Press release
The Global Automotive Telematics Market Assessed to Advance at $382.09 Billion by 2028
Automotive Telematics Market
Telematics refers to an amalgamation of telecommunication, electrical engineering, and vehicle technologies that assist in offering a connected driving experience to users.
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As per Triton Market Research's report, the global automotive telematics market is evaluated to register growth at a CAGR of 22.27% during the forecast period 2021-2028, gaining revenue worth $382.09 billion.
The increase in demand for vehicle tracking and navigation has surged the installation of telematics in passenger vehicles. Presently, several regulatory bodies are introducing policies for passenger safety, favoring the studied market.
Hence, the regulations for passenger and vehicle safety, coupled with the rising adoption of connected car services, are supporting the progression of the automotive telematics market.
However, less connectivity in automobiles, cybersecurity risks, and expensive telematics solutions are restricting the expansion of the automotive telematics market.
The automotive telematics market is segmented into vehicle, application, segment, and end-user.
The vehicle is divided into two-wheeler, commercial vehicles, and passenger cars. Based on application, the market is categorized into fleet/asset management, navigation & location-based system, infotainment system, insurance telematics, safety & security, and other applications. In terms of segment, the market trifurcated into integrated smartphones, tethered, and embedded. Lastly, the end-user is subdivided into original equipment manufacturers (OEMs) and aftermarket.
Globally, North America dominates the automotive telematics market. The region's robust growth is mainly owing to the rising demand for commercial vehicles, especially in the United States. Other than this, the growing adoption of telematics, such as navigation systems, fleet management, and more, are adding to the studied market's growth.
Furthermore, the presence of key players, including Intel Corporation and AT&T Inc, has enhanced the demand for telematics across Canada and the United States. Hence, these trends are motivating the expansion of the automotive telematics market across North America.
Intel Corporation, Qualcomm Technologies Inc, Airbiquity Inc, Trimble Inc, ATT Inc, Continental AG, Mix Telematics, Robert Bosch GmbH, Teletrac Navman US Ltd, Harman International Industries Inc, Verizon Communications Inc, Omnitracs LLC, Visteon Corporation, Masternaut Limited, and Tomtom International BV are well-known companies in the automotive telematics market.
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Question & Answer: Automotive Telematics Market
Question 1: What significant factors are supporting the progression of the automotive telematics market?
Answer: The increase in demand for vehicle tracking and navigation has surged the installation of telematics in passenger vehicles. Presently, several regulatory bodies are introducing policies for passenger safety, favoring the studied market. Hence, the regulations for passenger and vehicle safety, coupled with the rising adoption of connected car services, are supporting the progression of the automotive telematics market.
Question 2: What factors are restricting the expansion of the automotive telematics market?
Answer: The less connectivity in automobiles, cybersecurity risks, and expensive telematics solutions are restricting the expansion of the automotive telematics market.
Question 3: Which region dominates the automotive telematics market?
Answer: Globally, North America dominates the automotive telematics market. The region's robust growth is mainly owing to the rising demand for commercial vehicles, especially in the United States. Other than this, the growing adoption of telematics, such as navigation systems, fleet management, and more, are adding to the studied market's growth. Furthermore, the presence of key players, including Intel Corporation and AT&T Inc, has enhanced the demand for telematics across Canada and the United States. Hence, these trends are motivating the expansion of the automotive telematics market across North America.
Question 4: Which are the well-known companies in the automotive telematics market?
Answer: Intel Corporation, Qualcomm Technologies Inc, Airbiquity Inc, Trimble Inc, ATT Inc, Continental AG, Mix Telematics, Robert Bosch GmbH, Teletrac Navman US Ltd, Harman International Industries Inc, Verizon Communications Inc, Omnitracs LLC, Visteon Corporation, Masternaut Limited, and Tomtom International BV are well-known companies in the automotive telematics market.
Related Report:
Global Advanced Driver Assistance System (ADAS) Market - https://www.tritonmarketresearch.com/reports/advanced-driver-assistance-system-market#report-overview
The global advanced driver assistance systems (ADAS) market is likely to advance at a CAGR of 21.66% during the projected period of 2019-2027 while reaping revenue worth $80.97 billion by 2027.
Advanced driver assistance systems refer to advanced technologies that help drivers with various safety features, including parking assistance, crash alerts, and theft alerts.
Factors such as the growing production of vehicles, rising automobile theft, and increasing safety standards in new vehicles are supplementing the growth of the studied market.
In addition, the surge in the adoption of ADAS systems in low-cost cards, coupled with growing concerns relating to passenger safety, are opening new avenues for market players to strengthen their footings in the advanced driver assistance systems market.
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