Pune, India, July 26, 2022 (GLOBE NEWSWIRE) -- The global vehicle telematics market size was valued at USD 64.93 billion in 2021 and reached USD 72.78 billion in 2022. The market is expected to reach USD 213.67 billion by 2029, exhibiting a CAGR of 16.6% during the forecast period. Furthermore, increased fuel efficiency, rising consumer demand, and awareness of automotive telematics solutions boost the market growth. Fortune Business Insights™ provides this information in its report titled “Vehicle Telematics Market, 2022-2029.”
COVID-19 Impact:
Strong Focus on Domestic Semiconductor Manufacturing Supported Industry Growth
This market was positively impacted during the pandemic due to the strong focus on domestic semiconductor manufacturing. The re-commencement of activities and lockdown relaxations enabled manufacturers to enhance their production activities. Semiconductor chipsets and wafers deployment increased rapidly in the consumer electronics sector. Furthermore, companies, such as Taiwan Semiconductor Manufacturing and United Microelectronics, announced the expansion of their production plans. These factors incited growth during the pandemic.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 16.6% |
| 2029 Value Projection | USD 213.67 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 72.78 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
| Segments covered | By service, the market is segmented into infotainment system, insurance telematics, fleet/asset management, safety & security, information & navigation, and others. |
| Growth Drivers | Improved Operational Efficiency for Fleet Management Companies to Foster Market Progress |
| Rising Safety and Security Concerns to Foster Market Progress in North America |
Market Drivers-
Improved Operational Efficiency for Fleet Management Companies to Foster Market Progress
Vehicle telematics comprises a combination of telecommunication systems and information technology to track the locations and movements of automobiles. Improved operational efficiency and fleet management companies are expected to enhance the product demand. Telematics can help drivers reduce fuel consumption by maximizing their efficiency and track idle time. Furthermore, the adoption of telematics solutions can boost the vehicle’s safety and elevate maintenance, thereby allowing the drivers to retain a safe driving environment. Moreover, the increasing demand for advanced safety features in automobiles is expected to enhance the product demand. These factors may drive the vehicle telematics market growth.
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Highlights of the Report-
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Segmentation-
Rising Safety and Security Concerns to Foster Market Progress in North America
North America is anticipated to dominate the vehicle telematics market share due to rising safety and security concerns. The market in North America stood at USD 23.94 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, implementing several government norms are likely to enhance the industry’s progress. For example, the U.S. government undertook a contract with Geotab in January 2022 to retrofit fleet management telematics technology in 217,000 vehicles. These factors may incite growth in the region.
In Europe, gradually decreasing hardware prices are likely to foster the product demand adoption. Furthermore, the entry of several established OEMs that provide solutions and warranties backed by dealerships may stoke market growth.
In Asia Pacific, the increasing number of Telematics Service Providers (TSPs) in India and China is expected to increase the demand for vehicle telematics. As per the survey conducted by Tech Mahindra, 90% of Indian consumers prefer a four-wheeler equipped with telematics technology. This survey was conducted to analyze consumer behavior and undertake effective steps.
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Competitive Landscape-
Major Players Devise Acquisitions to Enhance Brand Positioning
Prominent companies operating in the market enter acquisitions to enhance their product offerings and elevate brand positioning. For example, Trimble announced the acquisition of an asset management software provider to private and government organizations in the U.S. in December 2021. This strategy may allow the players to offer clients advanced solutions, bolster their product offerings, and enhance their brand positioning. Furthermore, manufacturers deploy partnerships, mergers, novel product launches, innovations, and automated production techniques to bolster their market position.
List of Players Operating in the Vehicle Telematics Market are as follows:
• Robert Bosch GmbH (Germany)
• Webfleet Solutions B.V. (Netherlands)
• MiX Telematics (South Africa)
• Trimble (U.S.)
• Verizon (U.S.)
• Zonar Systems (U.S.)
• Octo Group S.p.A (Italy)
• Microlise Telematics Pvt. Ltd. (U.K.)
• Harman International (U.S.)
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Vehicle Telematics Market Segmentation:
By Service Type:
- Information & Navigation
- Safety & Security
- Fleet/Asset Management
- Insurance Telematics
- Infotainment System
By Technology Type:
- Embedded,
- Tethered,
- Integrated
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Vehicle Telematics Market
5. Global Vehicle Telematics Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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