Latest News- Automotive Telematics Market: OEM is expected to lead the Distribution Channel segment during 2024-2028

The Automotive Telematics Market is being driven by Growing popularity of EVs

The Automotive Telematics Market is expected to grow at a CAGR of 25.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 170 billion. Application programming interfaces (APIs) serve as essential facilitators for data exchange and system integration in the automotive telematics market. By enabling seamless communication between various telematics components, including vehicle sensors, GPS, and onboard diagnostics, APIs play a crucial role in the collection, processing, and sharing of valuable vehicle and driving data. Real-time communication between vehicles and fleet management software is made possible through APIs, empowering fleet operators to access critical information, such as vehicle location, fuel consumption, maintenance alerts, and driver behavior, for more efficient fleet management. Moreover, APIs enable third-party developers to create innovative applications and services that can integrate with automotive telematics platforms, further expanding the market's potential and capabilities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • OEM
  • Aftermarket
• Application
  • Passenger cars
  • Commercial vehicles
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing popularity of EVs
• Presence of a conducive technology environment
• Regulations to improve safety of modern vehicles

However, the market also witnesses some limitations, which are as follows:

• High cost associated with telematics services
• Dependence on many individual entities for telematics service offerings
• Complex infrastructure and integration of automotive telematics

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Market Scope in Automotive Telematics Market Research Report

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Research Analysis Overview

The Automotive Telematics Market encompasses telematics systems in both passenger and commercial vehicles, including those with embedded and tethered devices. Vehicle production integrates advanced safety features, such as UPS and new energy vehicles, with telematics systems for real-time tracking and monitoring. Fleet operators benefit from these systems for improved safety, security, and insurance telematics. Telecommunications, electrical engineering, and wireless communications play crucial roles in vehicular technologies, enabling GPS systems and wireless telematics devices for enhanced driving experience. Vehicle data is transmitted and analyzed for optimized road transportation and improved safety and security.

Market Research Overview

The global automotive components and equipment market encompasses businesses specializing in the manufacture of parts and accessories for various vehicle types, including passenger cars (PCs), new energy vehicles (NEVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market's size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the automotive components and equipment market include the surge in electronic components in automobiles, fueled by the rising sales of electric vehicles (EVs), motorcycles, and PCs, which has significantly boosted the demand for electronic control units (ECUs) and other electrical components in the past decade. Additionally, the integration of telematics systems in vehicles, such as tracking devices and fleet management solutions for PCs and CVs, is expanding the market's scope in the areas of safety, security, insurance telematics, and the UPS sector. The market can be segmented into embedded and tethered telematics, with the embedded segment gaining traction due to its seamless integration into vehicles and the tethered segment offering flexibility and cost-effectiveness.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/