Vehicle Telematics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Vehicle Telematics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Vehicle Telematics Market

The vehicle telematics market size was reached at a value of USD 72.85 billion in 2022, and the market is now projected to rise from USD 85.36 billion in 2023 to USD 270.78 billion by 2030, exhibiting a CAGR of 18.5% during the forecast period of 2022-2030.

Lockdown enacted in numerous nations have hindered the manufacturing and caused transportation delays. In addition, worldwide restrictions have caused a halt in economic activities. The decrease in sales of passenger automobiles and commercial vehicles during the pandemic is a significant element influencing this industry hence reducing vehicle telematics market growth.

Rising demand for vehicle safety security and navigation services will drive market growth. Congestion and road traffic have led to the development of fleet management solutions to prioritize people’s safety. Enhancing ADAS features in vehicles is one of the major factors driving market growth. Manufacturers are spending in research and development to improve ADAS system, promoting demand for vehicle telematics market growth. Government are enacting regulations to require telematics devices in vehicles, with e-calls becoming necessary in all new European vehicles.

Additionally, due to improved technological innovations in the connectivity applications such as V2X can protect drivers by warning them when a bicycle or scooter is in danger, hence promoting vehicle telematics market growth. Automotive manufacturers are implementing telematics systems for various vehicles types to attract consumers and enhance car sales.

Comprehensive Analysis of Vehicle Telematics Market

The vehicle telematics market is rising with an exponential rate due to its versatile market segmentation. This market expansion effectively provides a detailed geographical assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types of service, by technology, by sales channel and by vehicle. The types of Service segment include Information and Navigation, Safety and Security, Fleet/Asset Management, Insurance Telematics, and Infotainment System while By Technology segment include Embedded, Tethered, and Integrated. However, By Sales Channel segment include OEM and Aftermarket and By Vehicle Type segment include Passenger Cars and Commercial Vehicles.

In the vehicle telematics market, Europe region lead the automotive devices market by benefitting a market size of USD 24.47 billion in 2023 owing to rising demand for vehicle safety security and navigation services.

The prominent players in the market play a crucial role in the automotive industry assuring industrial prospectus growth and setting market standards. These players include, Zonar Systems (U.S.), Webfleet Solutions B.V. (Netherlands), Mix Telematics (South Africa), Trimble (U.S.) Verizon (U.S.), Octo Group S.p.A (Italy), Microlise Telematics Pvt. Ltd. (U.K.), Robert Bosch GmbH (Germany) and Harman International (U.S.) these prominent market players provide a level-playing competitive landscape.

In September 2022, Cambridge Mobile Telematics, has presented a developmental breakthrough by announcing DriveWell Crash & Claims which is said to be a highly effective solution for vehicle insurance claims.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 18.5% from 2023 to 2030

Unit Value (USD Million)

Segmentation By Service

Information and Navigation

Safety and Security

Fleet/Asset Management

Insurance Telematics

Infotainment System

By Technology

Integrated

Tethered

Embedded

By Sales Channel

OEM

Aftermarket

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Geography

North America (By Service, By Technology, By Sales Channel, By Vehicle Type )

- U.S. (By Technology)

- Canada (By Technology)

Europe (By Service, By Technology, By Sales Channel, By Vehicle Type )

- U.K. (By Technology)

- Germany (By Technology)

- France (By Technology)

- Rest of Europe (By Technology)

Asia Pacific (By Service, By Technology, By Sales Channel, By Vehicle Type)

- China (By Technology)

- India (By Technology)

- Japan (By Technology)

- South Korea (By Technology))

- Rest of Asia Pacific (By Technology)

Rest of the World (By Service, By Technology, By Sales Channel, By Vehicle Type)


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