Automotive Telematics Market to Grow at 16.6% CAGR, Reaching $240.84 Billion by 2034 | Fact.MR Report

Automotive Telematics Playing Crucial Role in Fleet Management by Optimizing Routes and Monitoring Driver Behavior and Improving Fuel Economy.

/EIN News/ -- Rockville, MD., July 30, 2024 (GLOBE NEWSWIRE) -- Revenue from the global Automotive Telematics Market is approximated at US$ 51.85 billion in 2024 and is projected to advance at a double-digit CAGR of 16.6% from 2024 to 2034.

Globally, there is a rising demand for smart, data-driven vehicle solutions, which is being fueled by developments in connection and automotive telematics. This technology is transforming not only the automobile sector but also other industries by fusing informatics and telecoms.

With capabilities such as in-car entertainment, remote diagnostics, and real-time navigation, telematics is improving the driving experience in personal automobiles. It is now essential for fleet management to optimize routes, keep an eye on driver conduct, and increase fuel economy.

Insurance firms are using telematics to provide usage-based plans with customized rates. Telematics is used by emergency services in the field of public safety to improve operational efficiency and reaction times.

The use of telematics has increased due to the growth of electric cars, which have systems that control battery life and charging schedules. Vehicle telematics data is being integrated into smart city planning and traffic control systems.

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The use of telematics in automobiles is growing as they become more autonomous and networked. This indicates that cars could soon serve as mobile data centers that improve connection, safety, and efficiency in a variety of industries.

Key Takeaways from Automotive Telematics Market Study:

• The global automotive telematics market is forecasted to reach a size of US$ 240.84 billion in 2034.
• The market in East Asia is forecasted to expand at a CAGR of 15.2% from 2024 to 2034.
• The North American market is analyzed to increase to a value of US$ 65.99 billion by 2034.
• The United States is evaluated to hold a market share of 77.2% in North America by the end of 2034.
• Based on product types, embedded telematics systems are expected to hold a share of 38.2% in 2024.
• The market in Japan is projected to expand at a CAGR of 18.3% through 2034.

“Insurance companies are leveraging automotive telematics to offer usage-based plans with personalized rates based on driving behavior, which is promoting safer driving habits,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Automotive Telematics Market:

Key industry participants like Harman International Industries, Inc.; Magneti Marelli S.p.A; Airbiquity Inc.; Verizon Telematics, Inc.; TomTom N.V.; Masternaut Limited; Trimble Inc.; Visteon Corporation; Robert Bosch GmbH; Delphi Automotive Plc.; Webfleet Solutions B.V.; Mix Telematics; Trimble; Verizon; Zonar Systems; Octo Group S.p.A ; Microlise Telematics Pvt. Ltd. ; AT&T; TomTom N.V.; Visteon Corporation; Telefonica S.A; Aptiv PLC; Geotab Inc., etc. are driving the automotive telematics industry.

5G Technology Advancements Facilitating Real-Time Data Transfer

Enhanced by 5G technology, applications such as remote car management and advanced driver assistance systems benefit from real-time, high-definition data transfer. Edge computing reduces data processing latency, crucial for autonomous vehicles to make instantaneous decisions. Blockchain integration addresses privacy concerns by securing data exchange within infrastructure and vehicles.

Advanced analytics offer deeper insights into driving behavior, fuel efficiency, and overall vehicle performance. Augmented reality interfaces transform how drivers interact with their vehicles and navigate their surroundings, enhancing user experience. AI-driven systems optimize charging schedules and battery life in electric vehicles.

Automotive Telematics Industry News:

Key players in the automotive telematics market are advancing damage detection systems with new software, leveraging cloud and AI technologies. Suppliers are diversifying with geo-location and analytics solutions.

• In October 2023, Cummins launched commercial vehicle telematics software in collaboration with Microsoft, the Eclipse Foundation, and other partners. In September 2022, Cambridge Mobile Telematics introduced DriveWell Crash & Claims, a solution for managing auto insurance claims. In August 2022, IDEMIA completed its car Connectivity Manager Platform, enabling the remote SIM access for over 700,000 Mercedes-Benz vehicles via over-the-air apps.

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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Service:

• Safety & Security
• Information & Technology
• Entertainment & Remote Diagnostics
  

Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type:

• Embedded
• Integrated
  
• Tethered

Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Vehicle Type:

• Passenger Cars
• LCV Automotive
  
• HCV Automotive

Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Sales Channel:

• OEMs
• Aftermarket

More Valuable Insights:

Fact.MR, in its new offering, presents an unbiased analysis of the automotive telematics market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (embedded, integrated, tethered), service (safety & security, information & technology, entertainment & remote diagnostics), vehicle type (passenger cars, LCVs, HCVs), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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