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LONDON, GREATER LONDON, UNITED KINGDOM, October 10, 2024 /EINPresswire.com/ -- The consumer telematics market has experienced significant growth in recent years. It is projected to increase from $19.91 billion in 2023 to $25.002 billion in 2024, reflecting a compound annual growth rate (CAGR) of 25.7%. The growth observed during the historical period is largely due to the demand for more personalized systems, the rising need for big data analytics and related services, an increasing desire for enhanced driving experiences, heightened awareness, a growing number of vehicles on the road, and the expanding automotive insurance sector.
What Is The Estimated Market Size Of The Global Consumer Telematics Market And Its Annual Growth Rate?
The consumer telematics market is projected to continue its strong growth, reaching $63.10 billion by 2028 with a compound annual growth rate (CAGR) of 26.0%. This growth during the forecast period can be attributed to rising concerns about vehicle tracking and safety, the growing adoption of advanced driver assistance systems (ADAS) by consumers, increased smartphone penetration, the availability of affordable data plans, and the uptake of insurance telematics, along with a heightened focus on vehicle health monitoring. Key trends in this period include innovation in product development, integration with IoT (Internet of Things) devices, technological advancements, merging telematics with smartphones, and strategic partnerships and collaborations.
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Growth Driver Of The Consumer Telematics Market
The growing demand for connected vehicles is projected to drive the expansion of consumer telematics markets in the future. Connected vehicles are cars that come with internet connectivity, allowing them to communicate with various devices both inside and outside the vehicle. This demand is fueled by rising consumer expectations for advanced technology integration, increased convenience, and enhanced driving experiences. In connected vehicles, consumer telematics provides improved safety, navigation, and remote monitoring features through real-time diagnostics, vehicle tracking, and smooth connectivity with other devices.
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Which Market Players Are Steering The Consumer Telematics Market Growth?
Key players in the market include Verizon Connect, Continental AG, Trimble Inc., Agero Inc., TomTom International BV, Geotab Inc., Sierra Wireless Corp., CalAmp Corp., Spireon Inc., Telenav Inc., Teletrac Navman US Ltd., MiX Telematics International (Pty) Ltd., Lytx Inc., INRIX Inc., Samsara Networks Inc., Masternaut Limited, Insurance & Mobility Solution Ltd., Airbiquity Inc., The Floow Limited, Cubic Telecom Limited, Arvento Mobile Systems, Abalta Technologies Inc., Nauto Inc.
What Are The Key Trends That Influence Consumer Telematics Market Size?
Key players in the consumer telematics market are concentrating on creating technologically advanced products, including state-of-the-art telematics control units, to improve connectivity and ensure seamless integration with advanced driver assistance systems (ADAS). A state-of-the-art Telematics Control Unit (TCU) is an advanced onboard system that oversees vehicle connectivity, facilitates real-time data exchange, and integrates with driver assistance technologies to boost performance and safety.
How Is The Global Consumer Telematics Market Segmented?
1) By Product Type: Hardware, Software, Services
2) By Connectivity: Cellular, Satellite, Wireless Fidelity (Wi-Fi), Bluetooth
3) By Application: Fleet Management, Usage-Based Insurance, Connected Car Services, Vehicle Diagnostics, Infotainment, Safety And Security, Driver Assistance
4) By End-User: Automotive Original Equipment Manufacturer (OEM), Insurance Companies, Government Agencies, Telecommunication Companies, Retailers
Geographical Insights: North America Leading The Consumer Telematics Market
North America was the largest region in the consumer telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Consumer Telematics Market Definition
Consumer telematics involves the integration of telecommunications and monitoring technologies in vehicles to deliver a range of services and features to consumers. This integration merges communication systems with data processing and storage to enrich the driving experience, enhance vehicle safety, and offer real-time information. The primary goals of consumer telematics systems are to improve the overall driving experience, boost safety, and provide valuable insights into vehicle performance and usage.
Consumer Telematics Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global consumer telematics market report covering trends, opportunities, strategies, and more
The Consumer Telematics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on consumer telematics market size, consumer telematics market drivers and trends and consumer telematics market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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