Automotive Telematics Market Growth, Insight, Report 2022-2028

1. Automotive Telematics Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2022-2028

2. Global Automotive Telematics Market - Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Automotive Telematics market was worth USD 69.15 billion in the year 2021. The market is projected to grow at a CAGR of 18.5%, earning revenues of around USD 220.37 billion by the end of 2028. The global automotive telematics market is booming because of the growth of the connectivity solutions trend as well as the increased convenience of vehicle diagnosis. However, the risk of data hacking may act as a huge restraining factor for market growth.

3. Growth Drivers Government Rules and Regulations Government rules and regulations for the safety, security, and tracking of automobiles in different countries support the expansion of the telematics market. To encourage the use of telematics in the automotive industry and increase road safety, governments in the United States, the United Kingdom, Brazil, Singapore, and India have implemented rules, policies, and initiatives. The use of telematics for safety purposes and the installation of fundamental Telematics Control Units (TCU) in all new cars and commercial vehicles have been mandated by international regulatory mandates (eCall in the EU, GLONASS in Russia, and SVT in Brazil) since 2015 in Europe and since 2016 in other nations.

4. Restraints  High Costs of Installation The expansion of the automotive telematics market is anticipated to be restrained by the increased expenses associated with enabling connectivity in a car. Customers pay additional costs for hardware, connection options, and telecom service fees when connectivity solutions are provided in the vehicle. The optimal automobile telematics devices are plug-and-play, which means they can be quickly and easily plugged into the vehicle diagnostic port. Some automobile telematics gadgets may require the help of a technician for installation. The installation costs will be higher if hardwiring and retrofitting are required for the gadget. The monthly subscription fee has an impact on the telematics system as well.

5. Impact of COVID-19 on India Electric Bicycle (E-Bike) Market The COVID-19 pandemic has had a significant influence on a number of industries, including the auto and insurance sectors. Due to the high cost of fully integrated telematics systems like dash cams, smart route planning, electronic logging devices (ELDs), and driver management, the pandemic has put economic pressure on the world. The expansion of the automotive telematics sector has been severely impeded by the drop in car sales. Telematics does, however, enhance the customer experience, and the numerous advantages it offers to motorists, automakers, and insurance providers are anticipated to make a significant contribution to market growth during the forecast period. 

6. Regional Insights Growing safety and security concerns, North America is predicted to have a large market share for automotive telematics. Implementing a number of government regulations is also expected to accelerate the sector's development. For instance, in January 2022, the US government signed a deal with Geotab to upgrade 217,000 vehicles with fleet management telematics technology. Major automotive electronics component manufacturing sectors in China, Japan, and India are anticipated to drive the Asia-Pacific automotive telematics market. Europe's automotive telematics market is anticipated to grow as a result of the huge original equipment manufacturers (OEMs) that are present there and have significant facilities for connected vehicle research and development. These elements might stimulate regional growth.

7. Competitive Landscape Key players operating in the global automotive telematics market are Robert Bosch GmbH, Webfleet Solutions B.V., Zonar Systems, Octo Group S.p.A, MicroliseTelematics Pvt. Ltd., CARTRACK, Masternaut Limited, Mix Telematics, Omnitracs, TomTomTelematics BV., Trimble Inc, VERIZON, Harman International, I.D.Systems, Inc., TeletracNavman, Airbiquity Inc, and other prominent players. Sample Copy:https://www.blueweaveconsulting.com/report/automotive-telematics-market/report-sample

8. Recent Developments In February 2021, HARMAN International, a wholly owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for the automotive, consumer, and enterprise markets, announced today that it had acquired substantially all of the assets of Savari®, Inc., a Silicon Valley-based automotive technology company developing vehicle-to-everything communications (V2X) technology in 5G Edge and automotive devices.

9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com