Global Automotive Telematics Market Projected to Reach $360.56 Billion by 2027

Automotive Telematics Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Automotive Telematics Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 20, 2023 /EINPresswire.com/ -- The global automotive telematics market, categorized by vehicle type, connectivity solutions type, sales channel type, and application, is slated for substantial expansion in the coming years. Starting at $100.06 billion in 2022, the market is estimated to surge to $132.87 billion in 2023, showcasing a significant Compound Annual Growth Rate (CAGR) of 32.8%. Despite the impediments arising from the Russia-Ukraine conflict and the persisting impacts of the COVID-19 pandemic, the market is poised to achieve $360.56 billion by 2027, indicating a consistent CAGR of 28.3%.

Rise in Car Accidents Driving Market Growth

The escalating number of car accidents is a significant factor fueling the growth of the automotive telematics market in the foreseeable future. With the aim of reducing accidents, automobile telematics provides real-time feedback to drivers. Notably, major car manufacturers are increasingly integrating automotive telematics to enhance the safety of vehicles and drivers. According to Vox, a US-based news website and media company, car accidents accounted for the deaths of 1.3 million individuals globally in 2021. Additionally, car accidents led to the fatalities of 7,485 pedestrians in the US during the same year. Thus, the surge in car accidents is propelling the expansion of the automotive telematics market.

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Key Players at the Forefront of New Product Innovations

Leading entities such as TomTom Telematics B.V, Trimble Inc., Omnitracs, I.D.Systems Inc., Verizon, Airbiquity Inc., Harman International Industries, MiX Telematics, Teletrac Navman, Cartrack, SmartDrive Systems, AirIQ Inc., Actsoft, Idem Telematics GmbH, and Microlise Limited are driving new product innovations in the automotive telematics market. In June 2021, Masternaut, a UK-based telematics company specializing in fleet and asset management, launched the MoveElectric transition tool, aiding in the identification of journeys that could be completed by an Electric Vehicle (EV) rather than an Internal Combustion Engine (ICE) vehicle. The tool utilizes comprehensive real-world data, enabling fleet managers to gauge and demonstrate the wider benefits of the shift to EVs, including efficiency, CO2 reduction, and cost savings.

Market Segmentation:

• Vehicle Type: Commercial Cars, Passenger Vehicles, Two-Wheelers
• Connectivity Solutions Type: Embedded, Integrated Smatphones, Tethered
• Sales Channel Type: Original Equipment Manufacturer (OEM), Aftermarket
• Application: Fleet or Asset Management, Navigation And Location-Based System, Infotainment System, Insurance Telematics, Safety And Security, Other Applications
Geographical Insights and Market Analysis

North America emerged as the largest region in the automotive telematics market in 2022, while Europe is projected to be the fastest-growing region during the forecast period. The comprehensive market report offers detailed insights into regional dynamics, market trends, and growth opportunities across various regions.

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Automotive Telematics Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Automotive Telematics Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on automotive telematics market size, automotive telematics market drivers and trends, automotive telematics market major players, automotive telematics market competitors' revenues, automotive telematics market positioning, and market growth across geographies. The automotive telematics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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