Vehicle Telematics Market Outlook
According to the report by Expert Market Research (EMR), the global vehicle telematics market is projected to grow at a CAGR of 15.60% between 2023 and 2028. Aided by the increasing demand for connected vehicles and the escalating applications of telematics in diverse segments, the market is expected to grow significantly by 2028.
Vehicle telematics is a method of monitoring a moving vehicle using on-board diagnostics to record data primarily associated with vehicle movement and performance. This technology is widely utilised in a myriad of applications, including fleet management, insurance, navigation and infotainment, vehicle tracking, and security. Telematics is fundamental to improving vehicle safety, enhancing driving experience, and optimising fleet operations, thereby lending substantial growth impetus to the market.
The rising consumer preference for connected vehicles is a significant driver of the global vehicle telematics market size. The increasing consumer demand for improved safety features, real-time vehicle tracking, and advanced navigation services has necessitated the integration of telematics in vehicles. Moreover, the advent of autonomous driving and electric vehicles has further boosted the importance of telematics in delivering essential vehicle insights and ensuring seamless operation.
Further driving the vehicle telematics market demand is the expanding application of telematics in various sectors. In fleet management, telematics is critical in providing real-time information about vehicle location, driver behaviour, and vehicle condition, enabling efficient fleet operations and cost optimisation. The insurance industry utilises telematics to implement usage-based insurance (UBI) models, allowing insurers to calculate premiums based on actual driving behaviour and reducing fraudulent claims.
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The escalating demand for in-vehicle infotainment systems also contributes to the vehicle telematics market expansion. These systems leverage telematics to offer a combination of entertainment and information services, enhancing the in-car experience for passengers and drivers.
Additionally, the surge in shared mobility services and the proliferation of ride-hailing and car-sharing applications have led to an increased focus on vehicle telematics. These services depend heavily on telematics for vehicle tracking, efficient routing, and service optimisation, thereby augmenting the vehicle telematics market expansion.
Moreover, the ongoing advancements in communication technology, particularly the deployment of 5G, are expected to bolster the vehicle telematics market significantly. The low latency, high-speed data transfer capability of 5G can significantly improve the efficiency and reliability of vehicle telematics systems, offering more accurate real-time information and enabling the development of advanced applications.
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Vehicle Telematics Market Segmentation
The market can be divided based on service, technology, vehicle type, sales channel, and region.
Market Breakup by Service
- Safety and Security
- Fleet/Asset Management
- Information and Navigation
- Insurance Telematics
- Infotainment System
- Others
Market Breakup by Technology
- Embedded
- Integrated
- Tethered
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Sales Channel
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global vehicle telematics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Samsara Inc.
- MiX Telematics International (Pty) Ltd
- Trimble Inc.
- Verizon Connect
- Zonar Systems, Inc.
- Octo Group S.p.A
- HARMAN International
- Visteon Corporation
- Aplicom Oy
- Scorpion Automotive Ltd
- Others
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