Automotive Telematics Market is expected to grow at a CAGR of ~15% between 2021-2027.
Advanced communication technologies such as vehicle telematics are seeing widespread use in applications such as vehicular communication, safety, mapping systems, and road transportation, as the auto industry looks to tap into next-generation automotive capabilities. Furthermore, the vehicle telematics market is expected to rise due to enhanced broadband networks and the widespread use of smartphones for communication. Parallel to the continually rising popularity of in-built mobile communications among drivers, there has been a growing desire for effective satellite navigation services, resulting in strong demand for vehicle telematics technology. Because assistive technologies such as automotive telematics open up sales opportunities, carmakers have begun to include the system in their cars and market it as an enhanced version. The automotive telematics system is a combination of information technology and telecommunication systems that are used to monitor the movements and locations of automobiles with the help of onboard diagnostic systems and the Global Positioning System (GPS). Some of the major key functions of these systems in autos include automatic crash notification, vehicle tracking, emergency phoning, driver behavior monitoring, navigation help, and on-road assistance services. In addition, rising demand for smartphone features in vehicles, automated driving technologies with passenger safety features, advancements in 5G connection, and increased government initiatives to establish an intelligent transportation system (ITS) are projected to fuel market demand. The Global Automotive Telematics Market is expected to grow at a CAGR of ~15% between 2021-2027.
Market Overview
Over time, smartphones have evolved into the primary mode of communication. It has opened up 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 in order 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 more handy 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
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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.
Global Automotive Telematics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Application, the market is primarily studied into:
· Fleet/Asset Management
· Navigation & Location-Based System
· Infotainment System
· Insurance Telematic
· Safety & Security
· Others
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 segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% 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.
By Technology Type, the market is primarily bifurcated into:
· Embedded
· Tethered
· Integrated
Based on technology type, the market is segmented into Embedded, Tethered, and Integrated. The Embedded segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Because of the rise of cloud-based technology and the optimization of service plan prices, Embedded has carved out a significant portion of the global Automotive Telematics Market. 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
By Vehicle Type, the market is primarily bifurcated into:
· Passenger Car
· Commercial Vehicle
Based on the vehicle type, the market is segmented into Passenger Car and Commercial Vehicle. The Passenger Car segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. 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.
By Sales Channel, the market is primarily bifurcated into:
· OEM
· Aftermarket
Based on sales channel, the market is segmented into OEM and Aftermarket. The OEM segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. As most manufacturers are focused on providing advanced assistance features in their vehicles, OEM is expected to be a significant section of the market, growing at a significant rate throughout the projected period. 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.
Global Automotive Telematics Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
Because of rising connectivity trends and government rules and regulations, the Asia Pacific region has accounted for a large share of the market's expansion. 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.
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The major players targeting the market includes:
· 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 companies has been elaborated by analyzing several leading key players operating in the Global context. 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 Global Automotive Telematics Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Global Automotive Telematics Market?
· Which factors are influencing the Global Automotive Telematics Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Automotive Telematics Market?
· Which factors are propelling and restraining the Global Automotive Telematics Market?
· What are the demanding global regions of the Automotive Telematics Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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