Westford, USA, Feb. 02, 2024 (GLOBE NEWSWIRE) — The global Vehicle Telematics market size is expected to reach USD 211.57 billion by 2030 and exhibit a CAGR of 15.8% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for vehicle tracking and fleet management solutions to enhance operational efficiency and reduce operating costs. Safety concerns and regulatory mandates have led to adoption of telematics systems for driver behavior monitoring and accident prevention. The desire for real-time connectivity and infotainment services in vehicles has driven the integration of telematics into modern vehicles, improving the overall driving experience is fueling the market’s growth.
According to SkyQuest’s latest global research of the Vehicle Telematics market, growing adoption of Advanced Driver Assistance Systems (ADAS) and autonomous vehicles, which leverage telematics for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. Integrating Artificial Intelligence (AI) and machine learning into telematics systems is enhancing predictive maintenance, driver behavior analysis, and personalized services, which are the trends that aid in the market’s growth.
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Browse in-depth TOC on “Vehicle Telematics Market”
- Pages – 157
- Tables – 176
- Figures -79
Vehicle telematics is the use of wireless technology to collect data from vehicles and send it to a central server. This data can be used to track vehicle location, monitor vehicle performance, and provide other services, such as stolen vehicle recovery and fleet management.
Prominent Players in Vehicle Telematics Market
- Continental AG
- Zonar Systems
- Teletrac Navman
- Mix Telematics
- Octo Telematics
- Webfleet Solutions
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Report Scope & Segmentation:
|Market Size in 2022
|2030 Value Projection
Embedded, Tethered, Integrated
OEMS and Aftermarket
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Embedded Telematics Systems Demand to Grow Substantially in the Forecast Period
Embedded telematics systems dominated the global online market as they are integrated directly into the vehicle’s hardware and software during manufacturing. This integration provides a seamless and often more reliable connection than tethered or aftermarket solutions.
Fleet Management is the Leading Application Segment
In terms of application, fleet management is the leading segment due to being powered by telematics helps businesses optimize their operations, reduce costs, and improve overall efficiency. This includes route optimization, fuel management, and maintenance scheduling, contributing to cost savings.
North America is the leading Market Due to the Early Technology Adoption
Region-wise, North America is one of the largest growing markets with a early technology adoption. Stringent regulatory mandates related to safety, compliance, and emissions in North America have driven the adoption of telematics systems, especially in the commercial transportation sector. Regulations like the Electronic Logging Device (ELD) mandate have led to widespread adoption.
A recent report thoroughly analyzes the major players operating within the Vehicle Telematics market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Vehicle Telematics.
Key Developments in the Vehicle Telematics Market
- In May 2023, to provide telematics services to its fleet customers, Verizon and Geotab established a cooperation. Through the collaboration, Verizon can provide its customers with a range of telematics solutions, such as fleet management, driver safety, and fuel efficiency.
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Key Questions Answered in Vehicle Telematics Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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