New York, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Telematics Global Market Report 2022" - https://www.reportlinker.com/p06325387/?utm_source=GNW
, Actsoft, idem telematics GmbH, and Microlise Limited.
The global automotive telematics market is expected to grow from $74.67 billion in 2021 to $99.84 billion in 2022 at a compound annual growth rate (CAGR) of 33.7%. The automotive telematics market is expected to reach $280.11 billion in 2026 at a CAGR of 29.4%.
The automotive telematics consists of sales of the automotive telematics products and services by entities (organizations, sole traders, and partnerships) that are used to track automobiles, trucks, equipment, and other assets and plot their movements on a computerized map.Automotive telematics refers to fleet monitoring or GPS vehicle tracking and is an important management tool for many commercial and government fleets.
The system may report on practically every parameter, including speed and idle, as well as fuel consumption, low tire pressure, and more. A telematics device’s primary components include a GPS receiver, accelerometer, SIM card, engine interface, and others.
The main types of automotive telematics by connectivity solutions are embedded, integrated smartphones, and tethered.The embedded refers to telematics using technology that allows vehicles to connect to the internet.
The embedded technology type refers to the car’s inbuilt telematics modem that connects to the cellular network and allows it to communicate with other internet-connected devices like mobile phones. The automotive telematics solutions are sold through OEM and aftermarket and are applied in fleet/asset management, navigation and location-based system, infotainment system, insurance telematic, and safety and security The automotive telematics solutions are embedded on commercial cars, passenger vehicles, and two-wheelers.
North America was the largest region in the automotive telematics market in 2021.Western Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The automotive telematics market research report is one of a series of new reports that provides automotive telematics market statistics, including automotive telematics industry global market size, regional shares, competitors with a automotive telematics market share, detailed automotive telematics market segments, market trends and opportunities, and any further data you may need to thrive in the automotive telematics industry. This automotive telematics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Government regulations for vehicle telematics are contributing to the growth of the automotive telematics market.The governments across the globe are making continuous efforts to make roads safer and also notified prescribed norms related to safety measures.
For instance, in February 2022, according to an article published by Mint, an India-based e-magazine, the ministry of road and transport and highways statement citing the draught notification, every goods carriage vehicle carrying any dangerous or hazardous items will be equipped with or fitted with, a vehicle tracking system device as per Automotive Industry Standard (AIS) 140. Therefore, stringent government norms and regulations regarding vehicle tracking and monitoring is expected to boost demand for vehicle telematics during the forecast period.
Technological innovations are the key trend gaining popularity in the automotive telematics market.Major companies operating in the market are introducing new technologies such as the MoveElectric system which is designed to aid in the transition of enterprise fleets from internal combustion engines (ICE) to electric cars (EVs) to sustain their position in the market.
For instance, in June 2021, Masternaut, a UK-based telematics company specializing in fleet and asset management, launched the MoveElectric transition tool that allows fleet managers to identify which travels could be completed by an EV rather than an ICE vehicle, based on factors that reflect business demands and working patterns.With the help of this tool, businesses can now identify which electric vehicles are best for their fleets by comparing real-time ICE data with that of EVs.
The MoveElectric tool’s use of extensive real-world data allows fleet managers to evaluate and explain the broader benefits of switching to electric vehicles, such as increased efficiency, lower CO2 emissions, and lower costs.
In May 2019, Michelin, a French multinational tire manufacturing company, acquired Masternaut UK for an undisclosed amount.This deal will help Michelin in accelerating the growth of its light vehicle services and solutions business, supporting the booming fleet market, and increasing the volume of data captured, allowing it to provide the best solutions to customers, improve product performance, and develop data science deployments like predictive maintenance.
Masternaut, a UK-based telematics company that predominantly works in France and the United Kingdom, provides onboard fleet telematics solutions.
The countries covered in the automotive telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06325387/?utm_source=GNW
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