Automotive Telematics Market to Witness CAGR of 15% (2021-2027) on account of Increasing Demand for Fleet Telematics along with Stringent Government Mandates | UnivDatos Market Insights

NOIDA, India, Oct. 31, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Automotive Telematics Market was valued at more than USD 28.5 billion in 2020 and is expected to grow at a CAGR of around 15% from 2021-2027. The analysis has been segmented into Application (Fleet/Asset Management, Navigation & Location-Based System, Infotainment System, Insurance Telematic, Safety & Security, and Others); Technology Type (Embedded, Tethered, and Integrated); Vehicle Type (Passenger Car and Commercial Vehicle); Sales Channel (OEM and Aftermarket); Region/Country.

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The Automotive Telematics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Telematics market. The Automotive Telematics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Automotive Telematics market at the global and regional levels.

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Market Overview

Over time, smartphones have evolved into the primary mode of communication. It has opened several possibilities for automakers to replace traditional computer-based infotainment systems with tablets and smartphones, lowering product costs. The growing trend of remaining connected to the outside world while traveling is prompting automakers to implement connectivity options into their vehicles to boost sales. Fuel theft monitoring, car insurance telematics, and eco-driving assistance are now all available through monitoring systems embedded in smartphone apps. As a result, cellphones are a less expensive and handier gadget because they do not require in-vehicle electronics. For example, Driveway Software and Zurich Insurance Group collaborated to develop smartphone-based systems that monitor driving movements, quantify driver distraction, and provide feedback to drivers via their phones. For the safety and security of autos, governments in major countries throughout numerous regions have implemented strict rules and regulations. Many governments have mandated increased installation to track the location and behavior of cars. Many countries have made services such as theft tracking and emergency call systems mandatory.

COVID-19 Impact

The COVID-19 disaster has had a significant impact on practically every part of society, including automotive manufacturers and insurance companies. Companies and original equipment manufacturers (OEMs) in various countries were shut down in order to control and overcome the COVID-19 issue, which had a significant impact on the economy, particularly in developing countries. The pandemic has had a significant impact on the automotive industry, and the shutdowns of manufacturing facilities have created various issues. Automobile and parts production factories around the world have closed, consumer activity in showrooms has plummeted, and governments in a number of locations have placed temporary trade restrictions, resulting in a major decline in automobile sales. According to Toyota Kirloskar Motor (TKM), Toyota sales in India fell by 86.49 percent in May 2020, to 1,639 units, compared to 12,138 units in May 2019. As a result, it is expected that these factors will limit the market's expansion.

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The global Automotive Telematics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on application, the market is segmented into Fleet/Asset Management, Navigation & Location-Based System, Infotainment System, Insurance Telematic, Safety & Security, and Others. The Fleet/Asset Management category is expected to grow at a significant CAGR during the forecasted period. Fleet/Asset management systems assist in the smooth operation of a business by recognizing unsafe driver habits, reducing excess fuel usage, and providing a strategy for more efficient routes. Operators can use fleet management systems to find vehicles on demand, gather and preserve engine problem data, and spot unsafe driving tendencies like idling, forceful braking, and speeding. For fleet operators, this driver data is priceless. Fleet management services are becoming more popular as they help fleet operators minimize expenses throughout their operations.
• Based on technology type, the market is segmented into Embedded, Tethered, and Integrated. The embedded category dominated the automotive telematics market owing to the rise of cloud-based technology and the optimization of service plan prices. The expansion of integrated automotive telematics is being driven by an increase in the frequency of road accidents and vehicle incidents. Furthermore, in recent years, the logistics sector's demand for GPS navigation and emergency systems has grown by leaps and bounds.
• Based on the vehicle type, the market is segmented into Passenger Car and Commercial Vehicle. The Passenger Car segment generated considerable revenue in 2020. One of the major drivers of category expansion is government mandates. The demand for advanced telematics passenger car services such as fuel & routing optimization, vehicle-maintenance alerts, vehicle-finder services, real-time tracking, and stolen-vehicle recovery, as well as the demand for safety and convenience-related advanced telematics passenger car services like fuel & routing optimization, vehicle-maintenance alerts, vehicle-finder services, real-time tracking, and stolen-vehicle recovery, are the main drivers for the segment market growth. The commercial vehicle telematics market is likely to benefit from the rising industrialization and development of the transportation and logistics industry. As a result of this advancement, trucks, and buses can now run at all hours of the day and night, seven days a week.
• Based on sales channel, the market is segmented into OEM and Aftermarket. The OEM segment to witness higher CAGR during the forecast period, as most manufacturers are focused on providing advanced assistance features in their vehicles. Furthermore, in the last five years, the aftermarket section of the automotive telematics market has been spurred by the rapid use of telematics services for fleet management among commercial vehicles.

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Automotive Telematics Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World

Asia Pacific region has accounted for a large share of the market's expansion owing to the rising connectivity trends and introduction stringent fleet management and telematics rules and regulations by various countries in the region. Furthermore, the market's growth will be fueled by OEM contributions to APAC automotive telematics and high demand for embedded systems or technology-based solutions, which are low-cost and easy to manage. Furthermore, rising government initiatives and stricter restrictions governing the integration of telematics systems for passenger safety and security in nations like India, China, Japan, and Australia are expanding the usage of vehicle telematics.

The major players targeting the market include

• Airbiquity Inc.
• Verizon Communications Inc.
• Masternaut Limited
• Robert Bosch GmbH
• Mix Telematics
• Omnitracs, LLC
• Zonar Systems
• Harman International
• Trimble Inc
• Teletrac Navman

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Telematics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Automotive Telematics market?
• Which factors are influencing the Automotive Telematics market over the forecast period?
• What are the global challenges, threats, and risks in the Automotive Telematics market?
• Which factors are propelling and restraining the Automotive Telematics market?
• What are the demanding global regions of the Automotive Telematics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Automotive Telematics Market Report Coverage

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