Press release
The Global Automotive Telematics Market to Upsurge at CAGR of 22.27% by 2028
Global Automotive Telematics Market
Based on Triton's research report, the global market for automotive telematics is estimated to observe growth in its revenue at a CAGR of 22.27% over the forecasting period 2021-2028.
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Telematics helps combine telecommunications, vehicle technologies, and electrical engineering to provide a connected driving experience. It primarily deals with monitoring a vehicle in real-time.
Advanced driver assistance systems use sensors, such as radars and cameras to assist drivers in taking necessary actions based on information collected in real time. Moreover, they include safety features. In recent years, the demand for ADAS technology has grown significantly, which is likely to open new avenues for the automotive telematics market. However, factors like cybersecurity threats and less connectivity in automobiles hinder the overall development of the automotive telematics market globally.
Globally, the Asia-Pacific is expected to witness the fastest growth rate in the automotive telematics market over the forecast period. This strong growth can be attributed to favorable government initiatives. Other than this, telecom infrastructure has observed substantial growth in the region. Furthermore, the rising smartphone penetration across major countries is estimated to create a strong base for telematics. Besides, several OEMs are strategizing to offer free telematics during the warranty period to enhance awareness regarding these systems. Thus, as mentioned above, all these factors play a key role in driving the automotive telematics market's growth.
The distinguished companies expanding their operations in the automotive telematics market are Qualcomm Technologies Inc, Continental AG, Omnitracs LLC, Robert Bosch GmbH, Trimble Inc, Masternaut Limited, Teletrac Navman US Ltd, Intel Corporation, Visteon Corporation, Verizon Communications Inc, Tomtom International BV, ATT Inc, Mix Telematics, Harman International Industries Inc, and Airbiquity Inc.
Companies require a significant amount to set up operations in the market. Moreover, they need to update their technologies and set up multipurpose workstations. Additionally, the established brand image of existing players restricts the entry of new market players. Thus, the threat of new players is relatively low. Further, existing players are expanding their business through partnership and distribution agreements, increasing competition levels among current market players.
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