The automotive telematics market is expected to grow at a CAGR of 15% (2021-2027) owing to strict government mandates as well as increasing demand for fleet telematics.

Noida India, October 31, 2022 /PR Newswire/ — According to a new report published by UnivDatos Markets Insights, Automotive telematics market was worth more than US$28.5 billion It is expected to increase in 2020 and grow at a CAGR of around 15% from 2021 to 2027. Analytics are divided into applications (fleet/asset management, navigation and location-based systems, infotainment systems, insurance telematics, safety and security, and others). technology type (embedded, tethered, and integrated); vehicle type (passenger and commercial vehicles); sales channel (OEM and aftermarket); region/country.

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The Automotive Telematics Market report is compiled by gathering informative data on various dynamics such as market drivers, constraints and opportunities. This innovative report utilizes several analyzes to obtain a detailed outlook of the Automotive Telematics market. The Automotive Telematics Market report offers an in-depth analysis of the latest industry trends and trending factors in the market that are impacting the growth of the market. Moreover, this statistical market research repository studies and estimates the Automotive Telematics market on a global and regional level.

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Market overview

Over time, smartphones have evolved into the primary mode of communication. This has opened up several possibilities for automakers to replace traditional computer-based infotainment systems with tablets and smartphones to reduce product costs. The growing trend to stay connected to the outside world while on the move is driving automakers to implement connectivity options in vehicles to drive sales. Fuel theft monitoring, auto insurance telematics, and eco-driving assistance are all now available through a monitoring system built into a smartphone app. As a result, mobile phones do not require on-board electronics, making them cheap and convenient gadgets. For example, Driveway Software and Zurich Insurance Group have teamed up to develop a smartphone-based system that monitors driving behavior, quantifies driver distraction, and provides feedback to the driver via smartphone. For automotive safety and security, governments of many major countries have strict rules and regulations in place. Many governments are mandating increased installations for tracking the location and behavior of vehicles. Many countries have mandated services such as theft tracking and emergency call systems.

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Impact of COVID-19

The COVID-19 disaster has had a major impact on almost every segment of society, including automakers and insurance companies. In order to control and overcome the COVID-19 problem, companies and original equipment manufacturers (OEMs) in various countries have been shut down, which has had a major impact on the economies of developing countries in particular. The pandemic has had a huge impact on the automotive industry, and the closure of manufacturing facilities has caused a variety of problems. Auto and parts production plants around the world closed, consumer activity in showrooms plummeted, and temporary trade restrictions imposed by governments in many regions resulted in a significant drop in car sales.According to Toyota Kirloskar Motor (TKM), Toyota’s sales are India fell 86.49% in May 2020increased to 1,639 units. May 2019As a result, these factors are expected to limit market expansion.

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The Global Automotive Telematics Market report has been thoroughly studied on several aspects which help the stakeholders to make a more selective decision.

• Based on application, the market is segmented into fleet/asset management, navigation and location-based systems, infotainment systems, insurance telematics, safety and security, and others. The fleet/asset management category is expected to grow at a significant CAGR during the forecast period. Fleet/asset management systems help businesses run smoothly by recognizing unsafe driver habits, reducing excess fuel use, and providing strategies for more efficient routes. Operators can use fleet management systems to locate vehicles on demand, collect and store engine problem data, and identify dangerous driving tendencies such as idling, hard braking, and speeding. For fleet operators, this driver data is valuable. Fleet management services are becoming more popular as they help fleet operators minimize their overall operating costs.

• Based on technology type, the market is segmented into embedded, tethered, and integrated. The embedded category has dominated the automotive telematics market due to the rise of cloud-based technology and service plan pricing optimization. The expansion of integrated vehicle telematics is driven by the increasing frequency of traffic and vehicle accidents. Moreover, the demand in the logistics sector for GPS navigation and emergency systems has grown exponentially in recent years.

• Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The passenger car segment generated significant revenue in 2020. One of the main drivers of category expansion is government mandates. Demand for advanced telematics passenger vehicle services such as fuel and route optimization, vehicle maintenance alerts, vehicle locating services, real-time tracking, stolen vehicle recovery, and advanced telematics passenger demand related to safety and convenience fuel and routing Automotive services such as vehicle optimization, vehicle maintenance alerts, vehicle locating services, real-time tracking, and stolen vehicle recovery are the main drivers of segment market growth. The commercial vehicle telematics market is likely to benefit from the industrialization and development of the transportation and logistics industry. As a result of this progress, trucks and buses can operate at any time of the day or night, seven days a week.

• Based on sales channel, the market is segmented into OEM and aftermarket. The OEM segment will witness a higher CAGR during the forecast period as most manufacturers focus on providing advanced assistance features in their vehicles. Moreover, over the last five years, the aftermarket section of the automotive telematics market has rapidly turned to telematics services for commercial vehicle fleet management.

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Geographical segmentation of Automotive Telematics Market includes:

• North America (America, Canada,Remaining North America)

• Europe (Germany, England, Italy, Franceand the remaining Europe)

• Asia Pacific (China, Japan, India, Koreaand the remaining Asia Pacific)

• rest of the world

Asia Pacific The region accounts for a large part of the market expansion due to the increasing trend of connectivity and the introduction of stringent fleet management and telematics rules and regulations by various countries in the region. In addition, market growth will be driven by OEM contributions to APAC automotive telematics and high demand for low-cost, easy-to-manage embedded systems or technology-based solutions. Additionally, increasing government initiatives and tighter restrictions governing the integration of telematics systems for passenger safety and security in countries such as: India, China, JapanWhen Australia We are expanding the use of vehicle telematics.

The major players targeting the market are:

competitive environment

The degree of competition among prominent global companies is elaborated by analyzing some of the major key companies operating around the world. Our dedicated team of research analysts sheds light on global market competition, market shares, latest industry advancements, innovative product launches, partnerships, mergers and acquisitions, and more by the leading players in the automotive telematics market. I guess. Key players have been analyzed using research methodologies to gain insight into global competition.

The key questions to be answered through this analytical market research report are:

• What are the latest trends, new patterns, and technological advancements in the Automotive Telematics Market?

• What factors are influencing the automotive telematics market during the forecast period?

• What are the global challenges, threats, and risks in the Automotive Telematics Market?

• What factors are driving and restraining the automotive telematics market?

• What are the most demanding regions of the world for the Automotive Telematics market?

• What will the global market size be in the next few years?

• What are the key go-to-market strategies and policies applied by global companies?

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About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a dedicated market research firm and subsidiary of Universal Data Solutions. We believe in providing insight through market intelligence reports, customized business research and primary research. Our research studies span topics around the world, covering markets in over 100 countries using smart research techniques and agile methodologies. We provide in-depth research, in-depth analysis, and customized reports that help shape successful business strategies for our clients.

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