Automotive Telematics Market Statistics, Development and Growth 2030

Posted June 1, 2021 by Rahul_Gautam

Automotive Telematics Market Investment Trend, Growth & Innovation Trends by 2030
The ballooning requirement for improved safety systems and features in automobiles, due to the rising incidence of road accidents and fatalities, is propelling the demand for automotive telematics solutions across the world. Road accidents are responsible for a large number of deaths all over the world every year and the main cause of road crashes is human error. As per reports, the incidence of road accidents was found to be the highest in India during the last few years.

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The adoption of telematics solutions in automobiles massively reduces the occurrence of road crashes and improves the overall driving experience. Apart from the growing prevalence of road accidents, the increasing popularity of connected cars is also positively impacting the global demand for automotive telematics solutions. Connected cars offer various advantages such as vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) interfaces. Furthermore, the incorporation of telematics solutions in connected cars is very crucial.

This is because these vehicles are equipped with V2I and V2V connectivity, which are some of the major components of automotive telematics solutions. Additionally, connected cars provide feature such as roadside assistance, smartphone connectivity with the automobile, collision and traffic warnings, real-time traffic monitoring, and automobile diagnostics. This is propelling the popularity of these vehicles, which is, in turn, boosting the demand for automotive telematics solutions all over the globe.

Due to the above-mentioned reasons, the global automotive telematics market is registering huge growth. As per the estimates of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $27.7 billion in 2019 to $149.9 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 16.6% between 2020 and 2030. Embedded, tethered, and integrated are the most widely used types of telematics systems in automobiles.

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Hence, it is safe to say that the demand for automotive telematics solutions will shoot up all over the world in the forthcoming years, primarily because of the rising popularity of connected vehicles and the increasing adoption of safety systems and features in automobiles.
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Issued By Rahul Gautam
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Categories Automotive , Business , Industry
Tags automotive telematics industry , automotive telematics market , automotive telematics sales , demand for automotive telematics
Last Updated June 1, 2021