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Automotive Embedded Telematics Market 2018-2024 Revenue, Industry Forecast with Major Players – Omnitracs, Telogis, Trimble, TomTom Telematics, Mix Telematics
Automotive Embedded Telematics Market
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North America has been the leading region in the automotive embedded telematics market and is projected to continue its dominance owing to the growing trend of connected vehicles in the region. As the use of telematics grows, cybersecurity vulnerabilities and the need to safeguard the vehicle-related data from cyberattack also grow.
Embedded telematics systems have been widely used in commercial vehicles for fleet management applications. They allow fleet operators and transportation & logistics service providers to manage their vehicles fleet size. They also allow enterprises to manage the fleet operations by improving navigation & communication, enabling a more secure overall traveling experience. Currently, mobile-based fleet telematics applications are widely used for fleet management as they provide cost-effective and convenient methods of fleet tracking.
The speedy implementation of the embedded telematics in passenger vehicles is expected to increase the share of the automotive embedded telematics market over the forecast timeline. Passenger vehicles offer the most convenient mode of travel and are likely to witness a surge in demand in the coming years, further accelerating the need of embedded telematics for more safety and an enhanced in-car experience.
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Other factors contributing to the growth of the automotive embedded telematics market are the increased use of embedded telematics in connected cars and the penetration of cloud-based telematics for asset tracking. Connected cars and autonomous vehicles are equipped with telematics software, which will provide vehicle owners or drivers with key information that can be used to prevent potential dangers. The widespread use of Advanced Driver Assistance Systems (ADAS) will also fuel the automotive embedded telematics market growth. Driver assistance technologies such as anti-lock braking system, automated emergency braking, and blind-spot monitoring are gaining much popularity among fleet managers to avoid potential road hazards.
The shifting focus toward the Usage-Based Insurance (UBI) propelled by the growing number of connected cars is expected to accelerate the automotive embedded telematics market. Smart cars are equipped with sensors and OBD systems that can monitor vehicle-related data and meet the customer demands for safety and security features, advanced vehicle maintenance, and improved fleet management. The UBI program includes the OBD to monitor the driving habits, Pay As You Drive (PAYD), Pay How You Drive (PHYD), and the overall status of the vehicle components.
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Some of the vendors providing automotive telematics solutions for the automotive embedded telematics market are Omnitracs, Fleetmatrics, DigiCore, Autotrac, Telogis, Trimble Navigation, Masternaut Teletrac, TomTom Telematics, and Mix Telematics.
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