Vehicle Telematics Hardware Market to Reach $244.3 Million, Globally, by 2033 at 10.6% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Vehicle Telematics Hardware Market by Type (2G, 3G, 4G and 5G), and Application (Passenger Car and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the vehicle telematics hardware market was valued at $91.3 million in 2023 and is estimated to reach $244.3 million by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
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Prime determinants of growth
Strong regulations enforcement for vehicle safety and emissions and demand for fleet management solutions are two primary drivers for the growth of the global vehicle telematics hardware market. Furthermore, growing consumer demand for connected car services and investment in smart transportation and infrastructure are the two main opportunities that can enhance the growth of global vehicle telematics hardware market. High investment costs and cybersecurity issues are the two main restraints for the growth of the global vehicle telematics hardware market.
Segment Highlights
Based on type, 4G dominated the market in 2023. This is because 4G networks are extensively deployed globally, offering wide coverage and stable connectivity essential for reliable telematics services. However, 5G is growing rapidly as it offers advantages such as lower latency, higher speeds, and the ability to connect a vast number of devices simultaneously.
Based on application, the commercial vehicle segment dominated the market in 2023, as commercial vehicles, including trucks, delivery vans, and buses, heavily rely on telematics for fleet management. This includes route optimization, fuel management, maintenance scheduling, and driver behavior monitoring, all of which contribute to significant cost savings and operational efficiencies.
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Regional Outlook
Based on region, North America region dominated the market in 2023. This is because North America, particularly the United States and Canada, has a highly developed telecommunications infrastructure, which supports the widespread adoption and implementation of telematics hardware. Moreover, the Asia-Pacific region is growing at an increasing rate due to increasing vehicle sales, rising adoption of telematics in emerging markets such as China and India, and advancements in telecommunications infrastructure. However, the market is still developing compared to North America.
Key Players:
- Tesla Inc.
- Actia
- Aptiv
- Bosch
- Continental
- Denso
- Harman
- Lear
- LG Electronics
- Marelli
- Valeo
- Visteon
- Actia
- Aptiv
- Bosch
- Continental
- Denso
- Harman
- Lear
- LG Electronics
- Marelli
- Valeo
- Visteon
- Zonar
- Omintracs
- Brigade
- Nauto
- ALD Automotive
- Danlaw
- Astrata
- Samsara
- Cal Amp
The report provides a detailed analysis of these key players in the global vehicle telematics hardware market. These players have adopted different strategies such as new product launches, partnerships and other strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments:
- In January 2021, Aptiv Plc, a global technology company launched a next-generation level 1-3 capable ADAS platform. Aptiv's ADAS platform can incorporate future technologies and features, including those developed in collaboration with Motional, providing further scalability to higher levels of automation.
- In October 2023, Nauto, a leading provider of AI-powered driver and fleet safety platforms launched a new telematics solution to provide fleets with a powerful solution that enhances driver and road safety, but also optimizes day-to-day operations and reduces cost.
- In November 2023, Brigade launched a new vehicle telematics system. Businesses can create an image of hazardous driving patterns or identify the activities of a particular driver by analyzing the data that the system gathers on different elements of driver performance, such as speeding, abrupt braking, and quick acceleration.
- In May 2022, Bosch and Astrata signed a 5-year partnership for an advanced fleet management system. This partnership will help Bosch to reduce the risk of shortages and that will allow Astrata to improve the flexibility and scalability of its supply chain to meet the demand.
- In April 2021, ALD Automotive signed a partnership agreement with Danlaw, a leader in connected car technology and automotive electronics to take advantage of its Bitbrew cloud platform and its industry-leading DataLogger line of OBD-II devices in support of ALD ProFleet. Fleet managers and drivers access real-time connected car data with ALD ProFleet, a recently improved connected car solution that uses Vinli's cloud-connected car and data intelligence platform for smart car data integration and processing.
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