Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The automotive telematics market was worth US$ 8.1 billion in 2021. A CAGR of 15.6% is projected for the industry between 2022 and 2031. A US$ 34.52 billion market is predicted for automotive telematics by 2031. Telematics in commercial vehicles have become more common as a result of the increased demand for effective fleet management.
Fleet operators use telematics to optimize route planning, track fuel use, manage maintenance schedules, and monitor vehicle locations. Thus, fleet managers can manage their fleets more efficiently, lower fuel costs, and improve operational efficiency. Telematics integration in the logistics and transportation industries has led to substantial growth in the market for vehicle telematics.
As the automotive industry moves towards autonomous vehicles, telematics will be crucial to supporting and advancing them. Smart infrastructure and connected cars will be able to talk with one another and share real-time data for better safety, efficient navigation, and traffic management. Vehicle-to-everything (V2X) communication will be made possible via telematics, which will play a crucial role in advancing and broadly implementing autonomous driving capabilities.
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In the realm of automotive telematics, artificial intelligence (AI) and data analytics will receive more attention due to the growing amount of data produced by connected cars. The massive volumes of data being gathered will be analyzed using advanced analytics to glean valuable insights that will assist automakers and service providers improve vehicle performance, anticipate maintenance requirements, and improve the driving experience overall.
Key Findings of the Market Report
- As 5G technology expands, data transmission between devices can become more rapid and real-time, increasing demand for autonomous vehicles.
- The vehicle tracking segment will dominate the market over the forecast period.
- With the rise in the adoption of telematics systems in Europe and North America, the integrated segment is expected to dominate the automotive telematics market.
- The Asia Pacific automotive telematics market is expected to dominate global sales.
- The OEM sales channel is expected to expand the market in the coming years.
Global Automotive Telematics Market: Key Players
Globally, a number of large companies controls automotive telematics market share. Market players in the automotive telematics market are heavily invested in research and development of new technologies. Prominent companies expand their product portfolios, collaborate, partner, and acquire companies.
- Agero Inc.
- Clarion Co. Ltd.
- Continental AG
- Delphi Technologies
- Denso Corporation
- Embitel Technologies
- HARMAN International
- Inseego Corp
- Intel Corporation
- LG Electronics
- Luxoft
- Magneti Marelli S.p.A.
- Masternaut Limited
- Microlise Limited
- NTT Docomo Inc.
- Omnitracs, LLC
- Panasonic Corporation
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- TomTom International B.V.
- Trimble Inc.
- Valeo
- Verizon Communications Inc.
- Vodafone Automotive S.p.A
Key Developments
- In December 2023, LG's new transparent auto antenna will revolutionize vehicle connectivity by integrating seamless design and providing advanced telecommunications for the auto industry's evolving needs.
- In addressing the demand for real-time data exchange within high-tech personal spaces, LG's transparent telematics solution recognizes the need for cutting-edge telecommunications environments.
Global Automotive Telematics Market: Growth Drivers
- The growing demand for connected automobiles is driving the telematics industry's growth. Modern consumers anticipate flawless vehicle connectivity features, like entertainment services, remote diagnostics, and real-time navigation.
- With telematics systems, automobiles can communicate with external infrastructure, enabling intelligent mobility solutions and advanced driver assistance systems (ADAS). Vehicle intelligence and connectivity are increased through the integration of telematics, which improves the driving experience overall.
- To improve vehicle security and safety, automotive telematics is essential. Using telematics devices, vehicle conditions may be monitored in real-time, facilitating the prompt resolution of possible problems.
- Advances in safety features, such as emergency roadside assistance and stolen vehicle tracking, have increased the demand for car safety in the market. To reduce traffic accidents and increase road safety, governments and regulatory agencies are pushing for telematics adoption.
- Cybersecurity will become more important as cars become more connected to protect them from cyberattacks. The security of communication networks and the protection of sensitive data will be crucial. Putting strong cybersecurity measures in place and prioritizing data protection are keys to gaining and keeping customers' trust.
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Global Automotive Telematics Market: Regional Landscape
- Automotive telematics has seen rapid growth in Asia-Pacific due to the demand for connected vehicles and the expansion of automotive markets. Telematics solutions have become popular due to increased awareness of fuel economy, car safety, and regulatory activities.
- Vehicle health monitoring, remote diagnostics, and real-time tracking are some services offered by automotive telematics. A collaboration between manufacturers and service providers enables cutting-edge features such as entertainment, navigation, and in-car networking.
- Logistics and transportation firms in the Asia-Pacific are adopting fleet management solutions driven by telematics on a large scale to improve overall operational efficiency, monitor vehicle performance, and optimize routes. Many developing Asian countries have enacted laws and programs encouraging telematics to improve traffic safety and reduce environmental impact.
Global Automotive Telematics Market: Segmentation
By Technology
- Embedded
- Tethered
- Integrated
By Application
- Vehicle Tracking
- Fleet Management
- Satellite Navigation
- Vehicle Safety Communication
- Others
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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