AT&T INC. (US) and Verizon (US) are leading players in Automotive Telematics Market
The automotive telematics market is projected to reach USD 15.5 billion by 2027 from an estimated USD 8.8 billion in 2022 at a CAGR of 12.1% during the forecast period. The base year for the report is 2021, and the forecast period is from 2022 to 2027.
The automotive telematics market is expected to witness rapid growth due to an increase in demand for connectivity solutions/services, and demand for safety & security features. Also, an growing internet penetration, availability of smartphone apps and integration of driver-assist technology in vehicles are expected to boost the demand for automotive telematics market during the forecast period.
The automotive telematics market is dominated by globally established players such as Robert Bosch GmbH (Germany), AT&T INC. (US), Continental AG (Germany), LG Electronics (South Korea), and Verizon (US) among others. These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth automotive telematics market.
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Verizon is one of the leading providers of Telematics solutions. Moreover, to increase its focus on automotive telematics, the company has started providing connected car solutions under the Verizon Connect brand. This will further help the company to penetrate deeper in the telematics solution market. Verizon focuses on consistent innovation in product development in automobile maintenance and sustainable solutions for passenger and commercial vehicles. As part of its key strategy, it is introducing newer, more advanced telematics solutions by adopting newer technologies ranging from GPS-embedded to wifi-accessible telematics solutions. The company has continued R&D activities to improve quality at every stage: design, development, production, sales, and service, including suppliers. In August 2022, the company has recently launched Verizon Connect an AI Dashcam. The Advanced Driver Assistance Systems (ADAS) helps to monitor tailgating, pedestrians and cyclists, while the Driver-Monitoring System (DMS) tracks distracted driving, phone usage, fatigue and more. The recently launched single and dual-camera model. The major competitive threat for Verizon is the threat of new entrants with newer sophisticated technologies like telematics solutions with simple design, which can come up in recent times. Various regulatory provisions and changing global market dynamics challenge the telematics market worldwide.
AT&T is another leading player in the telematics solutions market. AT&T’s profit and cash flow are primarily driven by the mobility business which strengthens the position of the company in the automotive telematics market. AT&T Inc. offers a diverse telematics solutions product portfolio that covers various vehicle types like passenger cars, commercial vehicles, and electric vehicles. Diversification of the product portfolio provides the company stability and makes it easier to deal with temporary market fluctuations. The strong aftermarket division provides its OEMs expertise for the aftermarket through a relevant product and service portfolio. Brand image, awareness, and reputation of AT&T Inc. are instrumental for its higher market penetration in the automotive telematics market. Inhouse media segment WarnerMedia has been able to improve its brand recognition. Its early investments in 5G technology have made the company a leader in the automotive telematics market. The ability to anticipate technological trends and respond early to customer needs by developing innovative solutions promptly is crucial for AT&T Inc. The automotive industry is seeing an increasing demand for vehicle safety and autonomous driving functions. Due to the transition from hardware to software-defined technologies, electronic architectures are subject to rapid change. This entails operational and strategic development and technology risks. In August 2022, AT&T Fleet Complete have launched the next-generation suite of fleet management tools built to empower commercial fleet operations with AI-powered video telematics, automated ELD tools and a robust catalog of tracking solutions.
Related Reports:
Automotive Telematics Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region - Global Forecast to 2027
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