PORTLAND, OREGAON, UNITED STATES, September 15, 2023/EINPresswire.com/ — Allied Market Research recently published a report, titled, “Automotive Telematics Market by Channel (OEM and Aftermarket), Vehicle Type (Commercial Vehicle, Passenger Car, and Two-Wheeler), Application (Fleet/Asset Management, Navigation & Location-Based System, Infotainment System, Insurance Telematic, Safety & Security, V2X, and Others), and Connectivity Solution (Embedded, Integrated Smartphones, and Tethered): Global Opportunity Analysis and Industry Forecast, 2019–2026″. According to the report, the global automotive telematics market was pegged at $50.4 billion in 2018 and is projected to reach $320.6 billion by 2026, registering a CAGR of 26.8% during the forecast period.
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OEM channel type to open new opportunities
Based on channel type, the OEM channel segment held the largest share in 2018, contributing to more than two-thirds of the global automotive telematics market, as automotive OEM telematics services focus on building an ongoing relationship with customers by providing solutions, which create a better user experience, developing new models, and meeting regulatory demands for vehicles. Moreover, the segment is also projected to register the fastest CAGR of 27.9% during the study period.
Commercial vehicle dominated the market
The commercial vehicle segment held the lion’s share in 2018, accounting for around two-thirds of the global automotive telematics industry, owing to growth in manufacturing and construction industry in the developing countries such as China and India coupled with development of logistics infrastructure. However, the two-wheeler segment is estimated to portray the fastest CAGR of 31.4% during the forecast period, owing to the increased need for digitally connected two-wheelers and newer collaborations involving automotive manufacturers, suppliers, technology companies, telecom operators, insurance firms, government policy makers, transport operators.
Prime determinants for growing market
Government regulations for vehicle telematics, rise in trend of connectivity solution, ease of connectivity diagnosis, and surge in use of cloud-based technology for automotive telematics solutions have boosted the growth of the global automotive telematics market. However, threat of data hacking, high installation cost, and lack of uninterrupted & seamless Internet connectivity hamper the market. On the contrary, intelligent transportation system, improved performance of autonomous vehicles, better driver and vehicle safety, and enhancement of business decisions for fleet owners are expected to create lucrative opportunities in the near future.
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North America held lion’s share
The market across North America dominated the market in 2018, contributing to more than one-third of the market, owing to rise in need to manage fleet in a more efficient way, technological advancements, and increase in concerns over safety of vehicle & driver. Moreover, the increased demand for smart fleet management systems, smart technologies, government initiatives, and advent & integration of IoT & information, communication, & technology particularly into automobiles are the factors responsible for the market growth. On the other hand, the global automotive telematics market across Asia-Pacific is projected to manifest the fastest CAGR of 29.7% during the forecast period, owing to rise in demand for smart transportation and increase in concerns regarding safety of vehicle & driver, implementation of stringent government regulations toward vehicle maintenance & tracking.
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TomTom Telematics B.V
Harman International Industries, Inc.
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