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The Telematics solutions market is expected to grow at 15% CAGR from 2022 to 2029. It is expected to reach above USD 138.25 billion by 2029 from USD 39.3 billion in 2022.
The automotive telematics solution combines the telecommunications and informatics segment used in the automotive industry. This combination offers a range of services such as navigation, security, and vehicle security. In today’s world of technology, the modern and automated vehicles are manufactured by implementing different technologies to provide unique connectivity solutions for better navigation systems and fleet management solutions.
Segment Analysis
The telematics solutions market is segmented based on vehicle type, form type, application and Region, Global trends and forecast.
By type, the market is bifurcated into vehicle type (Passenger vehicles, Light commercial vehicles, Heavy commercial vehicles), by form type (Tethered, Embedded, Integrated), by application (Government, Fleet/Asset Management, Infotainment System Navigation & Location-based system, Safety & Security, Insurance Telematics, V2X, Other)
By Vehicle type, the market is segmented into three types, passenger vehicles, light commercial vehicles and heavy commercial vehicles. The commercial automotive telecommunications solutions market size has a revenue of USD 27.2 billion by 2021. In recent years, to monitor the behavior of drivers and vehicles, telecommunications black boxes have been used. They are used to transmit information such as real-time car trackers, vehicle diagnostics, gearshifts, extreme conditions. driving, etc. This helps fleet companies evaluate and take the necessary steps to optimize their operations. The increase in deployment of advanced solutions to reduce operating costs in the logistics industry is expected to drive the growth of commercial automotive telematics solutions in the commercial vehicle market.
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