Bharat Book Bureau Provides the Trending Market Research Report on “Automotive Telematics Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region - Global Forecast to 2027” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Automotive Telematics Market is projected to reach USD 15.5 billion by 2027 from an estimated USD 8.8 billion in 2022 at a CAGR of 12.1% during the forecast period. All the car makers investing or introducing some kind of telematics services in their newly launched or upcoming vehicles for enhanced safety and comfort. Considering the activities from the supply side, the market is expected to see constant growth over the forecast period.
One of the major trends observed in the automotive telematics market is the growing collaborations and tie-ups and MOUs among different systems providers, OEMs, telematics service providers, and other stakeholders. For instance, in July 2022, Mahindra partnered with Qualcomm, Visteon for development of connected car solutions for its upcoming cars. Increasing demand for improved safety features in vehicles and more efficient road traffic is the primary reason driving the growth of the automotive telematics market .
“Passenger Car Segment is expected to remain the largest segment by vehicle type.”
Passenger Car market expected to grow due to increase in demand and mandates for safety and convenience telematics services. The North America and European region are developed nations with high incomes and greater technology adoption rates which increases the demand for telematics services and connectivity solutions. Infrastructure in these regions are a major reason that attract the global OEMs to test and develop more telematics services for autonomous. Increasing demand for autonomous cars in developed countries is making the OEMs introduce advanced telematics systems and solutions which is expected to boost the market of passenger car market.
Passenger Car segment is expected to remain the largest segment by Aftermarket
The demand for substantial car telematics services for passenger car in the aftermarket is expected to grow due to technological advancement, launches of various connected services aftermarket platforms and rolling out of safety and insurance mandates. For instance, in 2017, HARMAN announced an Aftermarket Connected Automotive Platform that can support connected applications and transform any existing vehicle with telematics capabilities. The new solution is available to automotive OEMs, dealers, specialty automotive retailers, and mobile carriers.
Aftermarket fills the technological gap, offering the ability to upgrade the connectivity of vehicles to intelligent safety systems that rely on real-time data, with the connected head units that integrate smartphones with vehicle entertainment systems, to keep the drivers safe. As connected car are equipped with telematics units, the growing penetration of connectivity in cares is expected to drive telematics market. Services such as fleet management, on-road assistance, navigation and driver behavior are experiencing higher adoption in passenger cars as they prove beneficial to the fleet owners with real-time data.
“The Asia-Pacific is expected to register the fastest growth during the forecast period.”
The Asia-Pacific automotive telematics market is estimated to be the fastest-growing. In Asia-Pacific region, the telematics services such as on-road assistance system is expected to have the largest market share and insurance risk assessment service is expected to see the fastest growth in the Asia Pacific region. Insurance risk assessment will see larger growth due to increasing government mandates , in countries like India which has recently introduced such mandates. Factors such as development of advanced communication devices, penetration of advanced ADAS features and government mandates are expected to drive the penetration of telematics in vehicles in Asia pacific. For instance, Japan is one of the first countries to invent and implement most ADAS in cars.
Japanese automotive companies are continuously developing advanced electronics/devices for telematics and vehicle connectivity technologies. For instance, in 2021, Suzuki Motor Corporation (Suzuki), Subaru Corporation (Subaru), Daihatsu Motor Co. Ltd. (Daihatsu), Toyota Motor Corporation (Toyota), and Mazda Motor Corporation (Mazda) reached an agreement to jointly develop technical specifications for next-generation vehicle communications devices. Such developments are expected to drive advancements in telematics systems. Various projects related to development of 5G infrastructure in countries such as China, Japan, South Korea is going to be major factor for telematics industry in Asia Pacific. Considering the above mentioned factors and scenarios, it can be said that Asia Pacific will be a major market for automotive telematics industry in the coming years.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
•By Company Type: Telematics Service Provider- 30%, Telematics Hardware Providers - 30%, and OEM - 40%
•By Designation: C Level - 20%, D Level - 30%, and Others - 50%
•By Region: North America - 30%, Europe - 50%, and the Asia Pacific - 15%, Rest of the World – 5%
The automotive telematics market comprises major manufacturers such as Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US) among others.
The study segments the automotive telematics market and forecasts the market size based on Services [automatic crash notification, emergency calling, navigation & infotainment, on-road assistance, remote diagnostics, fleet management, insurance risk assessment, driver behavior billing services, and others], By Form Factor [embedded, tethered and integrated], Components [telematics control unit, a navigation system, communication devices, audio/video interfaced and CAN bus}, Vehicle Type [passenger Car, LCV, bus and truck), Connectivity [satellite and cellular], By Aftermarket [passenger car aftermarket, LCV aftermarket, bus aftermarket and truck aftermarket], Fleet Management Service [consulting, implementation and maintenance], Region [Asia Pacific, Europe, North America, and RoW]. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall automotive telematics market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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