Vehicle Telematics Market Size & Share to Surpass $ 154.8 Billion by 2028 | Vantage Market Research

WASHINGTON, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Global Vehicle Telematics Market is valued at USD 64.2 Billion in 2021 and is projected to reach a value of USD 154.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 15.8% over the forecast period 2022-2028.

One of the most significant economic areas is the Vehicle Telematics business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Vehicle Telematics, including rising investment requirements, developing technology, and new laws.

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Market Overview

According to Vantage Market Research, some key factors are anticipated to expedite the Vehicle Telematics market growth over the forecast period. The widespread use of NGTP, the expanding government obligation for installing vehicle tracking in commercial vehicles, and the development of telematics technology due to falling sensor and connectivity prices are the key reasons boosting demand for vehicle telematics.

The ability of AI and machine learning to enable autonomous dispatching and routing and allow fleet managers to forecast vehicle health and driving behaviors based on vehicle usage will significantly impact the growth of the vehicle telematics business.

Geographically, North America now holds a large portion of the market, and this trend of dominance will persist throughout the projected period. During the projection period, the United States will continue to rule the North American vehicle telematics industry. The increased demand for fuel-efficient automobiles and the addition of optional features like GPS as a standard feature to address issues like a rise in traffic accidents and rising fuel costs are driving the North American vehicle telematics industry.

Market Dynamics

Enhanced Operational Efficiency for Fleet Management Companies to Drive the Market

Vehicle telematics combines telecommunications and information technologies to track the locations and movements of autos. The product demand is anticipated to increase due to increased operational effectiveness & fleet management firms. Telematics can increase efficiency and monitor idle time, which can help drivers save on fuel. Telematics technologies can also improve vehicle maintenance and security standards, giving drivers more control over protecting their operating environment. In addition, rising consumer desire for sophisticated safety features in cars is anticipated to boost product demand. These elements could fuel the expansion of the vehicle telematics market.

Increased Demand for Next-generation Telematics Protocol (NGTP) to Support Market Growth

The Next-Generation Telematics Protocol (NGTP) connects drivers and passengers and offers integrated services. It is created by BMW, WirelessCar, and Connexis LLC, two telematics service providers. This architecture, which is based on a highly adaptable infrastructure, has been used by several auto manufacturers. As a result, consumers don't need to modify internal technological systems to use NGTP to access new services. Due to this, original equipment manufacturers can now provide further services for new and old automobiles.

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Top Players in the Global Vehicle Telematics Market

  • 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

For Additional Information on Vehicle Telematics Market Players and Detail List, Download a Report PDF Brochure

Recent Development

  • October 2022, The BMW Group and Amazon Web Services announced a strategic collaboration to jointly develop new cloud technologies that work to harness the full data potential of future vehicle generations. Furthermore, both companies are expected to cooperate on the development of commercial off-the-shelf cloud solutions to securely manage vehicle data.
  • January 2022, Continental partnered with IVECO, a commercial vehicle manufacturer, to promote a tachograph data management solution. This partnership is estimated to enable IVECO to enhance its fleet management services with Continental’s VDO Fleet TIS-Web solution. TIS-Web facilitates tachograph data management and provides insightful analysis and better efficiency to fleet managers in order to optimize their operations.

Top Trends in Global Vehicle Telematics Market

  • One trend that Vantage Market Research (VMR) expects to see in the Vehicle Telematics industry is the rising adoption of Telematics-based insurance. The telematics industry has recently grown in the auto insurance sector. Insurers are increasingly using telematics to assess commute risk and driving behavior. Telematics-based insurance policies currently make up approximately 2 to 3 percent of all insurance policies, but there are many future growth prospects. 
  • Another trend that VMR predicts will continue in the Vehicle Telematics industry is the rise in technological advancements. GPS tracking, fatigue alert, real-time engine diagnostics, and drive lane assist are changing the driving experience and penetration of such features in mid-range vehicles. 

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Top Report Findings

  • Based on Vehicle Type, most of the Vehicle Telematics market's revenue is controlled by the commercial category. As transportation and logistics expand, there should be plenty of potential for commercial vehicle telematics.
  • Based on Technology, the embedded dominated the Vehicle Telematics market. Embedded vehicle telematics transmits and receives data using telecommunications equipment. Furthermore, a rise in the need for fleet management systems is anticipated to boost growth in the embedded vehicle telematics market. With an inbuilt automobile telematics system, you can get GPS navigation, safety communications and emergency system, automated braking assistance, and other functions. 
  • The OEM category dominated the Vehicle Telematics market according to Sales Channels. This trend is predicted to continue because OEM products have lower production costs due to economies of scale. Additionally, the company that buys these products can use them to create systems without having to oversee its manufacturing facilities. 
  • Based on End Users, the safety & security category dominated the Vehicle Telematics market, which is anticipated to continue. The onboard system of the vehicle's safety and security vehicle telematics is in charge of communicating, transferring data, and analyzing machine codes. With the highest level of security and safety, this type of telematics may send data.

Top 10 Players Make Most of the Global Vehicle Telematics Market Revenue

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), and REDTAIL Telematics Corporation (UK) to name a few are some of the well-known market leaders in the global vehicle telematics market that are mentioned. In addition, manufacturers use a variety of strategies to strengthen their market position, including alliances, mergers, and the introduction of innovative products, innovations, and automated manufacturing methods. Other market participants in this industry include ACTIA Group (France), LAVINTA BUANA SAKTI (Indonesia), Microlise Limited (UK), BOX Telematics (UK), and REDTAIL Telematics Corporation (UK).

Safety & Security Category in Vehicle Telematics Market to Generate the Larger Revenue

Regarding revenue, the safety and security vehicle telematics category led the global vehicle telematics market in 2020. Telematics establishes a channel between a vehicle and its cloud/analytics center. It is in charge of transferring data, analyzing machine codes produced by the onboard vehicle system, and conveying speech. In a connected vehicle system, telematics can create a leak-free, safe, secure channel for data transfer and communication. In addition, the Internet of Things is being integrated into developing telematics for connected vehicles (IoT).

The increased demand for fleet safety and security in delivering commodities via commercial vehicles has led to the incorporation of real-time monitoring, geofencing, and diagnostic functions in vehicles. As a result, telematics service providers predict that the automobile industry will expand quickly in developing countries. In addition, due to legal requirements, Asia-Pacific has seen a significant uptake of solutions like installing the Global Positioning System (GPS) in commercial vehicles. As a result, the market for vehicle telematics is anticipated to develop as the demand for safety and security rises.

It is also anticipated that government safety laws that promote telematics use would fuel market revenue development. For case, the U.K. Government proposed safety legislation for buses, lorries, and autos on February 7, 2022, intending to safeguard bicycles and pedestrians. To guarantee safety and security, the Indian government also required installing tracking devices in vehicles with seating for more than six people.

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Vehicle Telematics Market Forecast Report (2022-2028).                          

Global Vehicle Telematics Market Segmentation

By Vehicle Type

  • Passenger
  • Commercial

By Technology

  • Embedded
  • Tethered
  • Smart Phone

By Sales Channel

  • OEM
  • Aftermarket

By End User

  • Infotainment
  • Diagnosis
  • Navigation
  • Safety & Security
  • Other End Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regional Analysis

  • 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.

Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 64.2 Billion
Revenue Forecast by 2028USD 154.8 Billion
CAGR15.8% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersTrimble Inc., Visteon Corporation, Airbiquity Inc., Aplicom Oy, Scorpion Automotive Ltd.,
iTriangle Infotech Pvt. Ltd., Shenzhen Concox Information & Technology Co. Ltd.,
MINDA Corporation Ltd., Idem Telematics GmbH, Road Track, ACTIA Group,
LAVINTA BUANA SAKTI, Microlise Limited, BOX Telematics, REDTAIL Telematics Corporation

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