Berg Insight, the world’s leading IoT market research provider, today released new findings about the vehicle telematics hardware market.
More than 47.3 million aftermarket telematics devices were shipped globally during 2023, a market valued at approximately € 2.2 billion. The growing appetite for fleet management and other vehicle telematics services is currently driving the market.
Until 2028, annual shipments of aftermarket hardware are forecasted to grow at a compound annual growth rate (CAGR) of 8.0 percent to reach 69.3 million. Berg Insight estimates at the same time that global shipments of OEM telematics hardware for passenger cars, light trucks and commercial vehicles reached close to 68.4 million units in 2023 corresponding to a market value of € 8.6 billion.
A combination of commercial and regulatory drivers now encourages a broader set of carmakers to expand the availability of connected car services across geographies and market segments. There are also numerous OEM telematics offerings from commercial vehicle manufacturers. The attach rate of embedded telematics units among passenger cars, light trucks and commercial vehicles is forecasted to increase from about 74 percent in 2023 to 93 percent in 2028.
“Berg Insight ranks Teltonika as the market leader in the aftermarket telematics hardware segment reaching annual telematics hardware sales of € 153.0 million in 2023”, said Martin Cederqvist, Senior Analyst at Berg Insight.
Other vendors that hold significant market shares include Xirgo Technologies, Jimi IoT, Queclink and CalAmp. These five vendors generated together approximately € 478 million in annual revenues from the sales of aftermarket telematics hardware in 2023. Jimi IoT and Queclink are leading suppliers from China while Xirgo Technologies and CalAmp are US-based.
“Other significant aftermarket telematics hardware vendors include ERM Advanced Telematics from Israel, Positioning Universal and Danlaw from North America; Suntech International, Gosuncn RichLink, Neoway Technology, Sinocastel, Coban Electronics, Gosafe, Kingwo and ATrack from Asia-Pacific; Meta System, Ruptela and Munic from Europe and Maxtrack from Brazil”, continued Mr. Cederqvist.
The design and development of OEM telematics systems is complex as these have to integrate with vehicle systems, fulfil strict quality standards and ensure performance during the long lifecycle of a vehicle model. Another challenge is handling and navigating through the increasingly complex geographical landscape. The suppliers of OEM telematics equipment are generally established automotive suppliers that develop their solutions in cooperation with car manufacturers.
Mr. Cederqvist, said:
“Technology trends include the rise of new network technologies such as 5G and satellite connectivity as well as the adoption of integrated antenna solutions in telematics control units.”
Shipments of OEM telematics hardware for passenger cars and light trucks amounted to about 59.3 million in 2023, representing almost 87 percent of the total OEM telematics hardware shipments.
The leading OEM telematics hardware vendors in terms of unit shipments are therefore found in the passenger car and light truck OEM telematics segment. Examples of leading automotive suppliers of OEM telematics hardware include LG Electronics, Continental, Harman, Valeo, Marelli, Denso, Actia, Lear, Bosch, Gosuncn WeLink, Huawei, Neusoft Corporation, Lianyou Technology, Hyundai Mobis, Visteon and Aptiv.
The post Berg Insight ranks the leading vehicle telematics hardware suppliers appeared first on IoT Business News.
