Technavio analyzes that 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.There are various factors that contribute to the growth of the market. The automotive telematics market is experiencing significant growth, particularly in the realm of electric vehicles (EVs). The increasing popularity of EVs is driving demand for advanced telematics systems that support features such as real-time battery monitoring, charging station location services, and range optimization. These systems enable EV owners to optimize their driving experience and effectively manage their vehicle's energy consumption. Additionally, the integration of telematics technology with EVs enhances safety and security features, further boosting market growth.
In the automotive industry, telematics technology plays a pivotal role in enhancing vehicle safety, efficiency, and connectivity. OEM telematics solutions are embedded into the electronic and software systems of vehicles during manufacturing, offering a seamless user experience. These systems are deeply integrated with infotainment and control systems, focusing on safety and security features such as automatic crash notifications, emergency assistance, stolen vehicle tracking, and remote vehicle immobilization. Additionally, OEM telematics enables remote diagnostics, facilitating predictive maintenance, reducing downtime, and optimizing service operations. This integration of telematics, telecommunication, ride-sharing services, Wi-Fi, 4G, sensors, smartphone applications, and vehicular technology revolutionizes the automotive landscape, delivering enhanced value to consumers and businesses alike.
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Automotive Telematics Market Segmentation
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The Automotive Telematics Market encompasses telematics systems in passenger and commercial vehicles, including those for new energy vehicles and fleet operations. Embedded telematics, such as those found in UPS and safety features, are distinguished from tethered devices like tracking systems. This market involves safety and security, insurance telematics, telecommunications, electrical engineering, and wireless communications in road transportation. Vehicular technologies, including telematics systems, vehicle data, and wireless telematics devices, enhance driving experience and safety for both drivers and passengers.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in this sector include the rising demand for electronic components in automobiles, such as electronic control units (ECUs), and the increasing sales of electric vehicles, motorcycles, and passenger cars. Additionally, the implementation of advanced safety features, the expansion of telematics systems in fleet operations, and the integration of telematics in new energy vehicles are significant market growth factors. Key players in this market include companies like Bosch, Continental AG, and Delphi Technologies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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