In terms of revenue, the Global Vehicle Telematics Market is expected to reach USD 154.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 15.70% from 2022 to 2028.
To track a vehicle's position and activity, telematics systems are mostly used by auto insurance companies, fleet management firms, and others. 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.
Key Highlights from Report
· 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.
· 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 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.
· The Asia Pacific market is predicted to experience substantial growth. Due to the commercial Vehicle Telematics industry's untapped potential, rising driver safety and accident prevention awareness, impending laws to enhance traffic safety, the presence of top OEM companies, expanding logistics and transportation sectors, and the introduction of 4G LTE technology and smartphones, Additionally, it is anticipated that favorable government policies will hasten the expansion of the commercial Vehicle Telematics industry.
The term "Vehicle Telematics Market" refers to the services and products used for remotely monitoring and operating commercial vehicles. Using a Fleet Telematics System (FTS), the central authority may track vehicle diagnostics and position by exchanging information with a fleet of commercial vehicles. 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 increased 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.
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 regional government also significantly influences the expansion of the market under study.
The Global Vehicle Telematics Market is Segmented as follows
- Vehicle Type
- Technology Type
- Smart Phone
- Sales Channel
- End User
- Safety & Security
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vehicle Telematics Market is
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)
The Global Vehicle Telematics Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|