Telematics in Automotive Market is Rising Due to increase in adoption of advanced technology and gadgets
New York, US, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Telematics in Automotive Market Analysis by Application, Systems and Region - Forecast till 2030” valuation is poised to reach USD 72,780 million by 2030, registering 21.1% CAGR throughout the forecast period (2022–2030).
Telematics in Automotive Market Overview
Telematics is the technology utilized in fleet tracking to achieve a fleet or vehicle and other assets, particularly in applications like construction, site excavation, and trucking. It consists of the integration of data processing, vehicular technology, and telecommunications. The usage of the technology across the automobile makes it an ideal mobile information station. It offers live updates of the automobile with high precision.
Telematics in Automotive Market Report Scope:
Market Size by 2030
USD 72,780 Million
CAGR 2022 to 2030
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The global telematics market in the automotive has recorded a massive rise in the growth rate in the last few years. The market's growth is primarily attributed to the public's rise in awareness of the advantages of telematics in vehicles. Furthermore, the growth in the number of road accidents and road congestions is another crucial parameter supporting the market growth. Moreover, governments across the globe have been launching several supportive measures to promote the use of these systems in vehicles to increase road safety and lower the number of accidents, which in turn is boosting the growth of the market over the coming years. On the other hand, the high cost of such telematics systems may harm the growth of the market over the coming years.
Market USP Covered
The global market for telematics in the automotive market has recorded massive growth in recent years, given factors like the rising number of government initiatives, increasing road accidents, public awareness, and ease of vehicle diagnosis.
On the other hand, the high prices and data security threat may impede the market's growth.
The global health crisis has hugely affected all the industry activities across the globe in recent years. The pandemic led to causing huge impacts on almost all the industry areas in terms of labor, demand, and revenues. The travel restrictions and social distancing norms imposed by the governments led to causing significant disruption in the supply chain networks for most of the market areas. Furthermore, the global health crisis not only impacted public health but has also affected global economic activities recently, causing a significant revenue loss worldwide.
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The automobile sector is believed to be one of the most impacted market areas among all. The significant fall in demand across the globe led to the players facing several unexpected challenges. Also, the partial or complete lockdowns implemented across various regions caused temporary or complete shutdowns of the businesses. On the other hand, with the fading of the pandemic across the globe global economy is getting back on track. With all the financial activities returning to normal, the global automotive telematics market is anticipated to experience favorable growth over the coming years.
Telematics in Automotive Market Segments
Among all the vehicle types, the passenger segment is anticipated to dominate the global telematics market over the assessment timeframe. The increased demand for telematic vehicle services is the significant aspect causing an upsurge in demand.
Among all the application areas, the fleet management segment for commercial vehicles is anticipated to dominate the global market for telematics in the automotive market over the assessment era. The central aspect supporting the segment's growth is the decrease in the cost of running of business and fuel efficiency. Fleet management software assists in operating a business effortlessly by offering a plan for more efficient routes, eliminating risky driver habits by recognizing the causes, and reducing excess fuel usage. The systems enable users to locate company cars on-demand, collect and store engine error codes and recognize unsafe driver habits such as idling, harsh braking, and speeding.
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Among all the system types, the embedded system segment is anticipated to dominate the global telematics market in the automotive market over the assessment era. The imposed government mandates are the primary aspect causing an upsurge in the segment's growth. Furthermore, the factors such as the growth of cloud-based services and cost optimization of service plans are also projected to boost the segment's growth over the coming years.
Telematics in Automotive Market Regional Analysis
The global telematics market in the automotive is analyzed across five major regions: North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America.
According to the analysis report by MRFR, the North American region is expected to rule the global telematics in automotive market over the coming years. The primary reason behind an increase in the regional market's growth is the introduction of various regulations and policies to increase the use of automotive telematics systems to improve road safety across the developed nations. The US is the leading growth contributor across the regional market. The country is known to be the largest consumer of vehicles globally. Furthermore, the presence of several leading players across the region is another crucial parameter boosting the regional market's growth. The early adaptability of the advanced technologies is one of the prime aspects causing an upsurge in the regional market's growth.
On the other hand, the Asia-Pacific regional market is projected to register the maximum growth rate over the assessment timeframe. The main reason helping the regional market's growth is the increase in domestic demand for wireless communication systems among automobiles.
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Telematics in Automotive Market Competitive Analysis
Dominant Key Players on Telematics in Automotive Market Covered are:
Verizon Communications Inc. (U.S.)
Harman International Industries Inc. (U.S.)
AT&T Inc. (U.S.)
Continental AG (Germany)
Masternaut Limited (France)
Robert Bosch GmbH (Germany)
TomTom International B.V.( Netherlands)
Delphi Automotive PLC (U.K.)
Visteon Corporation (U.S.)
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