The global vehicle Telematics market size was USD 58.69 billion in 2022. The market is projected to grow from USD 64.93 billion in 2022 to USD 179.50 billion in 2027 growing at a CAGR of 21.10% over the forecast period.
The vehicle monitoring systems permit drivers to stay updated with the real-time performance and safety of the vehicle. Data collected by the telematics system is beneficial in critical surroundings, for instance, to communicate instantaneously with the police for prompt action in case of an accident. Telematics systems assist automotive companies, insurers, and drivers with the highest safety features.
The safety and security services of vehicle telematics include automatic crash notice, emergency, and medical assistance, which are anticipated to stimulate market growth in the forecast period. As a component of the automatic crash notification service, the telematics control unit (TCU) monitors several crash sensors of the vehicle and, in the occurrence of a crash, directs the details of the vehicle location and crash severity and also sends a voice call to the telematics call center so that emergency services can be dispatched to the scene of the accident. Telematics can be described as a method of tracking vehicles with the use of communication knowledge such as GPS systems, onboard diagnostics, and other cellular machinery. communication technology by cellular networks such as 3G, 4G, or even 5G, telematics can be used to send both data and infrastructures back and forth between an automobile and a central administration system.
Who are the Major Players in Vehicle Telematics Market?
The Global Vehicle Telematics Market study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Aptiv PLC, LeasePlan, ALD Automotive, Visteon Corporation, Telefonica S.A, Vodafone Group Plc., Alphabet, Robert Bosch Gmbh, Valeo S.A, Trimble, ARI, AT&T, Athlon, Creance, Omnitracs, Harman International Industries, Octo, Emkay, IMS, TomTom, Continental, Michelin, Arvento, Mix Telematics.
Industry News and Update
July 2021 – Creance to Voice-Enable In-Vehicle App Store Platform from HARMAN Creance Inc. partnered with HARMAN International to offer voice-enabled in-vehicle third-party applications available in the HARMAN Ignite Store.
February 2021 – IMS Launches Vehicle Data Exchange to Provide Complete Connectivity Service for Accessing Vehicle Data IMS launched the IMS Vehicle Data Exchange, a new service that provides live, real-time access to vehicle insights and mobility data from OEM-embedded hardware and any aftermarket device.
The market is segmented based on the type, applications, companies, and regions.
By Type, it is segmented into
By Application, it is segmented into
By Connectivity Solutions
Vehicle Telematics Market Regional Analysis
North America dominates the market. In North America, the United States is expected to dominate the automotive telematics market in 2022, while Canada is expected to expand at a fast pace during the forecast period. The automotive telematics market is forecasted from 2022 to 2027, taking into account all of the driving factors that have an equal impact on market demand. From 2022 to 2027, the automotive telematics market will be determined by forecasts and active steps taken by industry manufacturers.
North America dominated the market (with the U.S. accounting for most of the market share) and is valued at USD 22.16 billion in 2022. The region controls the global market owing to increasing industrialization and a high volume of commercial cars. The rising safety and security concerns of drivers, passengers, and vehicles, and the prevention of accidents are the foremost factors that are contributing to the market growth in this region. Moreover, government regulations favoring automotive telematics are boosting the market growth. For instance, the U.S. Government recently signed a contract with Geotab to equip 217,000 automobiles with fleet association telematics technology.
Report Attributes | Report Details |
Forecast Period 2022 to 2028 CAGR | CAGR of 21.10% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies | Aptiv PLC, LeasePlan, ALD Automotive, Visteon Corporation, Telefonica S.A, Vodafone Group Plc., Alphabet, Robert Bosch Gmbh, Valeo S.A, Trimble, ARI, AT&T, Athlon, Creance, Omnitracs, Harman International Industries, Octo, Emkay, IMS, TomTom, Continental, Michelin, Arvento, Mix Telematics. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 161 |
Customization Available | Yes, the report can be customized as per your needs |
What are the significant types of Vehicle Telematics Market?
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
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REPORT WRITING/ PRESENTATION
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