New market report analyzes the latest developments in the automotive telematics applications space, including Stolen Vehicle Tracking (SVT), vehicle diagnostics, usage-based insurance (UBI), and dealer and inventory management.

San Diego, California, December 3, 2024 – Suntech, the world’s leading provider of asset monitoring and data optimization solutions, today announced that the company has been named as a top provider of automotive telematics hardware in a recent report by Berg Insight titled Aftermarket Car Telematics – 5^th Edition.   A brochure of the report can be seen here - https://media.berginsight.com/2024/11/29224546/bi-aftermarketcar5-ps.pdf. 

According to the report, the addressable market for aftermarket car telematics solutions is significant. At the end of 2022, there were an estimated 1.36 billion passenger cars and light trucks registered worldwide. Berg now estimates that total shipments of aftermarket car telematics systems reached 26.7 million units worldwide in 2023 and is expected to reach 38.7 million units in 2028. 

“The telematics market is characterized by a great diversity of players interacting in a complex value chain that spans multiple industries,” says IoT Analyst and report author Martin Cederqvist.  “The car telematics companies targeting the aftermarket car sector include specialists focusing on a broad range of applications including fleet management for commercial vehicles.  The leading aftermarket car telematics solution providers have reached installed bases in the millions. Examples of leading car telematics solution vendors include vendors such as Suntech International, among others.”

“It’s an honor for Suntech to be recognized by an industry leader like Berg Insight and to be positioned with so many great companies,” says Tim Newberg, Chief Commercial Officer at Suntech U.S.  “At Suntech we help partners transform data into real-time visibility and actionable intelligence, ultimately driving efficiency, growth, and value for their businesses.  Modern day asset monitoring and data optimization require a fundamental shift in the way companies have historically viewed asset tracking – vehicle and cargo in particular.  Suntech is well-equipped to enable this change with leading global brands and lead them to success and increased profitability.”

Stolen vehicle recovery and security-related telematics are mature aftermarket applications.  Regional market conditions such as a high level of vehicle crime influence the demand for stolen vehicle tracking and have made SVT solutions popular in countries such as Argentina, Brazil, and Mexico, with the United States market heating up quickly. 

For example:

• - There were thefts of more than 1.0 million motor vehicles in the US in 2023, according to the National Insurance Crime Bureau (NICB). 
• - Berg Insight forecasts that the number of active aftermarket SVT units in use worldwide will reach 91.2 million in 2028, up from 58.2 million at year-end 2023.

Newberg continues, “Suntech has seen tremendous growth with its product line and the automotive telematics space is an important part of our business.  Stolen vehicle recovery and other security-related telematics applications are key components of our solution suite and the benefits our customers enjoy worldwide.  For example, the ST4215 and ST6560 are our newest products that are both feature rich and smaller, smarter, and better for vehicle monitoring and recovery.”

Suntech was featured with several other IoT leaders, such as CalAmp, Danlaw, Jimi IoT, Queclink, Teltonika, and others.

About Suntech U.S. 

Established in 2017, and based in San Diego, California, Suntech U.S. helps its customers and partners transform data into real-time visibility and actionable intelligence, ultimately driving efficiency, growth, and value for its customers.

With products designed, developed, and manufactured in South Korea and housed and distributed from its U.S. headquarters, the company enables best-in-class vehicle and fleet management through its partners across the USA and Canada. For more information, please visit https://stsunlab.com/board/board_form?bd_id=CONTACT. 

Contact

Peter Nilsson

Marketing for Suntech U.S.

peter@performpr.com

858-880-5466