Global Automotive Telematics Market Revenue, Opportunity, Segment, And Key Trends Analysis To 2027
Bharat Book Bureau Provides the Trending Market Research Report on “Automotive Telematics Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region - Global Forecast to 2027” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Automotive Telematics Market is projected to reach USD 15.5 billion by 2027 from an estimated USD 8.8 billion in 2022 at a CAGR of 12.1% during the forecast period. All the car makers investing or introducing some kind of telematics services in their newly launched or upcoming vehicles for enhanced safety and comfort. Considering the activities from the supply side, the market is expected to see constant growth over the forecast period.
One of the major trends observed in the automotive telematics market is the growing collaborations and tie-ups and MOUs among different systems providers, OEMs, telematics service providers, and other stakeholders. For instance, in July 2022, Mahindra partnered with Qualcomm, Visteon for development of connected car solutions for its upcoming cars. Increasing demand for improved safety features in vehicles and more efficient road traffic is the primary reason driving the growth of the automotive telematics market .
“Passenger Car Segment is expected to remain the largest segment by vehicle type.”
Passenger Car market expected to grow due to increase in demand and mandates for safety and convenience telematics services. The North America and European region are developed nations with high incomes and greater technology adoption rates which increases the demand for telematics services and connectivity solutions. Infrastructure in these regions are a major reason that attract the global OEMs to test and develop more telematics services for autonomous. Increasing demand for autonomous cars in developed countries is making the OEMs introduce advanced telematics systems and solutions which is expected to boost the market of passenger car market.
Passenger Car segment is expected to remain the largest segment by Aftermarket
The demand for substantial car telematics services for passenger car in the aftermarket is expected to grow due to technological advancement, launches of various connected services aftermarket platforms and rolling out of safety and insurance mandates. For instance, in 2017, HARMAN announced an Aftermarket Connected Automotive Platform that can support connected applications and transform any existing vehicle with telematics capabilities. The new solution is available to automotive OEMs, dealers, specialty automotive retailers, and mobile carriers.
Aftermarket fills the technological gap, offering the ability to upgrade the connectivity of vehicles to intelligent safety systems that rely on real-time data, with the connected head units that integrate smartphones with vehicle entertainment systems, to keep the drivers safe. As connected car are equipped with telematics units, the growing penetration of connectivity in cares is expected to drive telematics market. Services such as fleet management, on-road assistance, navigation and driver behavior are experiencing higher adoption in passenger cars as they prove beneficial to the fleet owners with real-time data.
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