Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
The rise in prominence of connected cars drives the automotive embedded telematics market growth
The automotive embedded telematics market is experiencing significant growth, primarily propelled by the increasing demand for connected cars. Consumers are increasingly drawn to vehicles offering seamless connectivity, advanced infotainment systems, and instant access to real-time data. According to a report by the National Highway Traffic Safety Administration (NHTSA), it is projected that 90% of new vehicles in the United States will be connected cars by 2025. The widespread use of smartphones and the availability of high-speed wireless networks have further stoked the desire for connected car features. Additionally, the COVID-19 pandemic has hastened the adoption of contactless services, including remote vehicle diagnostics and over-the-air updates, which rely on embedded telematics systems.
The market for embedded telematics in vehicles presents a significant opportunity for the development of self-driving cars. In the area of navigation, communication, and real-time data processing, embedded telematics systems are used in a large number of autonomously operated vehicles. Adopting self-driving cars could reduce the number of accidents by 90%, and save thousands of lives each year, as stated in a report from NHTSA.
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Segmentation Overview:
The automotive embedded telematics market has been segmented into solution, component, application, and region.
Safety and security held the largest share in 2023
- Based on the solution, the automotive embedded telematics market has been segmented into safety and security, information and navigation, entertainment, and remote diagnostics. In 2023, the safety and security sub-segment held the largest share.
Passenger cars accounted for the largest share in 2023
- The application segment is bifurcated into passenger cars and commercial vehicles. In 2023, the Passenger Cars sub-segment held the largest share in the automotive embedded telematics market. This sub-segment includes telematics solutions designed for private vehicles, such as cars and SUVs.
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Automotive Embedded Telematics Market Report Highlights:
- The automotive embedded telematics market growth is anticipated at a CAGR of 17.9% by 2032.
- Increased demand for connected cars will drive the automotive embedded telematics industry in the coming years.
- North America has dominated the automotive embedded telematics industry in the past few years and is projected to retain a leading position in the coming years.
- Some prominent players in the automotive embedded telematics market report include Continental AG, Bosch, Verizon Connect, Harman International, Infineon Technologies, Aptiv, Denso Corporation, Valeo, Visteon Corporation, LG Electronics, Panasonic Corporation, and Magna International.
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