(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- The global vehicle telematics market size was valued at USD 64.93 billion in 2021 and reached USD 72.78 billion in 2022. The market is expected to reach USD 213.67 billion by 2029, exhibiting a CAGR of 16.6% during the forecast period. Furthermore, increased fuel efficiency, rising consumer demand, and awareness of automotive telematics solutions boost the market growth. Fortune Business InsightsTM provides this information in its report titled“Vehicle Telematics Market, 2022-2029
KEY INDUSTRY DEVELOPMENTS:
December 2021- Zonar announced its Light Duty Telematics Control Unit (TCU) in partnership with the parent company Continental AG. It is designed to satisfy evolving requirements of light-duty vehicles within fleets, including diagnostics and telematics to enhance performance, efficiency, and security.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 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 |
| Segments covered | Vehicle Telematics Market Size, Share & COVID-19 Impact Analysis, By Service (Information & Navigation, Safety & Security, Fleet Management, Insurance Telematics, Infotainment System, Others), By Technology Type (Embedded, Tethered, and Integrated), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Cars, Commercial Vehicles) |
| Growth Drivers | Improved Operational Efficiency for Fleet Management Companies to Foster Market Progress |
| There has been a growing demand for vehicle telematics-based insurance policies, and they are expected to increase in variety with the rapid adoption of telematics systems during the forecast period. (2021-2029) |
Drivers & Restraints-
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.
However, fluctuating rates of telematics solutions may hamper the market's progress.
COVID-19 Impact
Strong Focus on Domestic Semiconductor Manufacturing Supported Industry Growth
This market was positively impacted during the pandemic due to the strong focus on domestic semiconductor manufacturing. The re-commencement of activities and lockdown relaxations enabled manufacturers to enhance their production activities. Semiconductor chipsets and wafers deployment increased rapidly in the consumer electronics sector. Furthermore, companies, such as Taiwan Semiconductor Manufacturing and United Microelectronics, announced the expansion of their production plans. These factors incited growth during the pandemic.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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.
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.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
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.
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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.
List of Key Players Covered in the Vehicle Telematics Market Report:-
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.)
Vehicle Telematics Market Segmentation:-
By Service
Information & Navigation Safety & Security Fleet/Asset Management Insurance Telematics Infotainment System Others
By Technology Type
Embedded Tethered Integrated
By Sales Channel
By Vehicle Type
Passenger Cars Commercial Vehicles
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter's Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Vehicle Telematics Market
5. Global Vehicle Telematics Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Service
5.2.1. Information & Navigation
5.2.2. Safety & Security
5.2.3. Fleet Management
5.2.4. Insurance Telematics
5.2.5. Infotainment System
5.2.6. Others
5.3. Market Analysis, Insights and Forecast – By Technology Type
5.3.1. Embedded
5.3.2. Tethered
5.3.3. Integrated
5.4. Market Analysis, Insights and Forecast – By Sales Channel
5.4.1. OEM
5.4.2. Aftermarket
5.5. Market Analysis, Insights and Forecast – By Vehicle Type
5.5.1. Passenger Cars
5.5.2. Commercial Vehicles
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Rest of The World
Continued...
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