Automotive Telematics Market is projected to reach US$ 1,23,487.5 Mn by 2027| CAGR: 19.4%: Astute Analytica
NEW DELHI, Feb. 15, 2022 /PRNewswire/ -- According to the study conducted by Astute Analytica, the Global Automotive Telematics Market is estimated to see a jump in revenue from US$ 42,620.2 Mn in 2021 to US$ 1,23,487.5 Mn by 2027. The market is registering a CAGR of 19.4% during the forecast period 2022-2027. In terms of volume, the market is registering a compounded annual growth rate of 18.5% during the forecast period. Automotive telematics is a technology that combines GPS systems, onboard vehicle diagnostics, wireless telematics devices, and black box technologies to record and transmit vehicle data, such as speed, location, maintenance requirements and servicing, and cross-reference this data with the vehicle's internal behavior. Telematics devices collect and transmit GPS and vehicle-specific data via General Packet Radio Service (GPRS), 4G and cellular networks, or satellite communication to a centralized server, where the data is categorized, interpreted, and optimized for consumer user interfaces.
Request a Sample Report of Automotive Telematics Market: https://www.astuteanalytica.com/request-sample/automotive-telematics-market
The global automotive telematics market is majorly driven by factors such as increasing adoption of Next-Generation Telematics Protocol (NGTP), favorable government Initiatives and rising technology penetration. NGTP is a telematics protocol, designed with respect to the delivery of end-to-end telematics services. NGTP offers the feature of flexibility, which addresses the changing need of the customers to access new services, without making any technical adjustments inside the vehicle. Furthermore, rising incomes in APAC countries and technology penetration is enhancing the market growth. However, the connected systems have access to information, such as medical details, family details, addresses, and routes traversed, thereby leading to data privacy infringement.
Segmental Analysis
Hardware component has the highest share in the Global Automotive Telematics Market in 2021
The hardware component dominated the automotive telematics market in 2021, as there are affordable IoT hardware options available in the market. Moreover, as hardware make up bulk of investment in early phase, they have higher share and growth during first half of forecast period. The hardware segment is further segmented into self-contained telematics units and GPS devices. Among these two, the self-contained telematics unit has contributed majorly to the hardware segment in the automotive telematics market.
Vehicle tracking/ recovery (fleet management application leads the automotive telematics market in 2021
The vehicle tracking/recovery (fleet management) application segment is estimated to have the highest market share in 2021. Fleet management systems allow users to locate company vehicles on-demand, gather and store engine error codes and detect dangerous driver habits such as speeding, harsh braking, and idling. However, the on-road assistance segment is projected to grow at a fastest CAGR during the forecast period.
Heavy vehicle segment has the fastest CAGR during the forecast period
Telematics is helping companies/personnel by providing benefits like fuel consumption optimization, fleet efficiency enhancement, and remote monitoring of vehicle via GPS and video-based telematics. In terms of vehicle type, heavy vehicles segment is projected to grow at a fastest CAGR during the forecast period. Growing government mandate for deploying vehicle tracking in commercial vehicles and rising demand for smartphones supplements the adoption of telematics solutions and services.
OEMs are the highest shareholders in the Global Automotive Telematics Market
In terms of sales channel, OEMs holds the highest share in the Global Automotive Telematics Market in 2021. OEM provides integrated sensors and capabilities which can deliver a high degree of data related to vehicle operation. OEMs are being adopted across the globe, mostly in the U.S., Europe and Russia, for its features like automatic emergency calls and vehicle location identification. Also, increasing trend of providing OEM-embedded telematics solutions and due to their extensive foothold in manufacturing embedded modules and strong technological leadership are creating heavy opportunities in the OEM-based automotive telematics across the globe.
Request Free Sample Copy @ https://www.astuteanalytica.com/request-sample/automotive-telematics-market
Asia Pacific dominates the Global Automotive Telematics Market
Asia Pacific is dominating the Global Automotive Telematics Market in 2021 and is expected to continue its dominance during the forecast period. With regulations and policies related to the safety of vehicles and rising technology penetration in the APAC region, telematics market is expected to grow at a faster rate than any other region in the world. China held the major share in the Asia Pacific automotive telematics market in 2021.
Impact of COVI1D-19
Post COVID-19, it is expected that the vehicle telematics market will have a stronger acceptance by the fleet operators more than ever, as there will be need for operations optimization and fuel monitoring. With less resources at hand, fleet operators will no longer have the luxury to deploy resources to manage the fleet. To manage business in current time, automotive OEMs and other end users should look at a balance of short-term measures and long-term strategic decisions to succeed during post-COVID conditions. Telematics may provide a solution to both.
Competitive Dashboard
- Bosch Group is a global supplier of technology and services. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology.
- Continental AG is a German multinational automotive parts manufacturing company which specializes in brake systems, interior electronics, automotive safety, powertrain and chassis components, tachographs, tires, and other parts for the automotive and transportation industries.
- LG Electronics Inc., founded in 1958, is a South Korea-based electronics manufacturer. The company is engaged in the manufacturing of computer equipment, home appliances, entertainment products, and electrical components.
- HARMAN International designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and connected services.
- Octo Telematics is a provider of telematics and data analytics solutions for the auto insurance industry. The Company operates its business across four segments, namely products, industries, company, and resources.
- Airbiquity Information Technology and Services is global provider of telematics, connected vehicle services, automotive, fleet management, mobile application integration, hardware and software integration, SaaS, connected car, private cloud, M2M, and OTA.
Segmentation Overview of the Global Automotive Telematics Market
Following are the different segments of the Global Automotive Telematics Market:
- By Component segment:
- Hardware
- Self-contained Telematics Units (TCU)
- GPS Devices
- Software Platform
- Services
- Consulting
- Implementation
- Maintenance
- Telematics as a Service
- By Application segment:
- Automatic Crash Notification
- Billing Services
- Driver Behavior
- Emergency Calling
- Insurance Risk Assessment
- Navigation
- On-Road Assistance
- Remote Diagnostics
- Vehicle Tracking/Recovery (Fleet Management)
- Others
- By Vehicle Type segment:
- Light Commercial Vehicles
- Passenger Car
- Electric Vehicles
- ICE Vehicles
- Heavy Vehicles
- Two-Wheele
- Others
- By Connectivity segment:
- Satellite
- Cellular
- By Channel segment:
- Aftermarket
- OEMs
- By Region segment:
- North America
- The U.S.
- Canada
- Mexico
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Singapore
- Malaysia
- Indonesia
- Vietnam
- Thailand
- Myanmar
- Rest of ASEAN
- Rest of APAC
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/request-sample/automotive-telematics-market
For Additional Information OR Media Enquiry, Please Mail Us At: [email protected]
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4251598 (Rest of the World)
Email: [email protected]
Website: www.astuteanalytica.com
Follow US: LinkedIn | Twitter
SOURCE Astute Analytica
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article