Global Automotive Telematics Market Size 2024, Forecast To 2033
11 Mar, 2024
The automotive telematics market size has grown exponentially in recent years, rising from $129.48 billion in 2023 to $166.43 billion in 2024, with a compound annual growth rate (CAGR) of 28.5%. The historic period's growth is attributed to strong economic growth in emerging markets, growth in vehicle ownership, increased occurrences of vehicle theft, and high adoption of connected cars. Moving forward, the automotive telematics market size is expected to see exponential growth, reaching $440.78 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. This growth in the forecast period can be attributed to rising demand for electric vehicles (EV), supportive government regulations, and increasing concerns about vehicle safety. Major trends in the forecast period include the 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.
Global Automotive Telematics Market Key Driver
The automotive telematics market is experiencing growth propelled by an increase in car accidents. Car collisions, leading to fatalities and injuries, have become a significant concern. Automotive telematics, offering real-time feedback to drivers, plays a crucial role in reducing accidents. Major car manufacturers are integrating telematics systems to enhance vehicle and driver safety. Vox reported that in 2021, car accidents globally resulted in the deaths of 1.3 million people, with an additional 7,485 pedestrian fatalities in the US alone. This alarming increase in accidents is driving the growth of the automotive telematics market, emphasizing the importance of advanced safety features. The market size for the years 2023, 2024, and 2028 reflects this trend.
Get A Free Sample Of The Global Automotive Telematics Market ReportGlobal Automotive Telematics Market Segments
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/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
By Geography:The regions covered in the automotive telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the automotive telematics market in 2023. 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.
Major Automotive Telematics Industry Players
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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Automotive Telematics Market Overview
Automotive telematics refers to fleet monitoring or global positioning system vehicle tracking and is an important management tool for many commercial and government fleets. This system helps to collect information regarding parameters such as speed, fuel consumption, low tire pressure, and more. Automotive telematics are used to track automobiles, trucks, equipment, and other assets and plot their movements on a computerized map.
Automotive Telematics Global Market Report 2023 provides data on the global automotive telematics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive telematics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.