The global automotive telematics market is growing at a CAGR of

The global automotive telematics market is growing at a CAGR of

New Delhi, September 21, 2022 (Globe Newswire) – The global automotive telecommunications market is growing at a high CAGR due to the growth trend of connectivity solutions as well as the increasing convenience in vehicle diagnostics. However, the risk of data breach may be a major limiting factor for market growth.

A recent study conducted by the strategic consulting and market research firm, Blue Wave Consultingrevealed that global remote car market It was valued at US$69.15 billion in 2021. The market is expected to grow at a CAGR of 18.5%, generating revenue of approximately US$220.37 billion by the end of 2028. The global automotive telecommunications market is booming due to the growth of connectivity trend solutions as well as The increased convenience of vehicle diagnostics. However, the risk of data breach may act as a major limiting factor for market growth.

The growth trend of communication solutions

In the past few years, there has been an increase in the acceptance of advanced technologies and gadgets in both developed and developing countries, including cell phones, computers, smartphones, tablets, communications, and many other modern goods. Smartphones have modified the definition of calling over time. People want to maintain their connection with the outside world while traveling. As connectivity is now a need, automakers are incorporating connectivity features into their vehicles to increase sales. The things that computers and smartphones can do are what consumers demand from their cars. As a result of customers’ growing desire to be connected 24 hours a day, seven days a week, even while traveling, the in-car telecommunications industry is expected to expand at a promising rate.

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Car Diagnostic Convenience

The market for in-vehicle information technologies is expected to grow faster thanks to advanced diagnostic systems. With the help of telematics technology, passengers and ride-sharing companies can better monitor drivers, manage payments based on route maps, and track vehicle movement through smartphones in a seamless and secure way that helps anticipate potential vehicle problems before they arise. With the help of communication technologies, it is easy to track vehicle records, identify which vehicle has traveled the most and provide services accordingly. Vehicle fuel consumption and smoke emissions are tracked through diagnostic systems. Hence, the ease of vehicle diagnostics through mobile applications is expected to accelerate the rise of the market.

Data breach risk

The latest technology in the market is IT in cars. Unlawful access to various vehicle communication solutions or hacking of the in-vehicle communication system are examples of factors that can impede the work of telematics in vehicles. There is a serious security issue where hackers can access the data collected and stored by the car’s computer systems. As a result, the potential for infiltration of automotive IT systems is one of the reasons that is expected to hamper the growth of the automotive IT market. As a result, the main obstacle to the expansion of the automotive IT market during the forecast period is data breach risks.

Embedded chip is expected to dominate the market by model type

Based on the type of model, the market is segmented into embedded, integrated and tethered segment. The revenue share of the combined segment in the global market is expected to increase throughout the forecast period due to the rise in motor vehicle accidents and traffic accidents. In addition, with the advent of cloud-based technology and service plans, costs have been optimized. In addition, the logistics industry has seen a significant increase in demand for emergency navigation and GPS systems in recent years, which has led to an increased demand for embedded systems. For example, in January 2021, Teletrac Navman introduced an artificial intelligence dashboard dual camera that can record and analyze 100% of the driving time, thus reducing accidents. Due to the increasing use of integrated solutions by auto manufacturers, the integrated segment is expected to witness consistent revenue growth during the forecast period. For example, Omnitracs gives Volvo Trucks customers integrated telemetry that makes it easier to find assets and understand driver behaviour.

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The North American market is expected to retain the largest market share during the forecast period

Based on the region analysis, North America is expected to record the largest revenue share in the global automotive telecommunications market during the forecast period, due to the adoption of information technologies by commercial vehicles and insurance companies, particularly in the US market in Asia Pacific. It is expected to register the fastest rate of revenue growth during the forecast period, due to the increased demand for telecom solutions in fleet management. Telematics technology is being adopted by startups in China, Nio, FutureMove, and Qoros. Due to strict auto safety laws, the European market is expected to grow with steady revenue during the forecast period. The countries with the highest demand for telecommunications are Germany and the United Kingdom. The primary motivation for users in the UK to use telecommunications technology is its ability to locate cars.

Impact of COVID-19 on the global automotive IT market

Many industries, particularly the auto and insurance sectors, have been significantly affected by the COVID-19 pandemic. The pandemic has put economic pressure on the entire world due to the high cost of fully integrated telecommunications systems such as dash cameras, intelligent route planning, electronic recording devices (ELDs), and driver management. The decline in car sales has hampered the growth of the automotive IT market. However, telecommunications is improving the customer experience and the many benefits it provides to drivers, automakers, and insurance companies are expected to contribute significantly to the growth of the market during the forecast period.

Competitive scene

The major players operating in the global automotive IT market are Robert Bosch GmbH, Webfleet Solutions BV, Zonar Systems, Octo Group SpA and Microlise Telematics Pvt. Ltd. , CARTRACK, Masternaut Limited, Mix Telematics, Omnitracs, TomTom Telematics BV. , Trimble Inc, VERIZON, Harman International, IDSystems, Inc. , Teletrac Navman, Airbiquity Inc, and other notable players. For example, on November 18, 2021, to determine damage and smoke inside a vehicle, Robert Bosch GmbH provided Ridecare services, including a sensor box. The sensor uses artificial intelligence and cloud-based data analysis to distribute information as a sensor is deployed to determine if the vehicle has been damaged or smoked.

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In-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global Automotive Information Technology market. It also highlights the factors that drive overall market size expectations. The report promises to provide recent technology trends in the global Automotive Remote Control market and industry insights to help decision makers make sound strategic decisions. Moreover, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Recent Developments

  • In February 2021, HARMAN International, a wholly owned subsidiary of Samsung Electronics Co., Ltd. , which focuses on connected technologies for the automotive, consumer and corporate markets, today it has acquired all of the assets of SavariĀ®, Inc. , a Silicon Valley-based automotive technology company that is developing vehicle-to-everything (V2X) communication technology in the 5G Edge and in-vehicle devices.
  • In June 2021, Masternaut, owned by Michelin Group, has announced the launch of a new Move Electric solution to help fleet managers transition away from internal combustion engines.

Report scope

characteristics details
years considered Historical data – 2018-2021
Base year – 2021
Estimated year – 2022
Forecast – 2022 – 2028
Covered facts Revenue in billions of dollars
market coverage North America (US and Canada), Europe (Germany, UK, Italy, France, Spain, Netherlands, Belgium, Nordic countries and rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina Peru, Colombia, Rest of Latin America), Middle East and Africa (Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Iran, South Africa, Nigeria, Egypt, Morocco, Algeria, Rest of Middle East and Africa)
Product/retail service By service, by hardware, by model type, by sales channel, by vehicle type, by connection, by region
The main players Robert Bosch GmbH, Webfleet Solutions BV, Zonar Systems, Octo Group SpA, Microlise Telematics Pvt. Ltd. , CARTRACK, Masternaut Limited, Mix Telematics, Omnitracs, TomTom Telematics BV. , Trimble Inc, VERIZON, Harman International, IDSystems, Inc. , Teletrac Navman, Airbiquity Inc and other notable players.

according to service

  • Automatic malfunction notification
  • emergency call
  • Mobility
  • Roadside assistance
  • remote diagnosis
  • Vehicle Tracking / Recovery (Fleet Management)
  • Insurance risk assessment
  • driver behavior
  • Billing Services
  • Other (fuel efficiency guidance, geo-fencing, eco-driving)

by hardware

  • remote control unit
  • Navigation systems
  • Communication devices
  • Audio/Video Interface
  • can bus

Depending on the type of model

  • Included
  • tied
  • built in

By sales channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

by contact

According to the type of vehicle

by region

  • North Amarica
  • Europe
  • Asia Pacific
  • Latin america
  • Middle East and Africa

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