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Vehicle Telematics Market will Reach Revenues Worth US$ 217.7 by 2031

Automotive Telematics Market

In 2018, the global vehicle telematics industry was valued at over US$ 22 billion, with a year-on-year increase of 23.3 percent by 2019. Prospects are much brighter, with the industry predicted to reach US$ 41.6 billion by 2021, increasing by more than 5 times to US$ 217.7 billion over the forecast period of 2021-2031.

In 2019, global revenues are expected to exceed US$ 27 billion. The functional capabilities of automobiles are steadily improving with the addition of automotive telematics. The automobile telematics system has a wide range of uses in communication, mapping, and increasing vehicle safety features.

Key Segments Covered

  • Product Type

    • Embedded Automotive Telematics
    • Integrated Automotive Telematics
    • Tethered Automotive Telematics
  • Services

    • Safety and Security Automotive Telematics
    • Information & Technology Automotive Telematics
    • Entertainment & Remote Diagnostics Automotive Telematics
  • Vehicle Type

    • Passenger Car Automotive Telematics
    • LCV Automotive Telematics
    • HCV Automotive Telematics
  • Sales Channel

    • Automotive Telematics Sales via OEMs
    • Automotive Telematics via Aftermarket

Competitive Environment
Leading service providers are relying on the introduction of new software that enables advanced damage detection systems based on cloud and AI technologies. The following are noteworthy events from the last several months:

Harman International Industries Inc. announced the launch of HARMAN Turbo Connect in January 2021. (TBOT). On the road, the programme anticipates and mitigates connectivity issues. This addition to the company’s existing portfolio meets the demand for high-speed communication with minimal latency, especially when combined with 5G-enabled technology like its Smart Conformal Antenna.
Robert Bosch GmbH announced its Ridecare services in November 2021, which include a sensor box that detects vehicle damage and smoke within the vehicle.

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