USD 77.75 billion
Global Vehicle Telematics Market Size, Share, Growth Analysis, By Technology(Embedded, Tethered), By Sales Channels(OEMS and Aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2081 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|
Tables:
61 |
Figures:
77
Global Vehicle Telematics Market Insights
Global Vehicle Telematics Market size was valued at USD 77.75 billion in 2022 and is poised to grow from USD 87.74 billion in 2023 to USD 283.71 billion by 2031, growing at a CAGR of 15.80% during the forecast period (2024-2031).
Due to the increasing usage of embedded technology, there is an increasing need for automobile telematics systems in both business and personal vehicles. Technology advancements like 5G, GPS tracking, the Internet of things (IoT), and artificial intelligence (AI) with the integration of telecommunication and informatics urge users to use more of this technology, particularly for fleet management. As embedded systems and external sensors advance, it is essential for decision-makers to utilise vehicle telematics more effectively in order to gain competitive advantages. Telematics in fleet management systems allow users to take charge of crucial business processes like mileage reporting and order and shipment management. In recent years, the telematics market for auto insurance has also grown. Insurance companies are increasingly using telematics to assess commute risk and driving behaviour. Only 2% to 3% of all insurance plans are currently telematics-based, but this segment of the market will grow significantly in the coming years. As an illustration, Cambridge Mobile Telematics (CMT), a provider of telematics services, stated on April 14, 2022, that it would offer automatic crash assistance and a digital claim service to the insurance provider HUK-COBURG. As businesses are required to keep an eye on these vehicles, the development of autonomous vehicles is also anticipated to result in a strong demand for the market. Autonomous vehicle development is being done by businesses like Tesla, Waymo, and Pony.ai.
US Vehicle Telematics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
OEMS
Fastest Growth
OEMS
Growth Rate
15.80% CAGR
Global Vehicle Telematics Market ($ Bn)
Country Share for North America Region (%)
Global Vehicle Telematics Market By Sale Channels ($ Bn)
Global Vehicle Telematics Market By Sale Channels (%)
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Global Vehicle Telematics Market Segmental Analysis
Global Vehicle Telematics Market is segmented on the basis of technology, sales channels, vehicle type and region. By technology, the market is segmented into embedded, tethered, integrated. By sales channels, the market is segmented into oems and aftermarket. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By region, the market is segmented into North America, EuVehicle Telematics, Asia Pacific, Middle East and Africa, and Latin America.
Vehicle Telematics Market Analysis by Vehicle Type
In 2022, the passenger car market share was the greatest. Telematics is a system that consumers want very much because of the quick change in consumer purchasing habits. During the projection period, the segment's growth will be driven by the increased demand for services that are related to convenience and safety, such as fuel & routing optimization, vehicle maintenance warnings, real-time tracking, and stolen-car recovery.
It is projected that during the forecast period, the commercial vehicles segment will increase more quickly. In addition to improving safety and operations, fleet operators can increase uptime. Operators can run programmers to implement corrective actions and identify cost-saving opportunities with the use of telemetry technologies. The segment has had positive growth, which is ascribed to these causes.
Vehicle Telematics Market Analysis by Sales Channel
In 2022, the OEM market category accounted for the greatest market share. The advantages of factory-fitted telematics equipment are less fuss and low expense. Additionally, OEMs place a lot of emphasis on software. To improve the capabilities of its internal software, Mercedes-Benz created a new software center in 2022. To increase revenue from software-driven features, Stellates is looking to hire more software developers. As a result, the variety of usable data will likewise increase quickly. Therefore, a majority share of OEM solutions will result from these considerations in the market.
During the projection period, the aftermarket segment is anticipated to increase in a promising manner. Installation, troubleshooting, and periodic replacement of outdated devices are all required for aftermarket solutions. They also need to be correctly reinstalled following each service, adding significantly to the logistical strain. Low-cost external gear is additionally more vulnerable to cybersecurity concerns. Therefore, the growth of the segment will be adversely affected by these issues.
Global Vehicle Telematics Market By Sale Channels, 2023 (%)
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Global Vehicle Telematics Market Regional Insights
Due to the widespread use of telematics by commercial vehicles in this area, particularly in the United States, the market in North America is anticipated to have the biggest revenue share in the worldwide vehicle telematics market during the projected period. Demand for telematics is rising throughout the region as a result of growing driver and passenger concerns about security and safety as well as accident avoidance. For instance, the U.S. Department of Air Force and Geotab worked together to install fleet management telematics technology in over 210,000 vehicles on January 10, 2022.
Due to a growing need for telematics solutions in fleet management, the Asia-Pacific market is anticipated to experience the quickest rate of revenue growth during the projected period. Because automakers are using navigation and real-time traffic information systems more frequently, China is the world's largest market for vehicle telematics. This technology is being used in automobiles by a number of recent start-ups in China.
Global Vehicle Telematics Market By Region, 2024-2031
- Largest
- Fastest
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Global Vehicle Telematics Market Dynamics
Vehicle Telematics Market Drivers
Increasing Safety concerns to Bolster market growth
- Vehicle telematics delivers actionable data based on fleet vehicle movement that can enhance fleet safety programmers and aid in accident prevention. It allows users to receive updates on vehicle maintenance, driving habits, road conditions, emergency notifications, and other topics that promote safety and security. Due to its unstable environment and inadequate infrastructure, India sees a higher incidence of traffic accidents every year. By supplying real-time data, telematics helps prevent accidents by making the driver more careful. A study found that keeping an eye on drivers' well-being and driving habits significantly lowers fleet accidents by 80%. The need for car telematics is anticipated to rise along with increased safety concerns.
- The Next-Generation Telematics Protocol (NGTP) is utilised to offer drivers and passengers seamless communication. It is created by WirelessCar and Connexis LLC, as well as the automaker BMW. This framework, which is supported by a very adaptable infrastructure, has been used by numerous automakers. Without altering any internal technological systems, customers can use NGTP to access new services. This enables original equipment manufacturers to provide fresh services for both new and used cars.
Vehicle Telematics Market Restraints
Suspicions over Data Theft to Hinder market growth
- Vehicle telematics collect and store a variety of user data, which makes it susceptible to hacking and raises the likelihood of it. Additionally, some directives, like locking or unlocking doors and turning off engines, are also delivered to automobiles via telematics. The potential risk of the telematics system being hacked has grown over time, and this is what is anticipated to limit market revenue growth during the projection period.
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Global Vehicle Telematics Market Competitive Landscape
The global car telematics market is moderately fragmented in terms of competition, with a number of important competitors active on both a global and regional scale. Key competitors are working on technological advancements and forming strategic alliances to diversify their product lines and have a strong presence on the global market.
Vehicle Telematics Market Top Player’s Company Profiles
- Verizon Communications Inc. (United States)
- AT&T Inc. (United States)
- TomTom NV (Netherlands)
- Trimble Inc. (United States)
- Masternaut (United Kingdom)
- Teletrac Navman Group (United States)
- MiX Telematics Ltd. (South Africa)
- CalAmp Corp. (United States)
- Zonar Systems, Inc. (United States)
- Octo Telematics Ltd. (Italy)
- Teletrac Inc. (United States)
- Gurtam (Belarus)
- Fleet Complete (Canada)
- Fleetmatics Group (Ireland)
- Navman Wireless (United States)
- Pointer Telocation Ltd. (Israel)
- Ctrack (South Africa)
- Telenav, Inc. (United States)
- Airbiquity Inc. (United States)
Vehicle Telematics Market Recent Developments
- In May 2023, in order to provide telematics services to its fleet customers, Verizon and Geotab established a cooperation. Through the collaboration, Verizon will be able to provide its customers with a range of telematics solutions, such as fleet management, driver safety, and fuel efficiency.
- In April 2023, the acquisition of Argus Cyber Security, a business that creates telematics security solutions, by Continental was announced. With the acquisition, Continental will be able to increase the scope of its telematics security offerings and provide consumers with a more complete package.
- In March 2023, TomTom announced the debut of its brand-new telematics platform, TomTom Telematics. The software is made to assist companies in more effectively managing their fleets and enhancing driver security.
Global Vehicle Telematics Key Market Trends
- The vehicle telematics industry is currently undergoing changes, influenced by notable trends that are shaping its future. One key trend is the increasing integration of driver assistance systems (ADAS), with telematics technologies. This integration allows vehicles not to collect data about their surroundings but to actively respond to it thereby improving safety and driving experiences. Modern vehicles are increasingly equipped with features such as lane keeping assistance, cruise control and collision avoidance systems.
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Another important trend is the growing adoption of car services and applications. As consumers demand convenient driving experiences automakers are equipping vehicles with advanced infotainment systems, real time navigation capabilities and remote diagnostics features. The connectivity of vehicles further enhances these trends by enabling over the air updates and facilitating vehicle to infrastructure communication.
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Additionally the vehicle telematics market is experiencing a surge in the utilization of data analytics and artificial intelligence (AI). The vast amount of data generated by telematics systems is now being leveraged to gain insights and predict maintenance requirements. Enhance overall vehicle performance. This data driven approach does not optimize fleet management. Also paves the way for more efficient and sustainable transportation solutions.
Global Vehicle Telematics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global vehicle telematics market has experienced significant growth in recent years, driven by various factors such as technological advancements, regulatory requirements, and increasing demand for safety and efficiency in the transportation industry. Vehicle telematics refers to the integration of telecommunications and informatics technologies to enable communication between vehicles and monitoring systems. The vehicle telematics market has been witnessing substantial growth due to the increasing adoption of connected vehicles and the growing need for efficient fleet management and driver safety solutions. Telematics systems provide real-time monitoring, tracking, and analysis of vehicle data, leading to improved safety, reduced operational costs, and enhanced overall vehicle performance.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 77.75 billion |
| Market size value in 2031 | USD 283.71 billion |
| Growth Rate | 15.80% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Vehicle Telematics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Vehicle Telematics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Vehicle Telematics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vehicle Telematics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Vehicle Telematics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Vehicle Telematics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Vehicle Telematics Market Report Snapshots
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