Pune, India., Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global vehicle telematics market size was valued USD 64.93 billion in 2021. Increased demand for fleet management solutions to optimize vehicle performance and improve safety boosting the growth of market. Also factors such as, rising concern for road safety and growing popularity of connected cars contributing the growth of vehicle telematics market. The global market size for vehicle telematics market to grow worth USD 213.67 billion during forecast period of 2022 to 2029.
The rising demand for smartphone characteristics in the automobile, automated driving technologies coupled with passenger protection aspects, progressions in 5G connectivity, and an upsurge in determinations by the government for emerging an Intelligent Transportation System (ITS) is anticipated to fuel the demand for vehicle telematics.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2029 |
| Forecast Period 2021 to 2029 CAGR | 16.6% |
| 2029 Value Projection | USD 213.67 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 64.93 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
Key Takeaways:
- North America dominated the vehicle telematics market share (with the U.S. accounting for most of the share), and it stood at USD 23.94 billion in 2021.
- The Asia Pacific vehicle telematics market is expected to exhibit a higher CAGR during the forecast period. In recent years, the number of Telematics Service Providers (TSPs) in China and India has increased substantially.
- Differing Rate between Advancement of Telematics Technology will Restrain Market Growth
- Benefits of Vehicle Telematics such as Improved Safety & Vehicle Maintenance to Boost Market Growth
Drivers & Restraints-
Improved Operational Efficiency for Fleet Management Companies to Foster Market Progress
Vehicle telematics comprises a combination of telecommunication systems and information technology to track the locations and movements of automobiles. Improved operational efficiency and fleet management companies are expected to enhance the product demand. Telematics can help drivers reduce fuel consumption by maximizing their efficiency and track idle time. Furthermore, the adoption of telematics solutions can boost the vehicle’s safety and elevate maintenance, thereby allowing the drivers to retain a safe driving environment. Moreover, the increasing demand for advanced safety features in automobiles is expected to enhance the product demand. These factors may drive the vehicle telematics market growth. Governments in leading nations across various regions have inflicted rigorous guidelines and protocols for the security and safety of automobiles. Increased deployment in automobiles has been obligated in numerous nations to trail the whereabouts and conduct of vehicles.
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Competitive Landscape
Major Players Devise Acquisitions to Enhance Brand Positioning
Prominent companies operating in the market enter acquisitions to enhance their product offerings and elevate brand positioning. For example, Trimble announced the acquisition of an asset management software provider to private and government organizations in the U.S. in December 2021. This strategy may allow the players to offer clients advanced solutions, bolster their product offerings, and enhance their brand positioning. Furthermore, manufacturers deploy partnerships, mergers, novel product launches, innovations, and automated production techniques to bolster their market position. One such operative tactic is procuring competitive companies and further safeguarding a profit for both the companies.
Segments-
Fleet/Asset Management Segment to Dominate Attributable to Improved Operational Efficiency
By service, the market is segmented into infotainment system, insurance telematics, fleet/asset management, safety & security, information & navigation, and others.
The fleet/asset management segment is expected to dominate the market due to improved efficiency. Furthermore, the software allows users to locate vehicles on-demand and identify dangerous driver habits such as speeding, braking, and idling. These factors may promote industry progress.
Embedded Systems to Hold Dominant Market Share Attributable to Better User Experience
By technology, the market is categorized into tethered, integrated, and embedded.
The embedded segment is expected to hold a dominant market share due to better user experience. Furthermore, merging several hardware components into a single device enhanced response time and reduced cost. These factors enhanced segmental growth.
OEM Segment to Hold Dominant Market Share Due to Rapid Upgrades and Operational Efficiency
By sales channel, the market is bifurcated into OEM and aftermarket.
The OEM segment is expected to hold a dominant market share due to rapid upgrades and operational efficiency. Furthermore, the availability of diverse data may bolster the product demand. These factors may propel the market's progress.
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Passenger Cars Segment to Dominate Market Share due to Robust Demand for Connected Mobility Solution
As per vehicle type, the market is segregated into commercial vehicles and passenger cars.
The passenger cars segment is expected to dominate the market share due to robust demand for connected mobility solutions. Furthermore, there is rising demand for convenience and safety services such as real-time tracking, vehicle maintenance alerts, stolen-vehicle recovery, and fuel & routing optimization.
| Segmentation | By Service
|
By Technology Type
| |
By Sales Channel
| |
By Vehicle Type
|
Regional Insights-
Rising Safety and Security Concerns to Foster Market Progress in North America
North America is anticipated to dominate the vehicle telematics market share due to rising safety and security concerns. The market in North America stood at USD 23.94 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, implementing several government norms are likely to enhance the industry’s progress. For example, the U.S. government undertook a contract with Geotab in January 2022 to retrofit fleet management telematics technology in 217,000 vehicles. These factors may incite growth in the region.
In Europe, gradually decreasing hardware prices are likely to foster the product demand adoption. Furthermore, the entry of several established OEMs that provide solutions and warranties backed by dealerships may stoke market growth.
In Asia Pacific, the increasing number of Telematics Service Providers (TSPs) in India and China is expected to increase the demand for vehicle telematics. As per the survey conducted by Tech Mahindra, 90% of Indian consumers prefer a four-wheeler equipped with telematics technology. This survey was conducted to analyze consumer behavior and undertake effective steps.
A list of prominent Vehicle Telematics manufacturers operating in the global market:
- Robert Bosch GmbH (Germany)
- Webfleet Solutions B.V. (Netherlands)
- MiX Telematics (South Africa)
- Trimble (U.S.)
- Verizon (U.S.)
- Zonar Systems (U.S.)
- Octo Group S.p.A (Italy)
- Microlise Telematics Pvt. Ltd. (U.K.)
- Harman International (U.S.)
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Vehicle Telematics Market
- Global Vehicle Telematics Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Infotainment System
- Others
- Market Analysis, Insights and Forecast – By Technology Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
- North America Vehicle Telematics Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Infotainment System
- Others
- Market Analysis, Insights and Forecast – By Technology Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- United States
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
- United States
- Europe Vehicle Telematics Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Infotainment System
- Others
- Market Analysis, Insights and Forecast – By Technology Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- United Kingdom
- By Vehicle Type
- Germany
- By Vehicle Type
- France
- By Vehicle Type
- Rest of Europe
- By Vehicle Type
- United Kingdom
- Asia Pacific Vehicle Telematics Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Infotainment System
- Others
- Market Analysis, Insights and Forecast – By Technology Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- China
- By Vehicle Type
- India
- By Vehicle Type
- Japan
- By Vehicle Type
- South Korea
- By Vehicle Type
- Rest of Asia Pacific
- By Vehicle Type
- China
- Rest of The World Vehicle Telematics Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Infotainment System
- Others
- Market Analysis, Insights and Forecast – By Technology Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Competitive Analysis
- Key Industry Developments
- Global Market Position Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Robert Bosch GmbH (Gerlingen, Germany)
- Webfleet Solutions B.V. (Amsterdam, North Holland)
- MiX Telematics (Midrand, South Africa)
- Trimble (California, U.S.)
- Verizon (New York, U.S.)
- Zonar Systems (Washington, U.S.)
- Octo Group S.p.A (Rome, Italy)
- Microlise Telematics Pvt. Ltd. (Nottingham, U.K.)
- Omnitracs (Texas, U.S.)
- Masternaut Limited (London, U.K.)
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