Press release
Automotive OEM Telematics Industry to Grow at 15.1% CAGR, Reaching USD 321.3 Billion by 2032
The global automotive OEM telematics market size was estimated at $88.1 billion in 2022, and is projected to reach $321.3 billion by 2032, registering a CAGR of 15.1% from 2023 to 2032.
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Telematics technology is used to monitor a wide range of information related to an individual vehicle or an entire fleet, which is majorly used by fleet management and automobile insurance companies. Telematics systems gather vehicle's location, driving pattern, engine diagnostics, and vehicle activity, and this data is visualized on software platforms, which helps fleet managers to take decisions and manage resources accordingly. The automotive OEM telematics market growth is driven by several factors, including the integration of real-time fleet monitoring systems into vehicles, the ease of integrating vehicle diagnostics, and the growth of connectivity solutions. In addition, intelligent transport systems, better driver, and vehicle safety present significant opportunities for market expansion.
The automotive OEM telematics market is segmented into offering, vehicle type, application, and region. On the basis of offering, the market is segmented classified into hardware, software, and services. On the basis of vehicle type, it is categorized into passenger vehicle and commercial vehicle. The application covered in the study include the market is divided into infotainment and & navigation, fleet management, safety and & security, and diagnostics. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In addition, the market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Market leaders include companies such as Continental AG, Maruti Suzuki, Verizon, BMW AG, Toyota Motor Corporation, Renault Group, Mercedes-Benz Group, Ford Motor Company, Nissan Motor Co., Ltd., General Motors, among others.
The safety services offered in vehicles with OEM telematics solutions are an appropriate example of cutting-edge aftermarket technology, which involves sharing data between the vehicle and the humans.
Rise in adoption of telematics & GNSS in fleet management services and increase in population are expected to drive the market growth. Key market players formed joint ventures or launched novel solutions to strengthen their market position. In addition, leading manufacturers are launching new autonomous connected vehicle for an enhanced driving experience.
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North America is the dominating region in automotive OEM telematics market. Market is expected to grow at a considerable rate during the forecast period, owing to rise in need to manage fleet in a more efficient way, technological advancements, and increase in concerns over safety of vehicle & driver. Increased demand for smart fleet management systems, smart technologies, government initiatives, and advent & integration of IoT & information, communication, & technology particularly into automobiles are the factors responsible for the market growth. Increase in demand for smart transportation and concern of users toward environments are the major growth factors of the North American market. Investment in emerging areas of smart cities and innovation in fleet management in different transportation modes are expected to provide lucrative opportunities for the automotive OEM telematics market.
The incorporation of new telematics platform for safe and cost-effective fleet management and investment partnership between telematics and automobile insurance companies to the rising demand for OEM telematics solution in the countries such as U.S., Canada and Mexico.
Key Findings Of The Study :
By Offering, the hardware segment is anticipated to exhibit significant growth in the automotive OEM telematics market in the near future.
By Vehicle type, the commercial vehicle segment is anticipated to exhibit significant growth in the automotive OEM telematics market in the near future.
By application, the fleet management segment is anticipated to exhibit significant growth in the automotive OEM telematics industry in the near future.
By Region, North America is anticipated to register the highest CAGR during the forecast period.
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Leading Market Players :
Continental AG,
Verizon,
TOYOTA MOTOR CORPORATION,
Nissan Motor Co. Ltd.,
Maruti Suzuki India Limited,
Ford Motor Company,
Renault Group,
BMW AG,
Mercedes-Benz Group AG,
General Motors
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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