Car Sharing Telematics Market By Service (Automatic Crash Notification, Emergency, Navigation, Assistance & Access, Diagnostics, Fleet Management, Billing, Others) , By Business Model (Subscription-based Model, Pay-Per-Use-Model, Corporate Fleet Management, Partnerships with OEMs, Others) By Form (Embedded, Tethered, Integrated) By Component (GPS Receiver, Accelerometer, Engine Interface, Sim Card, Software, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Car Sharing Telematics Market
The car sharing telematics market was valued at $259.3 million in 2023 and is projected to reach $872.8 million by 2033, growing at a CAGR of 13.2% from 2024 to 2033.
Car sharing telematics is an innovative technology used by fleet managers to track different variables of vehicles such as their location, fuel quantity, and battery levels for electric cars. The technology assimilates the attributes of global positioning system (GPS), telecommunications, and diagnostic sensors to monitor & regulate vehicles remotely. Telematics aids the fleet managers in reducing expenses, enhancing vehicle efficiency, and contributing toward sustainability.
With increasing popularity of car sharing services, the fleet owners strive to enhance the experience of users. This is a major factor boosting the adoption of car sharing telematics technology. In addition, the technology helps in enhancing the safety features of vehicles through predictive risk management, thereby driving the growth of the market. To facilitate data sharing & handling and accelerate real-time connectivity, the assimilation of cloud computing technologies with telematics is an emerging trend in the market. This assimilation automates the routine tasks for vehicles and generates customized alters & notifications in case of discrepancies.
However, the threat of data breaches is a major restraint for the growth of the car sharing telematics market. According to SecurityWeek—a provider of cybersecurity news and information—in 2022, a group of 7 security researchers detected several weaknesses in the telematics application programming interface of some giant car manufacturers, including Ford, Porsche, Rolls Royce, BMW, and Ferrari. Contrarily, innovative technologies such as AI< the Internet of Things (IoT), and ML are anticipated to optimize the fleet management process and enhance the security of telematics through predictive analytics.
Segment ReviewThe car sharing telematics market is segmented into service, business model, form, component, and region. On the basis of service, the market is divided into automatic crash notification, emergency, navigation, assistance & access, diagnostics, fleet management, billing, and others. Depending on business model, the market is classified into subscription-based model, pay-per-use-model, corporate fleet management, partnerships with OEMs, and others. As per form, it is categorized into embedded, tethered, and integrated. According to component, the market is segmented into GPS receiver, accelerometer, engine interface, sim card, software, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of service, the fleet management segment dominated the market in 2023.
Depending on business model, the subscription-based model segment was the highest shareholder in 2023.
As per form, the embedded segment acquired a high stake in the market in 2023.
According to component, the GPS receiver segment held a high share in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global car sharing telematics market include Cal/Amp, Geotab Inc., Invers GmbH, Octo Group Spa, Ridecell Inc., Samsara Inc., Verizon, Vulog, Mobility Tech Green, Targa Telematic, Openfleet, WeGo BV, Fleester, MoC Sharing, and Convadis AG. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ServiceAutomatic Crash Notification
Emergency
Navigation
Assistance Access
Diagnostics
Fleet Management
Billing
Others
By Business ModelSubscription-based Model
Pay-Per-Use-Model
Corporate Fleet Management
Partnerships with OEMs
Others
By FormEmbedded
Tethered
Integrated
By ComponentGPS Receiver
Accelerometer
Engine Interface
Sim Card
Software
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Cal/Amp
Geotab Inc.
Invers GmbH
Octo Group Spa
Ridecell Inc.
Samsara Inc.
Verizon
Vulog
Mobility Tech Green
Targa Telematic
Openfleet
WeGo BV
Fleester
MoC Sharing
Convadis AG