Market Research Report
Global Automotive Telematics Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||1006526|
|Published||Content info||223 Pages
Delivery time: 2-3 business days
|Global Automotive Telematics Market Forecast 2021-2028|
|Published: May 18, 2021||Content info: 223 Pages||
The global automotive telematics market is set to record a CAGR of 21.36% during the forecast period, 2021-2028. The regulations regarding improving vehicle and passenger safety, advancements in automotive technologies, utilizing data analysis to enhance vehicle performance, and rising adoption of connected car services, propel market growth.
Telematics is a communication technology with regard to the automobile industry based on the information generated and directed to vehicles through wireless networks. It is the integration of location technology, in-vehicle electronics, and wireless communications. Consumers are inclined to data-enabled features that make mobility convenient, safe, and cost-effective. Telematics and data analytics propel innovation and expand market share. Auto-finance companies collect huge amounts of consumer data, which they use to analyze customer financial history and preferences. Companies provide personalized financial schemes as per customer requirements by integration of demographics and geography. As a result, data analytics aid the growth of automotive telematics. Logistics leaders, automobile engineers, and fleet managers gain automotive industry data insights to transform their businesses. Such factors drive market growth. However, the high expenses, cybersecurity concerns, and lack of consistent connectivity in automotive hinder the market growth.
The regions considered for the growth analysis of the global automotive telematics market include Asia-Pacific, Europe, North America, and Rest of World. As of 2020, North America dominated the global market. Telematics is increasingly adopted in the region, along with commercial vehicles witnessing rising demands.
The intense competitive rivalry is attributed to key companies competing across the regions to acquire high market shares through new product developments and expansions. Some of the market's eminent players include Robert Bosch GmbH, Qualcomm Technologies Inc, Intel Corporation, Masternaut Limited, AT &T Inc, etc.