Press release
The Global Automotive Telematics Market Evaluated to Reach $382.09 Billion in Revenue by 2028
Global Automotive telematics market
A recent study by Triton Market Research titled 'Global Automotive Telematics Market' comprises the Global Analysis and Forecasts by Segment (Tethered, Embedded, Integrated Smartphones), Vehicle (Commercial Vehicles, Two-Wheeler, Passenger Cars), End-user (Aftermarket, Original Equipment Manufacturers (OEMs)), Application (Navigation & Location Based System, Insurance Telematics, Fleet/Asset Management, Safety & Security, Infotainment System, Other Applications), and by Geography (North America, Middle East and Africa, Europe, Latin America, Asia-Pacific).
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According to Triton Market Research's report, the global market for automotive telematics is anticipated to progress at a CAGR of 22.27% over the estimated phase of 2021-2028. It is likely to gather revenue worth $382.09 billion by 2028.
Telematics combines vehicle technologies, electrical engineering, and telecommunications to offer a connected experience to drivers. These systems can be employed in commercial vehicles and two-wheelers.
In recent years, regulatory bodies in several countries have introduced policies to ensure passenger and vehicle safety. Here, the growth in demand for vehicle tracking and navigation has enhanced the installation of telematics solutions in passenger vehicles. Thus, regulations for vehicle and passenger safety majorly support the evolution of the automotive telematics market globally. However, the threats relating to cybersecurity, along with the elevated cost of telematics systems, are impeding the automotive telematics market's future growth.
The market for automotive telematics is broadly divided into segment, vehicle, end-user, and application. In terms of segment, the market is subdivided into tethered, embedded, and integrated smartphones. Based on vehicle, it is trifurcated into commercial vehicles, two-wheelers, and passenger cars. The end-user segment is branched into aftermarket and original equipment manufacturers (OEMs). Lastly, the application is categorized into navigation & location-based system, insurance telematics, fleet/asset management, safety & security, infotainment system, and other applications.
The Asia-Pacific region is anticipated to observe the fastest growth rate in the automotive telematics market over the considered phase. The growing awareness and surging demand for telematics have encouraged OEMs to equip their mid-range vehicles with infotainment systems. Furthermore, several countries like China and India have witnessed a surge in passenger car ownership, equipped with in-dash entertainment systems, display units, and security features. Hence, the rise in passenger car ownership enhances the demand for telematics, thereby boosting the growth of the automotive telematics market across the region.
Airbiquity Inc, Omnitracs LLC, Masternaut Limited, Trimble Inc, Verizon Communications Inc, Intel Corporation, Continental AG, Visteon Corporation, Tomtom International BV, Qualcomm Technologies Inc, Teletrac Navman US Ltd, Mix Telematics, Harman International Industries Inc, Robert Bosch GmbH, and ATT Inc are distinguished companies thriving in the automotive telematics market.
Purchase this Report @ https://www.tritonmarketresearch.com/reports/automotive-telematics-market#purchase-option
Question & Answer: Automotive Telematics Market
Question 1: What factor supports the evolution of the automotive telematics market globally?
Answer: In recent years, regulatory bodies in several countries have introduced policies to ensure passenger and vehicle safety. Here, the growth in demand for vehicle tracking and navigation has enhanced the installation of telematics solutions in passenger vehicles. Thus, regulations for vehicle and passenger safety majorly support the evolution of the automotive telematics market globally.
Question 2: What factors are impeding the automotive telematics market's future growth?
Answer: The threats relating to cybersecurity, along with the elevated cost of telematics systems, are impeding the automotive telematics market's future growth.
Question 3: Which region is anticipated to observe the fastest growth rate in the automotive telematics market?
Answer: The Asia-Pacific region is anticipated to observe the fastest growth rate in the automotive telematics market over the considered phase. The growing awareness and surging demand for telematics have encouraged OEMs to equip their mid-range vehicles with infotainment systems. Furthermore, several countries like China and India have witnessed a surge in passenger car ownership, equipped with in-dash entertainment systems, display units, and security features. Hence, the rise in passenger car ownership enhances the demand for telematics, thereby boosting the growth of the automotive telematics market across the region.
Question 4: Which are the distinguished companies thriving in the automotive telematics market?
Answer: Airbiquity Inc, Omnitracs LLC, Masternaut Limited, Trimble Inc, Verizon Communications Inc, Intel Corporation, Continental AG, Visteon Corporation, Tomtom International BV, Qualcomm Technologies Inc, Teletrac Navman US Ltd, Mix Telematics, Harman International Industries Inc, Robert Bosch GmbH, and ATT Inc are distinguished companies thriving 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 evaluated to display growth in its revenue during 2019-2027 at a CAGR of 21.66%. It is assessed to acquire revenue worth $80.97 billion by 2027.
Advanced driver assistance systems enhance the driving experience by providing numerous safety features. For instance, these systems are integrated with cutting-edge technology, offering parking assistance, blind spot alerts, and crash alerts.
The growing awareness pertaining to ADAS systems, increasing vehicular production, and stringent crash regulations are significant factors supporting the overall growth of the reviewed market. Furthermore, the surge in concerns relating to passenger safety created new opportunities for the ADAS market.
However, the technological limitations and intense competition among existing players weigh down the global market's progression.
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