Automotive Telematics Market To Reach $149.9 Billion in 2030

In 2019, the worldwide automotive telematics market stood at $27.7 billion and is expected to touch $149.9 billion in 2030. The market is predicted to grow at a 16.6% CAGR from 2020 to 2030 owing to the growing adoption of connected vehicles and the rising count of collaborations and partnerships. The fastest growth in this market will be observed in LAMEA in the coming years. This is because of the deployment of safety features in vehicles, connected vehicle technologies, and skyrocketing fleet telematics demand.

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The snowballing demand for more effective traffic management and better safety features in vehicles will spur the automotive telematics market growth. Some shocking results of transportation via road are severe injuries, deaths, and road congestion. Road accidents and crashes are primally an outcome of human error. India is home to most road accidents followed by China and the U.S. Support provided by various telematics solutions can not only reduce these road tragedies but also offer better safety to drivers.

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The greater adoption of technologies in the automotive telematics market will help its players to adapt to the changing dynamics and tastes & preferences of consumers. The amalgamation of 5G network innovations into telematics solutions offers lucrative growth chances for key players in this market owing to higher radio frequencies than the 4G network. There is a strong need for better network connectivity to ease the working of vehicle technologies as telematics solutions increase their complexity. The first company to incorporate a 5G network in the U.S. was Verizon Communications Inc. in December 2019.

North America had been the largest revenue generator for automotive telematics in the recent past attributed to greater support by the U.S. government are reaping profits in this market. These government initiations not only exhibit the futuristic development of this industry but also lay a better foundation for technical advancements. The U.S. dominated the market buoyed by advantageous policy frameworks and significant investments from both private and government sectors. The rising sales of trucks in the country would boost the requirement for automotive telemetrics in the future, yielding lucrative opportunities for the market players.

Hence, greater deployment of connected vehicles and a rising number of collaborations ,partnerships will drive the market.

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