Data-Driven Driving: Automotive Telematics Market Growth and Key Players
The global automotive telematics market size is expected to reach USD 170.43 billion by 2030. Increasing emphasis on improving the fuel efficiency, improvement in tracking vehicle location & speed and, rising focus on the passenger safety & experience are factors driving the growth of the market.
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Besides, the increasing government emphasis on the development of safer and smarter infrastructure by improving internet connectivity is expected to propel the growth of the market during the forecast period. For instance, in 2016 Russian government mandated the implementation of the emergency call-built system in the locally built and sold vehicles in the country, the law has similar standards based in Europe.
Increasing integration of the real-time fleet management and monitoring system by the OEM is driving the demand for automotive telematics systems in the market. For instance, In August 2022, Lighting eMotors launched Lighting Insights, it is an extension of the existing telematics system to manage and monitor the lighting fleet assets in real-time. The telematics system monitors the state of charge, vehicle efficiency, location, charge time scheduling, driving hours, payment method, load management, and others.
The cybersecurity of the automotive telematics system is one of the major concerns for automobile manufacturers in the market. The telematics systems software is connected through Wi-Fi, and Bluetooth in the vehicle. The real-time data procured through these softwares have a high possibility of tampering during cyber-attacks. Thus, to overcome these challenges key players such as Lighting eMotorf automotive telematics is offering encrypted 4G connection for real-time monitoring of the real-time analytics models.
Increasing integration of the automotive telematics system in the vehicle to track driver behavior and tendencies has benefited the insurance companies at large.
As, the data collected through the car telematics system is used for determining the policy cost of the vehicle, and their insurance premium. Thus, the rising demand for vehicle data collection through telematics devices by the insurance sector is expected to create new growth opportunities for the market.