Global Vehicle Telematics Market

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

Vehicle Telematics Market News

  • 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.
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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).

The car telematics market is moderately fragmented in terms of competition, with a number of important competitors active on both a 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 market. 'Verizon Communications Inc. (United States)', 'AT&T Inc. (United States)', 'TomTom NV (Netherlands)', 'Trimble Inc. (United States)', 'Omnitracs LLC (United States)', 'Masternaut (United Kingdom)', 'Teletrac Navman Group (United States)', 'MiX Telematics Ltd. (South Africa)', 'Geotab Inc. (Canada)', 'CalAmp Corp. (United States)', 'Zonar Systems, Inc. (United States)', 'Octo Telematics Ltd. (Italy)', 'Teletrac Inc. (United States)', 'Spireon 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 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.

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.

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Global Vehicle Telematics Market

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