Pune, India, May 11, 2022 (GLOBE NEWSWIRE) — The global vehicle telematics market size is projected to reach USD 179.50 billion by 2028, exhibiting a CAGR of 15.6% during the forecast period. The rising demand for smartphone characteristics in the automobile, automated driving technologies coupled with passenger protection aspects, progressions in 5G connectivity, and an upsurge in determinations by the government for emerging an Intelligent Transportation System (ITS) is anticipated to fuel the demand for vehicle telematics. According to a report published by Fortune Business Insights, titled “Vehicle telematics Market, 2021-2028”, the market was worth USD 58.69 billion in 2020.
July 2021: Cerence Inc. collaborated with HARMAN International to provide voice-enable in-vehicle third-party applications accessible in the HARMAN Ignite Store.
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|Forecast Period 2021 to 2028 CAGR||15.6%|
|2028 Value Projection||USD 179.50 billion|
|Market Size in 2020||USD 58.69 billion|
|Historical Data for||2017-2019|
|No. of Pages||200|
|Segments covered||Information & Navigation, Safety & Security, Fleet Management, Insurance Telematics, Infotainment System, Others|
|Growth Drivers||Strict Government Rules to Install Telematics in Automobiles Set to Spur Market Growth|
|North America to Lead Market due to Rapid Industrialization|
Drivers and Restraints
Strict Government Rules to Install Telematics in Automobiles Set to Spur Market Growth
Governments in leading nations across various regions have inflicted rigorous guidelines and protocols for the security and safety of automobiles. Increased deployment in automobiles has been obligated in numerous nations to trail the whereabouts and conduct of vehicles. Services such as theft tracking as well as emergency call systems are put under rudimentary necessities in various nations. This is expected to boost the vehicle telematics market growth.
Labor Deficiency & Closures of Industrial Sectors Slowed Down Market Growth amid COVID-19 Pandemic
The COVID-19 commotion has influenced approximately each phase of society, and automobile producers as well as insurance companies are no exclusion. In order to regulate and overcome the COVID-19 situation, companies and original equipment manufacturers (OEMs) in various nations were shut down, which majorly affected the economic situation, particularly of emerging nations.
The automotive industry has been primly impacted by the pandemic and the lockdown announcements in manufacturing factories have carried various encounters.
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On the basis of service, the market is divided into information & navigation, safety & security, fleet management, insurance telematics, infotainment system, and others.
By technology type, the market is segregated into integrated, tethered, and embedded systems. In 2020, the embedded technology segment holds a major share in the global market.
In terms of the sales type, the market is classified into OEM and aftermarket.
Based on the vehicle type, the market is segmented into passenger cars and commercial vehicles.
Geographically, the market is categorized into North America, Europe, Asia Pacific, and Rest of the World.
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North America to Lead Market due to Rapid Industrialization
North America led the market and held the maximum vehicle telematics market share and was worth USD 22.16 billion in 2020. The region leads the global market owing to the rising industrialization and a high volume of commercial vehicles.
Europe to display a considerable growth in the market owing to strict safety guidelines executed by the government in this region.
Furthermore, Asia Pacific also demonstrates an abrupt growth in the global market owing to the quick development and implementation of solutions.
Procurements Instigated by Crucial Companies to Endorse Market Growth
The foremost players in the market continuously opt for competent stratagems to reinforce their brand value as well as promote the growth of vehicle telematics with coming across least latent hurdles. One such operative tactic is procuring competitive companies and further safeguarding a profit for both the companies.
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List of Key Players Covered in the Vehicle Telematics Market Report
- Robert Bosch GmbH (Gerlingen, Germany)
- Webfleet Solutions B.V. (Amsterdam, North Holland)
- MiX Telematics (Midrand, South Africa)
- Trimble (California, U.S.)
- Verizon (New York, U.S.)
- Zonar Systems (Washington, U.S.)
- Octo Group S.p.A (Rome, Italy)
- Microlise Telematics Pvt. Ltd. (Nottingham, U.K.)
- Omnitracs (Texas, U.S.)
- Masternaut Limited (London, U.K.)
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
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