AUTOMOTIVE TELEMATICS SYSTEM MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Automotive Telematics System Market Analysis:

The market for automotive telematics systems is currently valued at USD 28.44 billion and is projected to reach USD 38.82 billion within the next five years, with a compound annual growth rate (CAGR) of 15.3% during the forecast period.

The telematics system consists of electronic, electromechanical, and electromagnetic devices, typically composed of silicon micro-machined components. These devices work in conjunction with computer-controlled devices and radio transceivers to monitor vehicle operations and provide precise functional information. Many telematics systems offer stolen-vehicle assistance, utilizing global positioning system (GPS) technology to locate vehicles.

Furthermore, the combination of GPS and onboard diagnostics allows for the recording and mapping of a car’s location and speed, enabling a cross-reference of the vehicle’s internal behavior. Insurance companies primarily utilize this information. Additionally, telematics devices are employed to efficiently manage vehicle fleets. The aforementioned services provided by telematics systems are within the scope of the market.

In the long run, the utilization of automotive telematics in electric vehicles (EVs) is expected to drive market growth. Leading vendors are actively seeking to capitalize on the opportunities presented by the introduction of EVs into the market.

The European telematics market has also experienced expansion due to the mandatory implementation of e-Call in new vehicles, as mandated by the European Commission. Moreover, the region is home to numerous automotive telematics hardware suppliers, particularly in countries such as Germany, the United Kingdom, and Italy.

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