Technological Advancements contribute to the Booming Growth of the Global Automotive Telematics Market
Inkwood Research anticipates that the Global Automotive Telematics Market is evaluated to register a CAGR of 21.36% in terms of revenue during the forecasted years of 2021-2028.
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In the automobile industry, telematics is a communication
technology that functions on the basis of information generated from vehicles
through wireless networks. It integrates security, safety, communication, and
navigation, into one technology.
Advancements
in Automotive Technologies propel Market Growth
There is an increasing demand for automotive due to rising
globalization. Technological advancements minimize the time required for
developing, and enable greater flexibility. Premium features like navigation
systems are in huge demand in automotive. Automotive navigation systems utilize
GPS navigation devices for locating users of the road, and are installed in
automobiles. These systems have led to an increased number of devices and
gadgets. They capture images of the location and include personal information
management and meeting and anniversary reminders. Further, telematics enhances
routing aided by navigation services. It integrates GPD tracking with engine
monitoring to minimize labor costs and manage fleet efficiency.
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Two-Wheelers
are the Fastest-Growing Vehicle Type
Two-wheeler is a vehicle of convenience and affordability.
Telematics is evaluated to be beneficial for a fleet of bikes, motorbikes and
bicycles included. For instance, bike-sharing companies, police & emergency
organizations, food delivery companies, courier service companies, etc. GPS
telematics increases the productivity of a commercial motorbike fleet, keeping
their profits optimal. The owner can access the movements of bikes and track
comprehensive reports of trips made by the bike. This betters the trip
efficiency and driver output. It will also help in assigning jobs and avoid
delivery delays.
North
America dominated the Global Market in 2020
The region encompasses a growing demand for commercial
vehicles in countries like the US. The market prospects of North America are
attributed to the increasing adoption of telematics like fleet management and
navigation systems. The rising demand for passenger cars and light commercial
vehicles is also estimated to drive growth in insurance telematics. The other
main growth driver is the presence of major players.
The considerable competition among the existing players is
attributed to large-scale investments and expanding portfolios. Intel
Corporation, AT &T Inc, Qualcomm Technologies Inc, Masternaut Limited,
etc., are among the market’s key players.
About Inkwood Research
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research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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