Automotive Telematics Market Size Worth $334.84 Billion By 2032 | CAGR: 16.4%

Automotive Telematics Market Size Worth $334.84 Billion By 2032 | CAGR: 16.4%

The global automotive telematics market size is expected to reach USD 334.84 billion by 2032, according to a new study by Polaris Market Research. The report “Automotive Telematics Market Share, Size, Trends, Industry Analysis Report, By Technology Type (Embedded, Tethered, and Integrated); By Sales Channel; By Vehicle Type; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Extensive rise in the demand for telematics-based automobile insurance policies, which help automakers to broaden their financial services portfolio through offering data-driven insurance and further support the brand differentiation by providing value-added services, are among the prominent factors influencing the market growth. Moreover, numerous benefits associated with the use of automobile telematics like vehicle maintenance and enhanced navigation along with the introduction of more developed solutions, are likely to have positive impact on global market demand and growth.

For instance, in December 2022, Wialon, unveiled its “LeaseControl”, a highly streamlined version of their telematics platform, which is specially designed for covering safety challenges & protecting the companies’ assets operating in the car financing, vehicle leasing, auto deals, and vehicle loans.

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Growing incorporation of several technology systems like ADAS technologies, that use sensors and cameras to detect potential hazards on the road and help drivers avoid accidents and comes with several innovative features such as lane departure warning, adaptive cruise control, and automatic emergency braking are increasingly being integrated into telematics systems and implementation on V2X communication, which allows vehicles to communicate with other vehicles, infrastructure, and pedestrians are opening huge growth potential for the market in the near future.

As the automotive industry is rapidly expanding into emerging markets, there is a growing opportunity for telematics providers to offer their services in these regions that can help to increase adoption rates for these solutions coupled with the increasing penetration of major telematics providers for explore several new revenue models such as subscription-based services and revenue sharing with automakers and others.

Automotive Telematics Market Report Highlights

  • Embedded segment accounted highest market share in 2022, on account of its growing adoption globally as it provides constant connection and better user experience
  • OEM segment led the industry market with largest market share in 2022, mainly due to rise in the need for connected cars and increased government focus on mandating the use of telematics
  • Commercial vehicles segment is expected to grow rapidly during the anticipated period, which is mainly driven by its growing popularity due to numerous beneficial features including improved safety and maximize uptime
  • North America region dominated the global market with maximum share in 2022, owing to high adoption of advanced and innovated technology solutions and growing investments on R&D activities
  • The global key market players include Continental, TomTom Electronics, Harman International, Robert Bosch, LG Electronics, and Webfleet Solutions

Polaris Market Research has segmented the automotive telematics market report based on technology type, sales channel, vehicle type, and region:

Automotive Telematics, Technology Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Embedded
  • Tethered
  • Integrated

Automotive Telematics, Sales Channel Outlook (Revenue - USD Billion, 2019 - 2032)

  • OEM
  • Aftermarket

Automotive Telematics, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Passenger Cars
  • Commercial Vehicles

Automotive Telematics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa