Automotive Telematics Market to Show Strong Growth in Near Future
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, driven by the developments in telematics sector and growing technology acceptance. For instance, in January 2022, Continental launched 4G dongle, which helps to boost the output of its Remote Vehicle Data (RVD) platform, which collects, process vehicle data of multiple types of vehicles. The dongle is faster compared to earlier Bluetooth-based version, and has larger computation and commnunication capability . Thus this device helps faster remote vehicle access, remote diagnostics, and fleet management.
By vehicle type, passenger car is estimated to be the largest market for Automotive Telematics Market owing to the increase in demand for advanced telematics services and safety and comfort and convenience features. The implementation of government mandates is also one of the major drivers for increasing penetration of telematics in passenger car. Most markets presently offer voluntary car-telematics systems, but governements in many countries have regulated telematics systems such as ELD, e-call, anti-theft etc. For example, the European Union mandated e-call assistance methods in all types of vehicles from 2018. Russia mandated a similar e-call system for new cars in 2017, while Mexico has made it mandatory to use radio-frequency-identification (RFID) based tagging to bolster antitheft systems in vehicles. Countries like China, Germany, Singapore, and South Africa, have introduced incentives for passenger cars to boost the adoption of telematics system. The increasing demand and introduction of stricter mandates for convenient and safety-related advanced telematics passenger car services such as stolen-vehicle recovery, real-time tracking, vehicle-finder services, etc are expected to drive market growth.
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Embedded telematics solution is expected to hold the largest market share and Integrated telematics solution is expected to see largest growth in the given forecast period. This is because increasing adoption by various fleet owners and vehicle owners for services such as insurance telematics and fleet management. These service providers are joining hands with OEMs to deliver integrated devices supported with strong operating systems to avail telematics and infotainment solutions in cars. The growing number of telematics mandates are expected to require embedded telematics, which, in turn, will drive the overall market for embedded connectivity as well. Integrated connectivity is the least expensive form type as it does not require a built-in modem and SIM in the car. The comfort, convenience and low cost are the major drivers for integrated connectivity. Cost sensitive regions such as Asia pacific and RoW are highly likely to witness faster adoption of integrated form type.
Asia-Pacific is estimated to be the fastest-growing market after Asia Pacific due to the secure adoption of automotive telematics in the major markets like China, India, Japan, South Korea. With the advent of IoT and vehicle-to-vehicle (V2V) connectivity solutions, the APAC Automotive Telematics Market is witnessing impressive growth. An increase in demand for telematics services for commercial vehicles and Personal cars in this region is expected to drive growth in this region. Rental car service providers and fleet owners in these mentioned regions prefer basic telematics services such as software and devices that helps them to gather data regarding various vehicle parameters like fuel efficiency, vehicle health, fault codes etc. Also increasing focus on safety features will enhance the demand for telematics solutions. In July 2022, the Indian Government introduced “ Pay as you drive” and “Pay how you drive” type insurance policy that will also increase the use of telematics in Vehicles in the Indian market. The Telematics has provided fleet managers with unparalleled data on driver performance to detect and manage unwanted behavior, including heavy braking, severe cornering, and aggressiveness.
Key Market Players:
The Automotive Telematics Market comprises major manufacturers include Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US) among others.
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