, expansion of connected car devices, and increase in investments in road infrastructure are fueling the automotive telematics market
- Government mandates requiring implementation of telematics solutions such as fleet management systems and vehicle tracking systems underscores growth
Automotive Telematics Market – Key Players
Some of the key players operating in the automotive telematics market are;
- Agero Inc.
- Continental AG
- Denso Corporation
- HARMAN International
- Intel Corporation
- Luxoft
- Masternaut Limited
- NTT Docomo Inc.
- Panasonic Corporation
- Robert Bosch GmbH
- Trimble Inc.
- Verizon Communications Inc.
- Clarion Co. Ltd.
- Delphi Technologies
- Embitel Tecnologies
- Inseego Corp.
- LG Electronics
- Magneti Marelli S.p.A.
- Microlise Limited
- Omnitracs LLC
- Qualcomm Technologies Inc.
- TomTom International B.V.
- Valeo
- Vodafone Automtive SpA
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The automotive telematics market is segmented as follows;
Automotive Telematics Market, by Technology
- Embedded
- Tethered
- Integrated
Automotive Telematics Market, by Application
- Vehicle Tracking
- Fleet Management
- Satellite Navigation
- Vehicle Safety Communication
Automotive Telematics Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Telematics Market, by Sales Channel
- OEM
- Aftermarket
Automotive Telematics Market, by Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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