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3. Automotive Telematics Market Size & Share - Future Growth Expectations

The Automotive Telematics market is projected to grow from an estimated USD 9.0 billion in 2024 to reach USD 16.1 billion by 2030 at a CAGR of 10.1% during the forecast period. This growth is driven by the growing collaborations and tie-ups among OEMs and telematics service providers and the launches of upcoming vehicles equipped with embedded telematics for enhanced safety and comfort. Increasing awareness about on-road safety and demand for advanced telematics services is fueling the demand for automotive telematics.

The Automotive Telematics Market is poised for substantial growth in the coming years, driven by several key factors:

• Rising Demand for Connected Vehicles
• Regulatory Mandates and Safety Standards
• Emergence of Usage-Based Insurance (UBI)
• Advancements in Connected Car Services
• Integration with Advanced Driver Assistance Systems (ADAS)
• Rise of Electric and Autonomous Vehicles
• Technological Advancements in IoT and AI
• Demand for Fleet Management Solutions

These factors collectively indicate a promising outlook for the Automotive Telematics Market, with substantial growth expected in the coming years as automotive manufacturers, technology providers, and service providers continue to innovate and invest in telematics solutions to meet the evolving needs of consumers and businesses.

To know about the assumptions considered for the study download the pdf brochure

• Rising Demand for Connected Vehicles: There is a developing customer interest for associated vehicles furnished with cutting edge telematics frameworks that give highlights like route, infotainment, far off diagnostics, and vehicle following. As network turns out to be progressively incorporated into car plan, the interest for telematics arrangements is supposed to flood.
   
• Regulatory Mandates and Safety Standards: States overall are executing guidelines and security principles that command the consideration of telematics frameworks in vehicles. For example, guidelines requiring the execution of eCall frameworks for programmed crisis help with instance of mishaps are driving the reception of telematics innovation. Consistence with such orders is driving the development of the Auto Telematics Market.
   
• Emergence of Usage-Based Insurance (UBI): The reception of Utilization Based Insurance (UBI) programs, which influence telematics information to work out protection payments in view of individual driving way of behaving, is expanding. Back up plans are boosting policyholders to introduce telematics gadgets in their vehicles to screen driving propensities, prompting more secure driving practices and possibly lower protection costs. The prominence of UBI is driving interest for telematics arrangements in the car area.
   
• Advancements in Connected Car Services: Auto OEMs and innovation suppliers are ceaselessly advancing to upgrade associated vehicle administrations, offering elements, for example, over-the-air refreshes, distant vehicle diagnostics, prescient support, and improved infotainment choices. These worth added administrations are driving buyer premium and reception of telematics-empowered vehicles, filling market development.
   
• Integration with Advanced Driver Assistance Systems (ADAS): Telematics innovation is progressively coordinated with Cutting edge Driver Help Frameworks (ADAS) to improve vehicle security and driver help capacities. Telematics-empowered ADAS elements, for example, versatile journey control, path takeoff cautioning, and programmed crisis slowing down are becoming norm in current vehicles, driving the interest for telematics arrangements.
   
• Rise of Electric and Autonomous Vehicles: The multiplication of electric vehicles (EVs) and independent vehicles (AVs) is setting out new open doors for telematics suppliers. Telematics frameworks assume a critical part in checking battery wellbeing, improving charging foundation, and empowering vehicle-to-vehicle (V2V) and vehicle-to-foundation (V2I) correspondence in EVs and AVs, driving business sector development.
   
• Technological Advancements in IoT and AI: Mechanical headways in the Web of Things (IoT) and Computerized reasoning (simulated intelligence) are upgrading the abilities of telematics frameworks. Man-made intelligence controlled investigation and AI calculations empower telematics answers for convey more exact bits of knowledge, prescient examination, and customized administrations, driving reception across different auto applications.
   
• Demand for Fleet Management Solutions: The requirement for productive armada the executives answers for advance functional expenses, further develop vehicle usage, and upgrade driver wellbeing is filling interest for telematics-based armada the board frameworks. Armada administrators are progressively putting resources into telematics answers for screen vehicle execution, track resources continuously, and guarantee administrative consistence, driving business sector development.

Automotive Telematics Market Share - Global Industry Landscape

• Telematics Service Providers (TSPs)
• Automotive OEMs
• Telematics Hardware Providers
• Insurance Telematics Providers

These companies represent key players across different segments of the Automotive Telematics Industry, contributing to the market's global landscape with their innovative solutions and services.

• Telematics Service Providers (TSPs):
  • Verizon Connect: A leading provider of telematics and fleet management solutions, offering services such as vehicle tracking, route optimization, and driver safety monitoring.
  • Geotab Inc.: Specializes in GPS fleet tracking and management solutions, providing telematics devices and software for commercial fleets.
  • TomTom Telematics (now part of Bridgestone): Offers fleet management solutions, including vehicle tracking, driver behavior monitoring, and real-time traffic information.
  • Fleet Complete: Provides end-to-end fleet management solutions, including telematics hardware, software, and analytics for businesses of all sizes.
  • Teletrac Navman: Known for its GPS tracking and fleet management solutions, offering features such as asset tracking, fuel management, and compliance reporting.
     
• Automotive OEMs:
  • General Motors (OnStar): OnStar is a prominent telematics service offered by General Motors, providing services such as emergency assistance, vehicle diagnostics, and remote vehicle access.
  • BMW Group (BMW ConnectedDrive): BMW ConnectedDrive offers a range of telematics services, including navigation, remote services, and concierge assistance, integrated into BMW vehicles.
  • Ford Motor Company (FordPass Connect): FordPass Connect provides connectivity features such as Wi-Fi hotspot, remote start, and vehicle health alerts in Ford vehicles.
  • Mercedes-Benz (Mercedes me connect): Mercedes me connect offers telematics services such as remote vehicle management, navigation, and vehicle tracking for Mercedes-Benz vehicles.
  • Volkswagen Group (Car-Net): Car-Net provides connectivity features like remote access, emergency assistance, and vehicle health monitoring in Volkswagen, Audi, and other brands under the Volkswagen Group.
     
• Telematics Hardware Providers:
  • CalAmp Corporation: A leading provider of telematics hardware solutions, including vehicle tracking devices, asset trackers, and telematics gateways.
  • Sierra Wireless: Offers telematics modules and solutions for automotive OEMs and aftermarket applications, enabling connectivity and data management in vehicles.
  • Telit Communications: Specializes in IoT modules and solutions, including telematics modules for vehicle tracking, diagnostics, and remote monitoring.
  • Queclink Wireless Solutions: Provides GPS tracking devices and telematics solutions for fleet management, asset tracking, and personal tracking applications.
  • Laird Connectivity: Offers telematics antennas, modules, and connectivity solutions for automotive, industrial, and IoT applications.
     
• Insurance Telematics Providers:
  • Progressive Corporation: Offers usage-based insurance (UBI) programs such as Snapshot, which uses telematics data to calculate insurance premiums based on driving behavior.
  • Allstate Corporation (Allstate Drivewise): Drivewise is a UBI program offered by Allstate, providing personalized insurance discounts based on safe driving habits monitored through telematics.
  • State Farm Mutual Automobile Insurance Company (Drive Safe & Save): Drive Safe & Save is a UBI program offered by State Farm, utilizing telematics data to determine insurance discounts for policyholders.
  • Nationwide Mutual Insurance Company (SmartRide): SmartRide is a UBI program by Nationwide, rewarding safe driving behavior with insurance discounts through telematics monitoring.
  • Liberty Mutual Insurance Company (RightTrack): RightTrack is a UBI program by Liberty Mutual, offering personalized insurance discounts based on driving habits tracked via telematics.

Related Report

Automotive Telematics Market for ICE & Electric Vehicle, By Service (eCall, On-road Assistance, Insurance risk assessment, Remote Diagnostics), Form (Embedded & Integrated), Connectivity, Aftermarket and Region - Global Forecast to 2030