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Future of Connected Cars: Automotive Telematics Market Insights 2024
Automotive Telematics Market Trends
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According to The Business Research Company's, The automotive telematics market size has grown exponentially in recent years. It will grow from $129.48 billion in 2023 to $166.43 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in vehicle ownership, increased occurrences of vehicle theft and high adoption of connected cars.
The automotive telematics market size is expected to see exponential growth in the next few years. It will grow to $440.78 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to rising demand for electric vehicles (ev), supportive government regulations and the increasing concerns about vehicle safety. Major trends in the forecast period include use of artificial intelligence (ai), product innovations, collaborations and acquisitions, new technology development, telematics-based insurance, use of cloud technology and adoption of self-installed telematics devices.
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Market Drivers and Trends:
An increase in car accidents is contributing to the growth of the automotive telematics market going forward. Car accidents, also referred to as car collisions or accidents with a car that involve a collision with another vehicle or stationary objects, Automobile telematics reduces accidents by providing real-time feedback to drivers. Major car manufacturers are now installing automotive telematics to keep vehicles and drivers safe. For instance, according to Vox, a US-based news website and media company, in 2021, car accidents will have resulted in the fatalities of 1.3 million people worldwide. Furthermore, car accidents also caused the deaths of 7,485 pedestrians in the US in 2021. Therefore, the increase in car accidents is driving the growth of the automotive telematics market.
New product innovations are the key trend gaining popularity in the automotive telematics market. Major companies operating in the automotive telematics sector are focused on introducing new innovations to sustain their position in the market. For instance, in June 2021, Masternaut, a UK-based telematics company specializing in fleet and asset management, launched the MoveElectric transition tool that helps identify which journeys could be carried out by an EV (Electric Vehicle) instead of an ICE (Internal Combustion Engine) vehicle based on parameters that reflect business needs and working patterns. It uses comprehensive real-world data that allows fleet managers to measure and demonstrate the wider benefits of the move to EVs, including efficiency, CO2 reduction, and cost savings.
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Major Key Players of the Market:
BorgWarner Inc, Robert Bosch GmbH, Hanon Systems, Valeo, Mahle GmbH, Denso Corporation, Panasonic Corporation, Dana Incorporated, Gentherm Incorporated, LG Chem Ltd, GS Yuasa International Ltd, Samsung SDI Co., Ltd, Contemporary Ampere*x Technology Co. Limited (CATL), Sunwoda Electronic Co, Tianneng Group, Chaowei Power Holdings Limited, Desay Battery Co. Ltd, BYD Company Limited, SVOLT Energy Technology Co Ltd, EVTronic, Britishvolt, Aceleron, Zenobe, Northvolt, Verkor, Italvolt, Fortum, Volkswagen, Bayerische Motoren Werke, Groupe Renault, Varta, SAFT, Entere*x Polska Sp. z o.o, Behr Service Polska, Orion BMS, CapTherm Systems Inc, Modine Manufacturing Company, Grayson, Bravo Motor, Great Wall Motor, Horwin, Smart Modular Technologies, IntelBras, Tecsys, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc, Polaris Industries, Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
Automotive Telematics Market 2024 Key Insights:
• The automotive telematics market size is expected to see exponential growth in the next few years. It will grow to $440.78 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%.
• Role Of Automotive Telematics In Mitigating Car Accidents And Enhancing Safety
• Innovative Product Offerings Driving Automotive Telematics Market Growth
• North America was the largest region in the automotive telematics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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