New Jersey, United States – Analysis of Automotive Telematics Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
The demand for the automotive telematics market will be boosted by increased government initiatives to create an intelligent transportation system, advancements in 5G connectivity, and rising desire for smartphone features in cars, automated driving technology, and passenger safety features. The safety of people is of the utmost importance due to the increased congestion and traffic on the roads, making it a fundamental advanced feature that is being developed extensively and included in all telematics systems. The improvement of ADAS features in automobiles is the main factor driving the market for telematics solutions as these features guarantee higher levels of safety.
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The Automotive Telematics market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.
As the associated ADAS technologies evolved and were improved, and as automakers sought to entice buyers with an expanding selection of features centered on convenience and safety, the umbrella that houses ADAS has expanded and improved. The mandate of various ADAS and safety elements is another area of concern for governments worldwide. In both Europe and the US, a number of ADAS features are required. For instance, starting April 2018, e-call has been a requirement for all new cars sold in the EU. The total demand for telematics solutions has increased as more ADAS and other safety-related telematics solutions features are required by governments. The market for telematics solutions is also anticipated to be driven by rising demand for other telematics services including automated collision notification, on-road support, and driver behavior.
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Division segment:
Maintenance is anticipated to have the fastest rate of growth during the forecast period in this division sector. Because telematics systems are being adopted more widely around the world, the maintenance market segment is anticipated to grow at the highest rate. By offering a service for durable systems and platforms, the maintenance market assists in the smooth operation of platforms. It also helps to discover and eliminate safety issues. Due to the widespread use of telematics services in commercial vehicles and regulations like the ELD mandates in the US for commercial vehicles, it is anticipated that North America would dominate the market.
During the anticipated period, Cellular Connectivity is anticipated to dominate the market. The automotive telematics market is anticipated to have the greatest market in cellular connectivity. The development of cellular connectivity in automobile telematics is due to a number of disruptive reasons, including government efforts to promote 5G, APAC regions’ growing cellular connection, and the expansion of cloud-based services. Many cellular telematics services are less expensive than connectivity options relying on satellites.
The main drivers of cellular connectivity expansion are decreasing costs when compared to satellite connectivity options, rising internet penetration, the rollout of 5G, and government regulations. Long term, it is anticipated that India and China will spearhead the increase in the use of cellular connectivity solutions for vehicles, making it the world’s largest market for cellular telematics.
Regional analysis:
During the projected period, the Asia Pacific region, particularly China, is anticipated to dominate the market, followed by Japan and South Korea. Future government rules and regulations are a crucial driver of market growth in the Asia Pacific region for telematics, and the aftermarket systems are less expensive than OE-fitted systems. These are the elements that are anticipated to have a major impact on the expansion of the automotive aftermarket telematics market in China, India, and Southeast Asia.
Competitive analysis:
Major players such as Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US).
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