Global Automotive (Vehicle) Telematics Market Size/Share Projected to Reach USD 334.84 Billion By 2032, at 16.4% CAGR: Polaris Market Research
Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global automotive telematics market size/share is expected to reach USD 73.40 Billion in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 16.4% and is projected to touch USD 334.84 Billion By 2032. Embedded segment accounted highest market share in 2022, on account of its growing adoption globally as it provides constant connection and better user experience. Some of the major players are LG Electronics, Continental AG, AT&T Inc., Robert Bosch, Verizon, Masternaut Limited, Teletrac Navman, Airbiquity Inc., I.D. Systems, TomTom Telematics and others.
New York, NY, June 26, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Automotive Telematics Market Share, Size, Trends, Industry Analysis Report, By Technology Type (Embedded, Tethered, and Integrated); By Sales Channel; By Vehicle Type; By Region; Segment Forecast, 2023 – 2032” in its research database.
“As per the latest research analysis, the global automotive telematics market size/share will be valued at roughly USD 73.40 Billion in 2022, and its revenue is projected to reach about USD 334.84 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 16.4% between 2023 and 2032.”
What is Automotive (Vehicle) Telematics? How Big Is Automotive (Vehicle) Telematics Market Size & Share?
Telematics uses GPS and onboard diagnostics (OBD) to track the movements of trucks, cars, and other equipment and display that data on a computerized map. Telematics, or GPS vehicle or fleet tracking, has become a crucial management tool for many private and government fleets.
To record and communicate vehicle information, such as location, speed, maintenance needs, and servicing, and to compare this information with the internal behavior of the vehicle, vehicle telematics integrates onboard vehicle diagnostics, GPS systems, wireless telematics devices, and black box technologies. Real-time analysis of this information can enhance commercial vehicle performance, reduces expenses, and increase overall driver safety. This is increasing the demand for the automotive telematics market.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- LG Electronics
- Continental AG
- AT&T Inc.
- Robert Bosch
- Masternaut Limited
- Teletrac Navman
- Airbiquity Inc.
- I.D. Systems
- TomTom Telematics
- Mix Telematics
- Samsung Electronics
- Trimble Inc.
- Zonar Systems
- Microlise Telematics
- Webfleet Solutions
- Octo Group
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/automotive-telematics-market/request-for-sample
Prominent Growth Driving Factors
- Increased demand for advanced features: Customers are increasingly looking for vehicles that offer a variety of advanced features like predictive maintenance, remote diagnostics, and real-time monitoring as connected cars gain popularity worldwide, which has led to an increase in the need for automotive telematics systems.
- Government regulations: The automotive telematics market size is expanding due to rules that the government has put in place mandating cars to have specific safety features, such as emergency calling systems that are easily enabled through telematics solutions.
- Rising demand for managing vehicle fleets: Telematics systems are also being used more frequently by various businesses to manage their fleets of vehicles. These systems can assist companies in route optimization, real-time vehicle tracking, and driver behavior monitoring, all of which can lead to significant cost savings and create enormous opportunities for the growth of the global market.
Top Findings of the Report
- One of the main factors anticipated to drive the growth of the segment market is the rapid rise in fatal traffic accidents worldwide. Other key drivers include the growing integration of developed telematics systems like cameras, advanced driver assistance systems, and many other applications and the increasing adoption of advanced communication techniques like automotive telematics in various verticals.
- The automotive telematics market segmentation is based on sales channel, type, region, and vehicle type.
- North America dominated the market.
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Top Trends Influencing the Market
- Growing demand for transportation: The automotive telematics market will have huge development opportunities due to the extreme increase in demand for transportation, the rise in consumer disposable income, and manufacturers’ increasing focus on creating next-generation products and automotive capabilities.
- Increased potential for 5G and AI: The enhancement in the safety and effectiveness of advanced telematics systems is why several major telecom players are concentrating on creating 5G. Artificial intelligence (AI) is increasingly used in telematics solutions for various functions, including improved HMI, eye tracking, driver monitoring, better gesture recognition, and engine control units. This is gaining notable traction and popularity globally.
- Embedded Sector Accounts for the Largest Market Share
The embedded market segment held the biggest automotive telematics market share in 2022 and is predicted to maintain this position during the forecast period. The ability to provide continuous connectivity without the inconvenience and the excellent user experience is a major factors in the segment’s growth.
Additionally, connectivity is provided through a built-in advanced telematics control unit, which assures a better user experience and continuous connection, increasing the adoption of these systems worldwide.
- Commercial Vehicles Sector Witnesses Highest Growth
The commercial vehicles sector is predicted to grow at the highest CAGR during the forecast period. Due to the increasing adoption of these solutions by fleet operators worldwide to improve safety, maximize uptime, and optimize operations, operators can deploy programs to implement corrective measures effectively and determine cost-saving opportunities.
Furthermore, numerous commercial vehicles require regulatory compliance, such as hours of service regulations for commercial truck drivers. Hence, telematics solutions can help automate compliance reporting and tracking, driving the automotive telematics market demand.
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Automotive (Vehicle) Telematics Market: Report Scope
|Revenue Forecast in 2032||USD 334.84 Billion|
|Market size value in 2023||USD 85.23 Billion|
|Expected CAGR Growth||16.4% from 2023–2032|
|Forecast Year||2023 – 2032|
|Top Market Players||LG Electronics, Continental AG, AT&T Inc., Robert Bosch GmbH, Verizon, Masternaut Limited, Teletrac Navman, Airbiquity Inc., I.D. Systems Inc., TomTom Telematics B.V., Mix Telematics, Samsung Electronics, Trimble Inc., Omnitracs, Zonar Systems, Microlise Telematics Pvt. Ltd., Webfleet Solutions B.V., Octo Group S.p.A.|
|Segments Covered||By Technology Type, By Sales Channel, By Vehicle Type, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
North America: The main factors driving the automotive telematics industry growth and demand are the rising troubles of drivers and passengers about their security and safety, the increased focus on preventing accidents, and the emerging trend of fuel-efficient vehicles, particularly in developed nations like Canada and the US. Additionally, the increased use of optional technologies like the Global Positioning System as a default choice for addressing issues like increased accidents and rising fuel prices in North America would further encourage market expansion.
Asia Pacific: Due to the region’s increasing demand for extremely fuel-efficient vehicles and the rising integration of various types of navigation features, the Asia Pacific region is anticipated to expand at the fastest rate during the projected time. By utilizing underutilized market prospects in the APAC region and implementing various business development strategies, several major market players are concentrating on increasing their market positions, also producing substantial growth opportunities for the automotive telematics market in Asia Pacific.
Browse the Detail Report “Automotive Telematics Market Share, Size, Trends, Industry Analysis Report, By Technology Type (Embedded, Tethered, and Integrated); By Sales Channel; By Vehicle Type; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/automotive-telematics-market
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- Cambridge Mobile Telematics announced the introduction of its new solutions for altering driving behavior and lowering crash frequency in September 2022. The new Hard Brake Alerts from the company use only the driver’s phone and no additional software to give real-time feedback and reduce frequency.
- Switch, comprehensive motor insurance from Edelweiss Insurance was released in July 2022. The digital motor policy detects motion and instantly activates the insurance. It enables users to save money based on their driving habits, assesses the quantity and quality of driving, and calculates premiums automatically.
The Report Answers Questions Such As
- What is the projected value of the automotive telematics industry?
- What will be the CAGR of the market?
- Which key trends are driving the industry?
- What are the key automotive telematics market growth drivers?
- Which region is most lucrative in the telematics industry?
- Which are the top companies holding the highest market share?
- Which is the most influencing segment growing in the automotive telematics market?
Polaris Market Research has segmented the automotive telematics market report based on technology type, sales channel, vehicle type, and region:
By Technology Type Outlook
By Sales Channel Outlook
By Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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