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 integration between various software systems, applications, and devices in the automotive telematics market. By enabling seamless communication between components such as 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 with access to critical information, including vehicle location, fuel consumption, maintenance alerts, and driver behavior. Furthermore, APIs provide third-party developers with the ability to create innovative applications and services that can integrate with automotive telematics platforms, expanding the market's potential and enhancing overall efficiency. 

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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
• Service Type
  • Navigation
  • Diagnostics
  • Fleet Management
  • Infotainment
• Technology
  • Embedded
  • Integrated
  • Tethered
• 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 solutions for vehicle location tracking, route optimization, trip logging, driver scorecards, reward programs, usage-based insurance (UBI), accident detection, emergency notification, and vehicle maintenance scheduling. Additionally, it offers remote troubleshooting, data monetization, data sharing, big data analytics, predictive modeling, fraud detection, compliance audits, software testing, quality assurance, hardware development, field testing, deployment services, training services, customer onboarding, data migration, integration support, system monitoring, performance optimization, security patches, firmware updates, lifecycle management, end-to-end solutions, custom solutions, and consulting services.

Market Research Overview

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 growth is attributed to the surge in electronic components utilization in automobiles. This trend is driven by the rising sales of EVs, motorcycles, and PCs, leading to a substantial increase in demand for electronic control units (ECUs) and other electrical components over the past decade. Key technologies shaping this market include GPS tracking, cellular connectivity, Wi-Fi connectivity, Bluetooth connectivity, data analytics, remote diagnostics, over-the-air (OTA) updates, and driver monitoring systems. These advancements are transforming the automotive industry by enhancing vehicle performance, safety, and overall user experience.. 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/