New York, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The global vehicle telematics market size is predicted to expand at ~18% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 215 billion by the end of 2033, up from a revenue of ~USD 75 billion in the year 2022.This growth is set to be influenced by rising demand for automotive. Between 2021 and 2022, the total amount of cars sold worldwide increased from about 65 million to over 66 million.[R1] As a result, the market demand for vehicle telematics is set to experience exponential growth.
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Furthermore, the use of vehicle telematics is also set to improve safety. Driver monitoring generally encourages actions that are compliant with legal and corporate obligations, which can help to avoid collisions and damage to vehicles and goods. Hence, with the growing prevalence of accidents the market is growing. The World Health Organization reports that automobile crashes claim the lives of 1.19 million people annually. Twenty to fifty million additional instances of non-fatal injuries occur, many of which lead to disability.[R2]
Rising Demand for Smartphones to Boost the Growth of Global Vehicle Telematics Market
Nearly everyone has a smartphone currently, which facilitates data tracking. By 2023, there are expected to be approximately 5 billion smartphone users worldwide or over 84% of the global population.[R3] One can utilize a smartphone-based driver assistance device that requires no programming to be configured, instead of relying solely on a black box. Telematics devices that prioritize mobile make driving simpler for drivers and provide insurance company with trustworthy data that lets them set premiums according to driving habits.
Vehicle Telematics Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growth in Disposable Income to Influence the Market Growth in North America
The vehicle telematics market in North America is set to gather the largest market revenue by the end of 2033. This growth is set to be dominated by rising disposable income. The average personal income of Americans in 2021 might be close to USD 14 trillion in spending. The personal disposable income per individual in that specific year was about 45,342 USD.[R4] This has increased demand for luxurious vehicles. Additionally, this region is also adoption latest technology which is why the market is growing.
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Rising Demand for Electric Vehicles to Drive the Market Growth in Asia Pacific
The Asia Pacific market for vehicle telematics is set to have significant growth over the coming years. This growth of the market in this region is poised to rise on account of rising demand for electric vehicles. China is the country that sold the most electric cars in the Asia-Pacific region in 2022, with almost 5 million sold.[R5]
Vehicle Telematics, Segmentation by Vehicle Type
- Passenger Cars
- Commercial Vehicles
The passenger cars segment is predicted to capture the highest revenue in the market over the forecast period. This growth of the segment is set to be dominated by rising demand for passenger vehicles. For example, it is expected that 55 million passenger automobiles would be sold globally in 2022, an increase of almost 3% from the previous year.[R6]
Vehicle Telematics, Segmentation by Service Type
- Information & Navigation
- Safety & Security
- Insurance Telematics
- Infotainment System
The information & navigation segment is poised to have significant growth in the market over the forecast period. The major element to encourage the segment growth is rising adoption of internet. By 2023, it's estimated that more than 69 percent of light-duty trucks and cars worldwide will have Internet connections.[R7] Hence, navigating and finding information has become easy.
Vehicle Telematics, Segmentation by Technology
- Embedded
- Tethered
- Integrated
Vehicle Telematics, Segmentation by Sales Channel
- OEM
- Aftermarket
A few of the well-known market leaders in the global vehicle telematics market that are profiled by Research Nester are Bosch Global Software Technologies, Bridgestone Mobility Solutions B.V., Trimble, Octo Group S.p.A., Verizon, Mix Telematics, Zonar Systems, Harman International, Microlise Limited, OnStar Corporation, Qualcomm Technologies, Inc., and others.
Recent Development in the Market
- AgileAssets, a provider of asset management services to state and federal transportation agencies as well as road authorities, was bought by Trimble.
- Astrata and Bosch Global Software Technologies entered into a five-year cooperation to advance fleet management systems. Astrata is able to expand its supply chain globally and the alliance hopes to lessen shortages.
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