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Global Vehicle Telematics Market – Industry Trends and Forecast to 2030

ICT

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Global Vehicle Telematics Market – Industry Trends and Forecast to 2030

  • ICT
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Vehicle Telematics Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 72,845.62 Million
Diagram Market Size (Forecast Year) USD 280,587.32 Million
Diagram CAGR %

Major Markets Players

  • Verizon Connect
  • Zonar Systems Inc
  • TomTom Telematics
  • Robert Bosch GmbH
  • HARMAN International

Global Vehicle Telematics Market, By Provider Type (Original Equipment Manufacturers and Aftermarket), Vertical (Transportation, Logistics, Government, Utilities, Travel, Tourism, Construction, Education, Healthcare, Media, and Entertainment) – Industry Trends and Forecast to 2030.

Vehicle Telematics Market

Vehicle Telematics Market Analysis and Size

The factors driving the global vehicle telematics market are increased adoption of NGTP, proliferation of telematics technology due to decreasing sensor and connectivity costs, and growing government mandate for deploying vehicle tracking in commercial vehicles. Furthermore, AI and machine learning capabilities enable autonomous dispatching and routing and enable fleet managers to predict vehicle health and driving habits based on vehicle utilisation, resulting in lower maintenance requirements and cost-effectiveness. All of these factors contribute significantly to the growth of the global vehicle telematics market.

Data Bridge Market Research analyses that the global vehicle telematics market which was USD 72,845.62 million in 2022, is expected to reach USD 2,80,587.32 million by 2030, and is expected to undergo a CAGR of 18.5% during the forecast period of 2023 to 2030. “Original Equipment Manufacturers” dominates the provider type segment of the global vehicle telematics market owing to the high demand of this type of providers in the market. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Vehicle Telematics Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Provider Type (Original Equipment Manufacturers and Aftermarket), Vertical (Transportation, Logistics, Government, Utilities, Travel, Tourism, Construction, Education, Healthcare, Media, and Entertainment)

Countries Covered

U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Verizon Connect (U.S.), Zonar Systems, Inc  (U.S.), TomTom Telematics (Netherlands), Robert Bosch GmbH  (Germany), HARMAN International  (U.S.), Volkswagen Commercial Vehicles  (Germany), MiX Telematics (South Africa), Omnitracs (U.S.), CalAmp (U.S.), Webfleet Solutions (Netherlands), Inseego Corporation (U.S.), OCTO Telematics Ltd. (Italy)

Market Opportunities

  • Increasing demand for fleet management solutions
  • Growing demand for connected cars
  • Advancements in IoT and connectivity technologies

Market Definition

Vehicle telematics is an electronic technology that is used in automobiles to assist customers in keeping their vehicles safer, preventing them from becoming lost, and summoning roadside assistance. These telematics are also known as crash-resistant black boxes that receive wireless information that is more advanced than the radio.

Global Vehicle Telematics Market Dynamics

Drivers

  • The Increasing Demand for Fleet Management Solutions

The need for efficient fleet management is a significant driver for the global vehicle telematics market. Fleet operators and managers are increasingly adopting telematics solutions to optimize operations, reduce costs, improve driver safety, and enhance overall fleet efficiency. Telematics systems provide real-time insights into vehicle location, performance, fuel consumption, and driver behavior, enabling better decision-making and resource allocation.

  • Regulatory Compliance and Safety Requirements

Stringent government regulations related to road safety, emissions, and driver behavior drive the adoption of telematics solutions. Telematics systems can monitor and report on various safety parameters, such as vehicle speed, harsh braking, and seatbelt usage, helping organizations comply with regulations and improve overall safety standards. The need to meet compliance requirements and ensure driver and public safety acts as a driver for the global vehicle telematics market.

  • Growing Demand for Connected Cars

The increasing integration of vehicles with advanced connectivity features is a significant driver for vehicle telematics. Connected cars enable seamless communication between vehicles, infrastructure, and external systems, enhancing driver experience, safety, and efficiency. Telematics systems play a crucial role in enabling vehicle connectivity, providing services such as remote diagnostics, vehicle tracking, emergency assistance, and in-car entertainment. The demand for connected cars and the desire for enhanced driving experiences contribute to the growth of the global vehicle telematics market.

Opportunities

  • Insurance Industry Adopting Telematics

The insurance industry's adoption of telematics based insurance policies, commonly known as usage-based insurance (UBI), is driving the global vehicle telematics market. UBI policies use telematics data to assess driver behavior and offer personalized insurance premiums based on individual driving patterns. This approach incentivizes safe driving habits and encourages the adoption of telematics systems. Insurance companies are increasingly partnering with telematics service providers to offer UBI policies, thereby driving the demand for telematics solutions.

  • Advancements in IoT and Connectivity Technologies

The advancements in Internet of Things (IoT) and connectivity technologies are driving the global vehicle telematics market. The proliferation of high-speed internet, wireless networks, and affordable sensors enables seamless data collection, transmission, and analysis in real-time. These technological advancements make it easier to deploy and manage telematics systems, leading to increased adoption across various industries.

Restraints/Challenges

  • Rising Competition in the Market

The global vehicle telematics market is highly competitive, with numerous companies offering a wide range of products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.

  • High Cost Associated with Implementation

The cost of vehicle telematics systems is very high in the market. Automotive systems and payers face cost pressures, and there is a growing demand for cost-effective solutions. Manufacturers need to balance the development of innovative implants with affordability to meet market demands.

This global vehicle telematics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global vehicle telematics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In October 2021, Verizon Connect announced the integration of its telematics data with the Amazon Web Services (AWS) IoT Core service. This integration enables businesses to access and analyze their fleet data in real-time using AWS's cloud infrastructure, enhancing operational efficiency and decision-making
  • In March 2021, TomTom Telematics rebranded as Webfleet Solutions and introduced several enhancements to its telematics platform. These enhancements include advanced reporting capabilities, improved driver behavior monitoring, and expanded integration options with third-party applications.

Global Vehicle Telematics Market Scope

The global vehicle telematics market is segmented on the basis of provider type and vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Provider Type

  • Original Equipment Manufacturers
  • Aftermarket

Vertical

  • Transportation
  • Logistics
  • Government
  • Utilities
  • Travel
  • Tourism
  • Construction
  • Education
  • Healthcare
  • Media and Entertainment

Global Vehicle Telematics Market Regional Analysis/Insights

The global vehicle telematics market is analysed and market size insights and trends are provided by country, provider type and vertical as referenced above.

The countries covered in the global vehicle telematics market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the global vehicle telematics market, due to the strong base of automotive facilities, strong presence of major players in the market.

Asia-Pacific is expected to witness significant growth in the global vehicle telematics market during the forecast period of 2023 to 2030, due to the increase in government initiatives to promote awareness, rise in automotive facilities, growing research activities in the region, availability of massive untapped markets, large population pool.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Vehicle Telematics Market Share Analysis

The global vehicle telematics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global vehicle telematics market.

Some of the major players operating in the global vehicle telematics market are:

  • Verizon Connect (U.S.)
  • Zonar Systems, Inc  (U.S.)
  • TomTom Telematics (Netherlands)
  • Robert Bosch GmbH  (Germany)
  • HARMAN International  (U.S.)
  • Volkswagen Commercial Vehicles  (Germany)
  • MiX Telematics (South Africa)
  • Omnitracs (U.S.)
  • CalAmp (U.S.)
  • Webfleet Solutions (Netherlands)
  • Inseego Corporation (U.S.)
  • OCTO Telematics Ltd. (Italy)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Vehicle Telematics Market will be worth USD 2,80,587.32 million by 2030.
The Vehicle Telematics Market growth rate is 18.5% during the forecast period.
The Increasing Demand for Fleet Management Solutions & Regulatory Compliance and Safety Requirements are the growth drivers of the Vehicle Telematics Market.
The provider type and vertical are the factors on which the Vehicle Telematics Market research is based.
Verizon Connect announced the integration of its telematics data with the Amazon Web Services (AWS) IoT Core service & TomTom Telematics rebranded as Webfleet Solutions and introduced several enhancements to its telematics platform are the latest developments in the Vehicle Telematics Market.
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