Pune, India, June 13, 2023 (GLOBE NEWSWIRE) -- The global vehicle telematics market size was worth USD 72.85 billion in 2022. The market value is slated to rise from USD 85.36 billion in 2023 to USD 280.78 billion by 2030 at 18.5% CAGR during the forecast period.
Request a Free sample of Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/vehicle-telematics-market-102071
Vehicle telematics technology collects, stores, and analyses data with an aim to improve driver safety and improve the driving experience. It combines wireless telematics devices, onboard vehicular diagnostics, GPS systems, and other devices to record and transmit vehicle data such as vehicle maintenance and location speed. These advantages of vehicle telematics are aiding market augmentation. This information is provided by Fortune Business Insights, in its report titled, “Vehicle Telematics Market, 2023-2030.”
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 18.5 % |
| 2030 Value Projection | USD 280.78 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 72.85 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 180 |
Market Drivers & Restraints:
Surging Demand for Vehicle Safety and Navigation Services to Aid Market Expansion
Rising congestion and traffic on roads has made the safety of people a top priority. Improving ADAS features in vehicles is a key factor aiding the vehicle telematics market growth. Automotive manufacturers are offering a wide range of safety features and investing in R&D for advancements in the ADAS system, which is further boosting market expansion. For instance, in April 2021, Denso Corporation developed an Advanced Driver Assistance System that can support the Toyota Mirai and new Lexus LS. Moreover, governments are announcing norms mandating telematic systems in vehicles to ensure the safety of people in the vehicle. For example, since 2018, e-calls have been mandatory in all new European vehicles. This will further contribute to market expansion in the forthcoming years.
On the other hand, concerns regarding cybersecurity breaches and unauthorized access to vehicle data will hinder market growth in the forthcoming years.
COVID-19 Impact:
Supply Chain Disruptions Hindered Market Growth During the Pandemic
The COVID-19 pandemic and resulting lockdowns severely impacted the automotive sector as factories were closed down and production decreased. In the automotive sector, manufacturers are dependent on third-party manufacturers for vehicle parts. The closure of manufacturing facilities caused supply shortages, transport delays, and unavailability of parts which, in turn, hindered market growth. Vehicles sales dropped owing to the slowdown in manufacturing, which further hampered market expansion.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/vehicle-telematics-market-102071
Report Coverage:
The report covers provide a comprehensive review of the global market including drivers, restraints, opportunities, and threats affecting market dynamics. Market share, growth rate, and valuation of each region and segment are also documented in the report. Moreover, key players are listed along with the most recent developments undertaken by them to gather higher profits and revenues.
Segments:
Insurance Telematics Segment to Lead Backed by Growing Number of Accidents and Rising Popularity of UBI Solutions
As per service, the market is split into information and navigation, safety and security, fleet/asset management, insurance telematics, and infotainment systems. The insurance telematics segment captured majority of the vehicle telematics market share in 2022. Rising concern regarding vehicle safety and growing number of accidents have boosted the demand for usage-based insurance solutions in the automotive sector. This, in turn, contributed to insurance telematics segment expansion. Insurance telematics monitors the driver’s driving habits by collecting and analyzing data through a mini GPS device.
Surging Demand for Connectivity within Vehicles to Aid Growth of Embedded Telematics Segment
According to technology, the market is arrayed into embedded, tethered, and integrated. The embedded segment dominated the market in 2022 owing to rising consumer demand for connectivity within vehicles. The embedded telematics system helps monitor vehicle performance and ensure continuous connectivity through a cellular modem installed in the vehicle. In the U.S., around 80% of new vehicles have embedded telematics installed in them.
OEM Segment to Lead due to Constant Upgrading of Telematics Software and Services
By sales channel, the market is segmented into OEM and aftermarket. The OEM segment captured the largest market share in 2022. Factory-fitted telematics devices are cost effective and hassle-free as compared to the alternative, thus aiding the OEM segment growth. Furthermore, the launch of advanced software and services is also driving segment proliferation.
Consumer Shift toward Vehicles with Advanced Features to Aid the Passenger Vehicles Segment Expansion
By vehicle type, the market is split into passenger cars and commercial vehicles. Among these, the passenger cars segment accounted for the largest market share in 2022 backed by consumer demand for advanced vehicles equipped with telematics systems capable of real-time tracking, roadside assistance, and vehicle maintenance alerts. Embedded telematics is primarily used in premium and luxury passenger cars. However, rising competition in the market is prompting several vehicle manufacturers to install telematics systems in base variants of the vehicles, thus augmenting segment progression.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights:
Europe to Dominate Due to Rising Focus on Passenger Safety and Security
Europe is projected to account for the largest market share among all regions during the forecast period. The growing focus of authorities on the safety and security of passengers and drivers and prevention of accidents is escalating market progression in the region. Moreover, strategic collaborations by leading players to strengthen market positioning will also contribute to regional market proliferation.
The America market is projected to grow substantially in the forthcoming years due to rising electric vehicle sales in the U.S. and growing government support to adopt vehicle telematics technology. For example, in 2022, the U.S. government signed a contract with Geotab Inc, a leading telematics solution provider, to implement fleet management telematics technologies in 217,000 vehicles.
Buy now this Report: https://www.fortunebusinessinsights.com/checkout-page/102071
Competitive Landscape:
Advanced Software Launches by Industry Leaders to Aid Market Augmentation
Leading players in the domain are participating in tactical moves such as partnerships, collaborations, mergers and acquisitions, and product launches to maximize profits and boost revenue generation. For instance, in July 2022, Ecotron, one of the leading manufacturers of electric and autonomous vehicle controllers announced the launch of its 5G telematics box with advanced features such as 5G communication, automotive Ethernet, C-V2X, and Wi-Fi.
List of Key Players Covered in vehicle telematics market Report:-
- 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.)
Key Industry Development:
February 2023: Qualcomm, a leading semiconductor chip manufacturer, announced the launch of its new snapdragon automotive 5G platform (Snapdragon Auto 5G Modem-RF Gen 2) to its growing portfolio of Snapdragon Digital Chassis connected car technology at MWC (Mobile World Congress) 2023 in Barcelona.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/vehicle-telematics-market-102071
Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Technological Development
- Porter’s Five Forces Analysis
- Impact of COVID-19 on Vehicle Telematics Market
- Global Vehicle Telematics Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights, and Forecast – By Service
- Information and Navigation
- Safety and Security
- Fleet/Asset Management
- Insurance Telematics
- Infotainment System
- Others
- Market Analysis, Insights, and Forecast – By Technology
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights, and Forecast – By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicles
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
TOC Continued…
Ask For Customization- https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/vehicle-telematics-market-102071
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights Pvt. Ltd.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
