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Vehicle Telematics Market Size to Record 8.9% CAGR Over 2024-2032; Growing Need for Advanced Vehicle Safety Applications to Augment Market Progress

June 07, 2024 | Automotive & Transportation

The vehicle telematics market size touched USD 79.17 billion in 2023 and is predicted to reach USD 85.95 billion in 2024. The market is anticipated to touch USD 170.35 billion by 2032, recording a CAGR of 8.9% over 2024-2032.


Fortune Business Insights™ presents this information in its latest report titled Vehicle Telematics Market Size, Share & Industry Analysis, By Application (Information and Navigation, Safety and Security, Fleet/Asset Management, Insurance Telematics, Infotainment System, and Others), By Technology (Embedded, Tethered, and Integrated), By Sales Channel (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2024-2032”.


Vehicle telematics brings together telecommunications, informatics, electrical engineering, and computer science technologies to create a system that collects and derives valuable insights regarding a vehicle’s performance and driver’s efficiency. Many leading automakers are trying to integrate these systems into their existing vehicle models to improve their product’s performance and enhance a driver’s safety. This factor is expected to drive the vehicle telematics market growth.


The COVID-19 pandemic had a negative influence on the market’s progress as the automotive industry suffered immensely due to the lockdowns imposed by government across the world. This factor caused a dramatic decline in the sales of new vehicles, which further impeded the market’s development.


Growing Need for Advanced Vehicle Safety Applications to Augment Market Progress


The number of deaths caused by road accidents is increasing at a worrying rate every year, which has boosted the demand for innovative vehicle safety features. Governments are also introducing several road & vehicle safety laws and regulations to mitigate the loss of lives caused by vehicle accidents. Moreover, many leading automobile manufacturers are increasing their focus on developing active and passive vehicle safety systems in connected vehicles to boost driver safety and enhance the overall driving experience. These factors are expected to positively impact the market’s forecast.


However, rising concerns regarding data breaches and cyberattacks might impede the market’s growth.


Mullen Automotive Launched In-House Telematics for Commercial Vehicles


Mullen Automotive Inc., declared that it had introduced its in-house telematics system, which is equipped with an innovative Artificial Intelligence (AI) system. This system claims to offer fleet optimization across the company’s vast range of commercial vehicles, thereby offering complete solutions ranging from vehicle diagnostics to fleet optimization.


Leading Market Players to Increase Efforts to Boost Capabilities of Vehicle Telematics for Numerous Applications


Webfleet Solutions B.V. (TomTom), which is one of the leading providers of vehicle telematics solutions is increasing its efforts to enhance the capabilities of these solutions to gain a strong competitive edge. Many other major companies operating in this market are also entering a wide range of strategic collaborations and partnerships to increase their customer base and expand their business operations.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/vehicle-telematics-market-102071


Notable Industry Development:



  • July 2023: Uffizio launched an innovative telematics system, thereby creating a Launchpad for itself in the vehicle telematics market after seeing widespread demand for vehicle telematics system across the world for various vehicles and applications.


List of the Companies Profiled in the 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.)

  • AT&T (U.S.)

  • TomTom N.V.  (Netherlands)

  • Visteon Corporation (U.S.)

  • Telefonica S.A (Spain)

  • Aptiv PLC (Ireland)

  • Geotab Inc. (Canada)


Further Report Findings



  • Europe held a dominant vehicle telematics market share in 2023 as several governments and leading automakers across the region are focusing on preventing accidents and improving the safety of drivers and passengers. Many market players in this region are also partnering with other companies to strengthen their position, which will further drive the regional market’s growth.

  • North America accounted for the second-largest share of the global market in 2023 due to the rising sales of electric vehicles in the U.S. and growing government support for the adoption of vehicle fleet management technologies.

  • The insurance telematics segment claimed the largest market share in 2023 due to the growing penetration of Usage-Based Insurance (UBI) solutions in the automotive industry.


Table of Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of  8.9% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Application



  • Information and Navigation

  • Safety and Security

  • Fleet/Asset Management

  • Insurance Telematics

  • Infotainment System

  • Others



By Technology



  • Integrated

  • Tethered

  • Embedded



By Sales Channel



  • OEM

  • Aftermarket



By Vehicle Type



  • Passenger Cars

  • Commercial Vehicles



By Geography



  • North America (By Application, By Technology, By Sales Channel, By Vehicle Type)

    • U.S. (By Technology)

    • Canada (By Technology)

    • Mexico (By Technology)



  • Europe (By Application, By Technology, By Sales Channel, By Vehicle Type)

    • U.K. (By Technology)

    • Germany (By Technology)

    • Italy (By Technology)

    • France (By Technology)

    • Rest of Europe (By Technology)



  • Asia Pacific (By Application, By Technology, By Sales Channel, By Vehicle Type)

    • China (By Technology)

    • India (By Technology)

    • Japan (By Technology)

    • South Korea (By Technology))

    • Rest of Asia Pacific (By Technology)



  • Rest of the World (By Application, By Technology, By Sales Channel, By Vehicle Type)


Global Vehicle Telematics Market
  • PDF
  • 2023
  • 2019-2022
  • 180

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

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