Press release
Automotive Telematics Market: Exponential Growth on the Horizon
Automotive Telematics Market Trends
What Is The Projected Market Size Of The Global Automotive Telematics Market And Its Growth Rate?
The automotive telematics market has seen significant growth and is predicted to continue this path:
- From $164.09 billion in 2024, the market is set to rise to $209.6 billion in 2025, growing at a compound annual growth rate (CAGR) of 27.7%.
- Market growth can be attributed to strong economic growth in emerging markets, growth in vehicle ownership, increased instances of vehicle theft, and high adoption of connected cars.
- Expected to reach $547.51 billion in 2029 at a CAGR of 27.1%, growth factors during the forecast period include rising demand for electric vehicles, supportive government regulations, and increasing concerns about vehicle safety.
What Is Driving The Growth In The Automotive Telematics Market?
A rise in car accidents is contributing to the growth of the automotive telematics market. Real-time feedback provided by automotive telematics reduces accidents by alerting drivers to potential hazards. This has led to an increase in telematics adoption by major car manufacturers to enhance vehicle and driver safety. For instance, the Statistisches Bundesamt reported an increase of around 900, or 5%, in injuries from road traffic in 2023 compared to the previous year. The increase in car accidents is a significant driver of the growing demand for automotive telematics.
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Who Are the Key Players Driving Automotive Telematics Market Growth?
Some of the major players in the automotive telematics market include:
- Samsung Electronics Co., Ltd
- Robert Bosch GmbH
- Michelin Group
- Valeo Group
- TomTom N.V.
- Vontier
- Trimble Inc.
- Continental AG
- NavInfo Co. Ltd
- Ficosa International SA, among others
What Are The Key Trends In The Automotive Telematics Market?
Key trends identified in the market include:
- The use of artificial intelligence (AI)
- Product innovations
- Collaborations and acquisitions
- Development of new technology
- Telematics-based insurance
- Use of cloud technology
- Adoption of self-installed telematics devices
What Are The Segments Of The Global Automotive Telematics Market?
The Global Automotive Telematics Market is segmented into:
- By Connectivity Solutions Type: Embedded, Integrated, Tethered
- By Vehicle Type: Commercial Vehicles, Passenger Vehicles
- By Application Type: Fleet Or Asset Management, Navigation And Location-Based System, Infotainment System, Insurance Telematic, Safety And Security, Other Applications
- By Sales Channel Type: Original Equipment Manufacturer (OEM), Aftermarket
Which Region Leads The Automotive Telematics Market?
North America dominated the automotive telematics market in 2024. However, Europe is expected to be the fastest-growing region during the forecast period.
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What Is Covered In The Automotive Telematics Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Telematics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Telematics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Telematics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Telematics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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