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 The size reached USD 100.70 billion in 2021 and is expected to register a CAGR of 26.1% during the forecast period, according to the latest analysis from Emergen Research. Rising road safety awareness is driving the automotive telematics market revenue growth over 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 cash register systems and vehicle diagnostics. vehicles, which will improve road safety.
Telematics potentially contributes to the usage-based insurance (UBI) business model by benefiting consumers and insurers by providing better risk assessment and over-incentives. Telematics can measure a wide range of factors such as Global Positioning System (GPS), total miles traveled, hard braking, airbag deployment, rapid acceleration, sharp turns and time of departure. the day for underwriters to analyze and set the premium accordingly. For example, the premium is higher for drivers who travel long distances at higher speeds compared to drivers who drive at slower speeds.
However, factors such as high installation costs and the threat of knowledge hacking are restraining the market revenue growth. System users provide certain personal information, which makes it easier to track the relevant user. Automotive telematics records various user information and can track vehicle movements, making it vulnerable to hacking and making users hesitant to use it. In addition, the installation of a telematics box can take long hours. These factors are expected to hinder the growth of the automotive telematics market over the forecast period.
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The main participants are Trimble Inc., Omnitracs, Verizon, IDSystems Inc., Masternaut Limited, Airbiquity Inc., TomTom Telematics BV, Harman International Industries, Inc., MiX Telematics, Teletrac Navman and Cartrack.
In telematics and M2M devices, with a robust communication network, fleet management activities are often handled simply and have a quick access and response mechanism. Additionally, many solutions offered in the automotive telematics market collect, manage, explore, interpret and analyze driving information from a selected driver. These good fleet management solutions generate a huge volume of knowledge and help establish new business avenues in autonomous driving.
For the purposes 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)
Application Outlook (Revenue, USD Billion; 2017-2027)
Navigation and location system
Safety and Security
Connectivity Solutions Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Parking assistance system
Lane departure warning system
Adaptive cruise control system
Autonomous emergency braking system
Blind spot detection
Regional Outlook (Revenue: USD Billion; 2017-2027)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
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Keyword Market Report Overview:
Introduction, Product Scope, Market Overview and Opportunities
Manufacturers Analysis with Sales, Revenue and Price Analysis
Complete analysis of the competitive landscape
Detailed profiling of 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 make predictions for the market scenario in the post-COVID era. The report further assesses the current situation of the market and estimates its future performance, keeping in mind the impact of the pandemic on the global economic landscape.
Vehicles in every fleet have become reliant on technology, the combination of which is expected to drive the automotive telematics market. Moreover, high fuel economy and low carbon emission are the primary concern of vehicle owners. Thus, telematics service providers facilitate the improvement of the cost of ownership of a vehicle.
Fleet management services occupy a significant share of the market share when it comes to application areas. The adoption of telematics services and technologies and advanced technologies in vehicles to enhance safety is expected to propel the automotive telematics market.
Vehicle tracking and eCall options offered by telematics services are extremely popular among vehicle owners. The widespread population in the Asia-Pacific regions makes it difficult to recover stolen vehicles in the region. However, the towing of the vehicles should considerably facilitate the tasks of the government authorities.
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