Automotive telematics market expects substantial growth by 2024

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The automotive telematics market is estimated a substantial growth by 65.76 mn units by 2024. In addition, the market is expected to decelerate at a CAGR of 16% during its forecast period.

According to sources, the growing popularity of EVs is rapidly driving the growth of the automotive telematics market. Government bodies across the world are taking initiatives to promote the adoption of electric vehicles. These types of vehicles reduce air pollution significantly, as they do not emit harmful pollutants such as particulates, carbon monoxide, hydrocarbons, and volatile organic compounds. Several international and regional players are also focusing on the development of EVs.

For manufacturing and promotion of such vehicles, governments are providing various benefits and rewards. For example, in China, firms that are engaged in the manufacturing of EVs can claim subsidies from the government. International companies that have their EV manufacturing units in the country also have the right to claim subsidies and benefits provided by the government. These factors significantly increase the adoption of EVs.

It will be important to mention that other emerging economies such as India are also adopting the incentives route to gain traction in the EVs adoption and are targeting EVs adoption.

Source

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