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New York, March 07, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Telematics Global Market Report 2023” – https://www.reportlinker.com/p06325387/?utm_source=GNW
, Actsoft, idem telematics GmbH, and Microlise Limited.
The global automotive telematics market grew from $100.06 billion in 2022 to $132.87 billion in 2023 at a compound annual growth rate (CAGR) of 32.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The automotive telematics market is expected to grow to $360.56 billion in 2027 at a CAGR of 28.3%.
The automotive telematics market consists of revenues earned by entities by providing automotive solutions and services such as IoT vehicle telematics solutions, cloud, hardware, and software solutions, GPS tracking, fleet management software, real-time Artificial Intelligence integration for early warnings, and instant insights.The market value includes the value of related goods sold by the service provider or included within the service offering.
The automotive telematics market also includes sales of telematics sensors, dashboard devices, speed sensors, and braking systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive telematics refers to fleet monitoring or GPS vehicle tracking and is an important management tool for many commercial and government fleets.The system may report on practically every parameter, including speed and idle, as well as fuel consumption, low tire pressure, and more.
A telematics device’s primary components include a GPS receiver, accelerometer, SIM card, engine interface, and others. It is used to track automobiles, trucks, equipment, and other assets and plot their movements on a computerized map.
North America was the largest region in the automotive telematics market in 2022.Western Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of automotive telematics by connectivity solutions are embedded, integrated smartphones, and tethered.The embedded refers to telematics using technology that allows vehicles to connect to the internet.
The embedded technology type refers to the car’s inbuilt telematics modem that connects to the cellular network and allows it to communicate with other internet-connected devices like mobile phones. The automotive telematics solutions are sold through OEM and aftermarket and are applied in fleet/asset management, navigation and location-based system, infotainment system, insurance telematic, and safety and security The automotive telematics solutions are embedded on commercial cars, passenger vehicles, and two-wheelers.
Government regulations for vehicle telematics are contributing to the growth of the automotive telematics market.The governments across the globe are making continuous efforts to make roads safer and also notified prescribed norms related to safety measures.
For instance, in February 2022, according to an article published by Mint, an India-based e-magazine, the ministry of road and transport and highways statement citing the draught notification, every goods carriage vehicle carrying any dangerous or hazardous items will be equipped with or fitted with, a vehicle tracking system device as per Automotive Industry Standard (AIS) 140. Therefore, stringent government norms and regulations regarding vehicle tracking and monitoring is expected to boost demand for vehicle telematics during the forecast period.
Technological innovations are the key trend gaining popularity in the automotive telematics market.Major companies operating in the market are introducing new technologies such as the MoveElectric system which is designed to aid in the transition of enterprise fleets from internal combustion engines (ICE) to electric cars (EVs) to sustain their position in the market.
For instance, in June 2021, Masternaut, a UK-based telematics company specializing in fleet and asset management, launched the MoveElectric transition tool that allows fleet managers to identify which travels could be completed by an EV rather than an ICE vehicle, based on factors that reflect business demands and working patterns.With the help of this tool, businesses can now identify which electric vehicles are best for their fleets by comparing real-time ICE data with that of EVs.
The MoveElectric tool’s use of extensive real-world data allows fleet managers to evaluate and explain the broader benefits of switching to electric vehicles, such as increased efficiency, lower CO2 emissions, and lower costs.
In February 2022, Otonomo Technologies, an Israel-based automotive data services platform, acquired The Floow for $69 million.With this acquisition, Otonomo and The Floow will provide OEMs and insurance companies with the potential to expedite the use of their data, develop new products, improve customer experiences, and drive business transformation.
The Floow is a UK-based advanced telematics systems for the insurance, mobility and travel industries.
The countries covered in the automotive telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive telematics market research report is one of a series of new reports that provides automotive telematics market statistics, including automotive telematics industry global market size, regional shares, competitors with a automotive telematics market share, detailed automotive telematics market segments, market trends and opportunities, and any further data you may need to thrive in the automotive telematics industry. This automotive telematics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06325387/?utm_source=GNW
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