Press release
Global Automotive Telematics Market to Reach $547.51 Billion by 2029, Growing at 27.1% CAGR
Automotive Telematics Market Growth
The surge in car accidents plays a significant role in propelling the growth of the automotive telematics market. Also known as car collisions, these accidents often involve colliding with either another vehicle or stationary objects. By providing drivers with real-time feedback, automotive telematics can significantly decrease these accidents. Recognizing this, many prominent car manufacturers have started incorporating automotive telematics features into their vehicles to enhance safety. For instance, a Statistisches Bundesamt report in February 2023, revealed that road traffic injuries in the year 2023 reached approximately 21,600, marking an increase of almost 900 injuries or a 5% rise from the previous year. Further, the report highlighted an increase in traffic fatalities by 13, bringing the total to 167 in February 2023. Consequently, this surge in car accidents stimulates the growth of the automotive telematics market.
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What is the future CAGR of the automotive telematics market, and how will it impact industry expansion?
In the past few years, the size of the automotive telematics market has experienced remarkable expansion. The market, which stood at $164.09 billion in 2024, is projected to rise to $209.6 billion in 2025, suggesting a compound annual growth rate (CAGR) of 27.7%. The impressive growth during the historic period can be traced back to the robust economic development in emerging markets, surge in vehicle ownership, rise in instances of vehicle theft, and widespread acceptance of connected cars.
We foresee a significant uptick in the auto telematics market, with its size anticipated to skyrocket in the coming years. The market is predicted to attain $547.51 billion in 2029, growing at a compound annual growth rate (CAGR) of 27.1%. The surge anticipated during the projected timeframe can be linked to the heightened demand for electric vehicles (EVs), favorable government policies, and rising focus on vehicle safety. The forecast span will witness notable trends like artificial intelligence (AI) application, product advancement, strategic partnerships and acquisitions, development of novel technologies, telematics-based insurance, and the increasing usage of cloud technology along with growing acceptance of do-it-yourself telematics devices.
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What are the most significant trends transforming the automotive telematics market today?
Key players in the automotive telematics market are looking to strategic partnerships to advance technology integration and broaden their market footprint. Strategic partnerships occur when two or more organisations team up, pooling their resources, expertise and efforts to achieve shared goals. For example, in May 2023, Admiral Group plc, a financial services firm based in the UK, formed a partnership with Ford Smart Mobility, a US company investing in mobility services, and Redtail Telematics, a UK firm specialising in the creation of custom telematics products. The collaboration resulted in the development of a connected car telematics product. Owners of qualifying Ford vehicles can share the driving data gathered from their cars via the FordPass app. By allowing data sharing through their car's screen, customers gain access to a more personalised and affordable insurance experience.
Which key market segments comprise the automotive telematics market and drive its revenue growth?
The automotive telematics market covered in this report is segmented -
1) By Connectivity Solutions Type: Embedded, Integrated, Tethered
2) By Vehicle Type: Commercial Vehicles, Passenger Vehicles
3) By Application Type: Fleet Or Asset Management, Navigation And Location-Based System, Infotainment System, Insurance Telematic, Safety And Security, Other Applications
4) By Sales Channel Type: Original Equipment Manufacturer (OEM), Aftermarket
Subsegments:
1) By Embedded: Integrated Telematics Control Units (TCUs), Built-In Communication Modules
2) By Integrated: OEM Integrated Systems, Multi-Function Devices
3) By Tethered: Smartphone-Based Telematics, Portable Devices And Dongles
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What regions are at the forefront of automotive telematics market expansion?
North America was the largest region in the automotive telematics market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the automotive telematics market?
Major companies operating 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, Mahindra Truck and Bus (MTB), Mitsubishi Fuso Truck, Hyundai, Geely Lynk & Co, Shenzhen Eelink Communication Technology Co., Ltd, 22 DOTS, TruckTrack GmbH, INTRANAV, FLEETIZE - Telematics, Exatrek, Visualix, Trackee.io, IoT Venture GmbH, In Car Telematics, Masternaut, Teletrac Navman, Verizon Connect, Movolytics, QUARTIX, Vodafone Fleet Telematics, RAM Tracking, Samsara, OCTO Automotive, MiX Telematics, Telematika, Kazan Telematics, TrackGPS, Mapon, Intellishift, Linxup, Damoov, Cambridge Telematics, ISAAC Instruments, Frotcom, Argus Telematics, Iveco, Autotrac, Mercedes-Benz, Omnilink, Volkswagen, Teltonika Telematics, Location Solutions Telematics LCC, Norconsult Telematics, FMS Tech, Advanced Telematics Solutions, Ctrack Matrix
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What Is Covered In The Automotive Telematics Global Market Report?
•Market Size Forecast: Examine the automotive telematics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive telematics market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive telematics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive telematics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive telematics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive telematics market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive telematics market.
•Competitive Landscape: Review strategic developments in the automotive telematics market, including expansions, agreements, and new product launches.
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