Vehicle Telematics Market

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Global Vehicle Telematics Market is valued at USD 74.05 Billion in 2022 and is projected to reach a value of USD 237.79 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 15.70% over the forecast period.

Increased NGTP usage, the spread of telematics technology due to falling sensor and connectivity prices, and expanding regulatory mandates for installing vehicle monitoring in commercial vehicles are the drivers propelling the Vehicle Telematics market. The elements holding back the car telematics market are eliminating blind spots, total network coverage, and increasing communication, which raises security and privacy issues. A chance is presented by the increasing demand for smartphones and the uptake of telematics products and services. A web server, application server, and database comprise the cloud-based telematics server. Additionally, car telematics monitors drivers' actions in real-time and deters risky conduct while rewarding good drivers and ensuring safety. The industry for all enhanced driving assistance has been driven by increasing consumer preference and technological familiarity. Focus has switched to safer and more secure driving practices due to an increase in accidents and fatalities and adherence to legislation for accident reduction.

Consequently, there is a higher need for automotive telematics. End users can access the data contained in the telematics server using either a desktop or mobile application after TCU has transmitted it to a cloud-based telematics server through a GPRS/cellular network and HTTPS. The increasing use of cloud-based technology for automotive telematics solutions and the increased integration of real-time fleet monitoring systems in vehicles are the main factors propelling the automotive telematics market share. Additionally, in recent years, particularly in the developing world, there has been a surge in the acceptability of cutting-edge technology and gadgets, including mobile phones, laptops, smartphones, tablets, telecoms, and other modern items.

Market Segmentation

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The Vehicle Telematics market is segmented on the basis of Vehicle Type, Technology, Sales Channel, End Users, and Region. Based on Vehicle Type, the market is segmented as Passenger, and Commercial. Furthermore, based on the Technology Type, the market is further divided into Embedded, Tethered, and Smart Phone. In addition, based on the Sales Channel, market is further bifurcated into OEM and Aftermarket. Moreover, based on the End Users, the market is further divided into Infotainment, Diagnosis, Navigation, Safety & Security and Other End Users. Likewise, the Vehicle Telematics Market is further segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Based on Applications

The Smartphones category dominated the market in 2021

On the basis of application, the market is segmented as embedded tethered and smartphones. The smartphone segment holds the largest share in the market. Smartphone telematics gathers information about driver behavior and position patterns using GPS and mobile phone sensors. It then applies it to urban transportation, insurance, fleet logistics, automotive, and other industry verticals. Important parameters like locations, geo zones, driving habits, performance, and sites of interest can all be analyzed with this data.

Based on Vehicle Type

Commercial category dominated the market in 2021

On the basis of vehicle type, the market is segmented as passenger and commercial. The commercial vehicles segment's revenue is anticipated to increase significantly. Commercial Vehicle Telematics is predicted to have profitable growth due to growing industrialization and the development of the logistics and transportation sectors. Due to this development, buses and trucks can now run seven days a week, day or night. Drivers of these commercial vehicles must improve their job efficiency and safety because they rely on their cars for their livelihood. As a result, data analytics and cloud computing improvements have made it possible to track vehicles, analyze driver behavior, oversee fleet operations, and offer practical solutions.

Based on Regional Analysis

North America is expected to dominate the market during the forecast period.

North America holds the largest share of the market during the forecast period. Because insurance firms are using telematics more and more. The rise in the market's revenue is significantly attributed to the rising demand for different telematics solutions, particularly in the US, such as fleet management and navigation systems for commercial vehicles. The global telematics research market has experienced rapid expansion because of the increased demand for high-end vehicles with excellent comfort and cutting-edge safety features. The expansion of the market under study is also significantly influenced by the regional government.

Competitive Landscape

The key players in the Vehicle Telematics market include-Trimble Inc. (US), Visteon Corporation (US), Airbiquity Inc. (US), Aplicom Oy (Finland), Scorpion Automotive Ltd., iTriangle Infotech Pvt. Ltd. (India), Shenzhen Concox Information & Technology Co. Ltd. (China), MINDA Corporation Ltd. (India), Idem Telematics GmbH (Germany), Road Track, ACTIA Group (France), LAVINTA BUANA SAKTI (Indonesia), Microlise Limited (UK), BOX Telematics (UK), REDTAIL Telematics Corporation (UK)

Recent Development

· In April 2022, Stellantis N.V. and Qualcomm Technologies, Inc. collaborated with each to deliver intelligent, configurable, and immersive in-vehicle experiences to millions of vehicles across Stellantis’ 14 famous automotive brands using the latest Snapdragon® Digital Chassis innovations.

· In February 2021, HARMAN International, a wholly owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for the automotive, consumer, and enterprise markets, announced today that it has acquired substantially all of the assets of Savari®, Inc., a Silicon Valley-based automotive technology company developing vehicle-to-everything communications (V2X) technology in 5G Edge and automotive devices.

Segmentation of Vehicle Telematics Market