Fort Collins, Colorado, Oct. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the automotive telematics market size was valued at USD 47.2 Billion in 2022 and is expected to reach a market size of USD 226.0 Billion by 2032 at a CAGR of 17.1%.
The rising concerns for road safety due to increasing road accidents are a major factor driving the market growth. According to The World Health Organization, approximately 1.3 million deaths occur yearly due to traffic collisions, and 20 to 50 million people suffer non-fatal injuries from these accidents. Telematics systems give drivers real-time data about their vehicle’s position and health. These systems can have sensors to alert drivers regarding potential road hazards and enable more advanced safety features like automated collision alerts, roadside assistance, and emergency aid. Thus, the adoption of telematics is boosting the market growth.
Telematics also enables efficient fleet management, reducing operation costs and improving asset return on investment (ROI). It reduces fuel consumption and maintenance through processes such as route optimization, idling reduction, and early notification of mechanical problems to fleets for quick resolution. According to Teletrac Nevman, more than 55% of fleets stated a reduction in fuel costs by using telematics software.
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The growing technological advancement in automotive telematics and the integration of artificial intelligence and machine learning offer various growth opportunities for solution providers. In telematics, AI helps predict and spot irregularities and helps fleets operate at their maximum potential. Furthermore, telematics systems generate large amounts of data, which can be used to generate useful insights with AI. It provides real-time insights into potential vehicle issues and maintenance.
Segmentation Overview:
The global automotive telematics market has been segmented into service, hardware form type, vehicle type, sales channel, and region. The insurance risk assessment segment held a significant market share in 2022. This technology is used by insurance companies extensively for risk assessment. The integrated segment is expected to attain a high CAGR during the forecast period. These telematics systems are installed externally by the consumers. Asia Pacific accounted for a substantial market share in 2022. The rising demand for telematics systems for fleet management is propelling market growth. Fleet management companies use the software to improve idling time, vehicle uptime, and predictive maintenance, reduce harsh braking incidents, and monitor electric battery usage.
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Automotive Telematics Market Report Highlights:
- The global automotive telematics market growth is anticipated at a CAGR of 17.1% by 2032.
- The automotive telematics market growth is significant due to rising road safety concerns and increased technological advancements in the automotive industry.
- Embedded telematics account for a significant share in 2022 owing to the in-built design of vehicle telematics.
- Based on form, the integrated type dominated in 2022, accounting for a high revenue share.
- Some prominent players in the automotive telematics market report include Robert Bosch GmbH, Webfleet Solutions B.V., Mix Telematics, Trimble, Zonar Systems, Octo Group S.p.A, Microlise Telematics Pvt. Ltd., Harman International, Verizon Communications Inc., Visteon Corporation, Trimble, Inc., Continental AG, Samsara Inc., LG Electronics Inc., and Geotab Inc.
Industry Trends and Insights:
- According to TransUnion, consumer adoption of telematics-based auto insurance increased by 33% in 2022 compared to 2021.
- In 2023, Cambridge Mobile Telematics (CMT) initiated acquiring telematics company Amodo. This acquisition aims to improve the reach of CMT in the European market.
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Automotive Telematics Market Segmentation:
- By Service: Automatic crash notification, emergency calling, navigation, on-road assistance, others.
- By Hardware: Telematics control unit, navigation systems, communication devices, audio/video interface, CAN Bus.
- By Form Type: Embedded, tethered, integrated
- By Vehicle Type: Passenger, Commercial
- By Sales Channel: OEM, aftermarket
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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