Automotive Telematics Solution Market Outlook
According to a new report by Expert Market Research titled, “Automotive Telematics Solution Market Price, Share, Analysis, Report and Forecast 2023-2028″, is projected to grow at a CAGR of 24.60% between 2023 and 2028. Aided by the increasing demand for enhanced vehicle connectivity and safety features, alongside the growing applications of telematics in various vehicle categories, the market is expected to grow significantly by 2028.
Automotive telematics solutions encompass a broad range of telecommunication and informatics services, including GPS navigation, vehicle safety alerts, automatic crash notification, and vehicle diagnostics. These solutions play a critical role in enhancing vehicle safety, operational efficiency, and driver convenience, making them an indispensable feature in modern vehicles.
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The surging consumer demand for advanced vehicle safety and connectivity features is a key driver of the global automotive telematics solution market growth. There has been a noticeable shift towards cars with sophisticated telematics systems as awareness of road safety and the frequency of vehicle thefts and accidents has increased. These technologies help with emergency assistance and breakdown services in addition to real-time car tracking and diagnostics, improving overall road safety.
Furthermore, the expanding applications of automotive telematics solutions across various vehicle categories significantly contribute to the automotive telematics solution market development. These solutions are widely used in passenger vehicles for navigation, entertainment, and safety purposes. Simultaneously, in commercial vehicles, they facilitate fleet management, cargo tracking, and driver behaviour monitoring, enhancing operational efficiency and productivity.
Moreover, the rising demand for shared mobility and connected car services has increased the focus on automotive telematics solutions. With the growing popularity of car-sharing services and ride-hailing platforms, telematics solutions have emerged as a crucial component for service management and customer experience enhancement. They enable real-time vehicle tracking, efficient fleet management, and provide critical data analytics, thus fuelling the automotive telematics solution market expansion.
In addition, advancements in wireless technology and the advent of the Internet of Things (IoT) have revolutionised the automotive telematics solutions market. Cutting-edge technologies such as 5G, artificial intelligence (AI), and machine learning (ML) are increasingly being integrated into automotive telematics, leading to enhanced system capabilities and user experience. These technological advancements, coupled with the ongoing development of autonomous vehicles, are expected to propel the automotive telematics solution market growth further in the coming years.
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Automotive Telematics Solution Market Segmentation
The market can be divided based on application, vehicle type, sales channel, and region.
Market Breakup by Application
- Vehicle Tracking
- Fleet Management
- Satellite Navigation
- Vehicle Safety Communication
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Breakup by Sales Channel
- Original Equipment Manufacturer (OEMs)
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive telematics solution companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Teletrac Navman US Ltd
- PowerFleet, Inc. (I.D. Systems, Inc.)
- Trimble Inc.
- Fleetmatics Pvt. Ltd
- Airbiquity Inc.
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