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Automotive Telematics Market

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.

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  • Rising Demand for Connected Vehicles: Modern telematics systems that include features like route, infotainment, remote diagnostics, and vehicle tracking are becoming more and more popular with consumers. The need for telematics systems is expected to soar as networks become more and more integrated into automobile designs.
  • Regulatory Mandates and Safety Standards: States as a whole are enforcing regulations and security guidelines that mandate that telematics systems in cars be taken into account. Telematics innovation is being driven, for instance, by standards demanding the implementation of eCall frameworks for scheduled crisis aid in the event of disasters. The auto telematics market is growing as a result of compliance with these orders.
  • Emergence of Usage-Based Insurance (UBI): Utilization Based Insurance (UBI) schemes are becoming more and more popular. UBI programs use telemetry data to determine protection payments based on a driver's unique driving behavior. Backup plans are encouraging customers to install telematics devices in their cars to monitor driving habits. This could lead to safer driving habits and therefore lower insurance prices. The popularity of UBI is increasing demand for telematics systems in the automotive industry.
  • Advancements in Connected Car Services: Automakers and technology providers are constantly working to improve connected car services, providing features like remote diagnostics, cloud-based vehicle diagnostics, cloud-based vision support, and enhanced infotainment options. These value-added services are increasing customer inclination and the uptake of telematics-equipped cars, fueling industry expansion.
  • Integration with Advanced Driver Assistance Systems (ADAS): Modern Driver Assistance Systems (ADAS) and telematics innovation are being synchronized to enhance vehicle security and driver assistance capabilities. Current vehicles are beginning to be equipped with telematics-enabled ADAS features including scheduled crisis slowing down, varied journey control, and path takeoff cautioning. This is creating a demand for telematics solutions.
  • Rise of Electric and Autonomous Vehicles: The proliferation of autonomous vehicles (AVs) and electric cars (EVs) is creating new opportunities for telematics vendors. In order to monitor battery health, enhance charging infrastructure, and facilitate vehicle-to-vehicle (V2V) and vehicle-to-foundation (V2I) communication in EVs and AVs, telematics systems play a crucial role in propelling the growth of the business sector.
  • Technological Advancements in IoT and AI: Telematics frameworks are becoming more capable thanks to advancements in computerized reasoning (simulated intelligence) and the Web of Things (IoT). Controlled artificial intelligence research and AI computations enable telematics solutions to transmit more precise information, vision analysis, and personalized services, boosting reception across various vehicle applications.
  • Demand for Fleet Management Solutions: Telematics-based armada the board frameworks are gaining traction as a result of the need for efficient executive solutions that may save operational costs, increase vehicle usage, and improve driver wellness. Fleet managers are increasingly investing in telematics solutions to monitor vehicle performance, continuously track resources, and ensure administrative consistency, which is propelling the growth of the business sector.

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 top supplier of fleet management and telematics systems, including services like route optimization, driver safety monitoring, and vehicle tracking.
    • Geotab Inc.: specializes in GPS fleet management and tracking systems; offers telematics equipment and software for businesses using fleets of vehicles.
    • TomTom Telematics (now part of Bridgestone): provides fleet management solutions, such as real-time traffic updates, driver behavior monitoring, and vehicle tracking.
    • Fleet Complete: offers complete fleet management solutions for companies of all sizes, including telematics hardware, software, and analytics.
    • Teletrac Navman: renowned for providing GPS monitoring and fleet management solutions with features including fuel management, asset tracking, and compliance reporting.
  • Automotive OEMs:
    • General Motors (OnStar): General Motors operates the well-known telematics service OnStar, which offers features like remote vehicle access, vehicle diagnostics, and emergency help.
    • BMW Group (BMW ConnectedDrive): BMW ConnectedDrive integrates a number of telematics services, such as remote services, concierge help, and navigation, into BMW automobiles.
    • Ford Motor Company (FordPass Connect): In Ford automobiles, FordPass Connect offers connectivity capabilities like remote start, Wi-Fi hotspot, and vehicle health notifications.
    • Mercedes-Benz (Mercedes me connect): For Mercedes-Benz automobiles, Mercedes me connect provides telematics services like remote car management, navigation, and vehicle tracking.
    • Volkswagen Group (Car-Net): Car-Net offers connectivity services for Volkswagen, Audi, and other Volkswagen Group brands, including remote access, emergency help, and car health monitoring.
  • Telematics Hardware Providers:
    • CalAmp Corporation: a top supplier of telematics hardware solutions, such as asset trackers, telematics gateways, and car tracking devices.
    • Sierra Wireless: provides telematics modules and systems that allow data management and networking in vehicles for automotive OEMs and aftermarket applications.
    • Telit Communications: Specializes in IoT modules and solutions, including telematics modules for vehicle tracking, diagnostics, and remote monitoring.
    • Queclink Wireless Solutions: offers telematics solutions and GPS tracking devices for asset tracking, fleet management, and personal tracking applications.
    • Laird Connectivity: provides connectivity options, telematics antennas, and modules for use in industrial, automotive, and Internet of Things applications.
  • Insurance Telematics Providers:
    • Progressive Corporation: Offers usage-based insurance (UBI) solutions such as Snapshot, which uses telematics data to determine insurance premiums based on driving behavior.
    • Allstate Corporation (Allstate Drivewise): Allstate's Drivewise UBI program offers individual insurance discounts based on telematics-monitored safe driving practices.
    • State Farm Mutual Automobile Insurance Company (Drive Safe & Save): State Farm offers a UBI program called Drive Safe & Save, which uses telematics data to calculate insurance savings for subscribers.
    • Nationwide Mutual Insurance Company (SmartRide): Nationwide's UBI program, SmartRide, uses telematics tracking to reward safe driving with insurance reductions.
    • Liberty Mutual Insurance Company (RightTrack): Liberty Mutual's UBI product, RightTrack, provides individual insurance reductions based on telematics-tracked driving behaviors.

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

Automotive Telematics Market Size,  Share & Growth Report
Report Code
AT 2658
RI Published ON
5/3/2024
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