Vehicle Telematics Market Size, Share, Growth Analysis, By Technology(Embedded, Tethered), By Sales Channels(OEMS and Aftermarket) - Industry Forecast 2024-2031

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.