The increasing requirement of enhanced safety features in automobiles is one of the biggest reasons responsible for the surging demand for automotive telematics systems across the world. Additionally, the rising demand for efficient road traffic systems is further boosting the progress of the automotive telematics market. Furthermore, the increasing prevalence of road accidents and deaths, especially in the U.S., China, and India is causing the growing integration of advanced security features and systems in automobiles all over the world.
The soaring popularity of connected cars is another important factor propelling the automotive telematics market growth. Owing to their ability to provide numerous advantages to the users such as vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) interfaces, connected cars are being increasingly preferred by people in several countries around the world. In addition to this, the integration of advanced features such as roadside assistance, smartphone connectivity, traffic and collision warning, real-time traffic monitoring, and automobile diagnostics in connected cars contribute tremendously toward their growing popularity throughout the world.
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Due to the above-mentioned factors, the global automotive telematics market is predicted to advance at a CAGR of 16.6% during the forecast period (2020—2030). In addition to this, the automotive telematics market is expected to observe a huge increase in its valuation, from $27.7 billion to $149.9 billion during 2019—2030. Automotive telematics solutions are incorporated in both commercial and passenger vehicles. Between these, the commercial vehicles are predicted to register higher growth rate in the automotive telematics market during the forecast period, owing to the increasing utilization of cloud-based commercial fleet management solutions across the globe.
A key trend currently being observed in the automotive telematics market is the ballooning number of partnerships and collaborations amongst the various telematics systems providing companies, solutions providers, and original equipment manufacturers (OEMs) all around the world. For example, Avis Budget Group Inc. and Verizon Communications Inc. started a partnership with each other in December 2019 for developing an all-in-one digital travel assistant solution, using the latter’s countrywide 4G LTE network, solely for the clientele of Payless Car Rental Inc. and Avis Budget Group Inc.
Geographically, North America registered the highest utilization of telematics solutions in automobiles in 2019. Moreover, the region recorded the highest growth in the automotive telematics market in 2019 and this trend is predicted to continue during the forecast period as well. This is fundamentally due to the increasing integration of connected technology in vehicles in the region. However, the automotive telematics market is expected to register the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region from 2020 to 2030.
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Thus, the incorporation of telematics solutions will increase massively in automobiles in the future years, primarily because of the increasing incidence of road accidents and deaths and the growing demand for enhanced safety features and systems in vehicles all over the globe.
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