Vehicle Analytics Market Size, Share & Trends Analysis Report By Component, By Deployment, By Application, By End-use (OEM, Automotive Dealers), By Region, And Segment Forecasts, 2024 - 2030

Vehicle Analytics Market Size, Share & Trends Analysis Report By Component, By Deployment, By Application, By End-use (OEM, Automotive Dealers), By Region, And Segment Forecasts, 2024 - 2030

Vehicle Analytics Market Size & Trends

The global vehicle analytics market size was estimated at USD 3.53 billion in 2023 and is expected to grow at a CAGR of 24.3% from 2024 to 2030. Vehicle analytics represents advanced technology designed to monitor vehicles in real-time, offering immediate updates on their status. This technology serves a wide range of stakeholders, from manufacturers and insurance providers to fleet managers, by providing instant access to the vehicle's exact location. Its core function is to oversee, assess, and enhance both vehicle operations and driver habits, thereby contributing to safer driving conditions.

Various factors, such as technological advancements, rising demand for efficiency and cost reduction, growing emphasis on safety and security, and increasing regulatory compliance are primarily driving the growth of the vehicle analytic market growth. Moreover, vehicle analytics is also essential for managing shared vehicle fleets, and the development of self-driving cars.

The application of vehicle analytics technology spans numerous areas such as traffic coordination, preemptive maintenance, insurance models based on usage, among others. The increasing presence and integration of connected vehicles are anticipated to significantly drive the interest and need for vehicle analytics in the forecasted period. Furthermore, new electric vehicles are now outfitted with an array of telematics, IoT technologies, and sensors aimed at increasing their performance, which in turn, escalates the demand for vehicle analytics to process the data these components collect. In response to this growing information pool, vehicle manufacturers, dealership networks, and insurance firms are increasingly turning to analytics solutions to extract actionable insights from vehicle data. These insights are leveraged by manufacturers to refine their services, helping them to secure a competitive edge in the marketplace.

Insurance premiums based on vehicle use, known as Usage-Based Insurance (UBI), directly correlate the cost of the insurance policy with how the vehicle is utilized. Insurers employ analytical tools to gather real-time data on vehicle usage, which then determines the insurance rates. The growing popularity of UBI in developed nations is expected to spur market growth in the projected timeline. The race to pioneer autonomous vehicles is already intense among car manufacturers. Furthermore, the insights gleaned from automotive analytics serve as the foundation for autonomous driving technologies. Therefore, the increased investments by Original Equipment Manufacturers (OEMs) in creating self-driving or fully autonomous vehicles are set to propel the market growth in the forecasted period.

Global Vehicle Analytics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vehicle analytics market report based on component, deployment, application, end-use, and region.

• Component Outlook (Revenue, USD Million, 2017 - 2030)
• Solution
• Services
• Professional Services
• Managed Services
• Deployment Outlook (Revenue, USD Million, 2017 - 2030)
• Cloud
• On-premises
• Application Outlook (Revenue, USD Million, 2017 - 2030)
• Predictive Maintenance
• Traffic Management
• Safety & Security Management
• Driver & User Behavior Analysis
• Dealer Performance Analysis
• Usage-Based Insurance
• Others
• End-use Outlook (Revenue, USD Million, 2017 - 2030)
• Original Equipment Manufacturers (OEMs)
• Automotive Dealers
• Fleet Owners
• Regulatory Bodies
• Insurers
• Service Providers
• Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• MEA
• UAE
• South Africa
• KSA

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