Telematics Market Scope Report

Global Telematics Market Highlights Over 2023 - 2033

The global telematics market is estimated to garner a notable revenue by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated significant revenue in the year 2022. The growth of the market can be attributed to the surging connectivity solution trends. In the year 2022, there are more than 6.5 Billion smartphone users across the globe.

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Telematics refers to a method of tracking the movements of cars, trucks, equipment, and other assets using GPS technology and on-board diagnostics (OBD) to plot the asset's movements on a computerized map. Telematics, also known as fleet tracking or GPS vehicle tracking, is now a necessary management tool for many commercial and government fleets. Its major end users are healthcare, automotive, transportation, government agencies, and insurance. Moreover, growing demand for telemedicine applications is expected to boost the growth of the global telematics market. For instance, In Canada, telemedicine visits surged to more than 140 per 1,000 among rural patients and more than 200  per 1,000 among urban patients.

Global Telematics Market: Growth Drivers and Challenges

Growth Drivers

• Rising Need to Monitor the Speed of Vehicles– There is a need for tracking the vehicle and the behavior of the driver in order to reduce accidents. Therefore, it is anticipated to increase the growth of the global telematics market. As per the World Health Organization, road traffic crashes account for nearly 1.3 Million people die each year.

• Increasing Demand for Developing Smart Cities– According to the India Brand Equity Foundation, the smart cities mission will cover nearly 100 cities that have been distributed among the union territories/ states.

• Rising Demand for Energy Consumption– In the year 2021, energy consumption in China, the United States, and Russia has increased by more than 5%, 4%, and 9%, respectively.

• Surging Advancement in Technologies– The vehicle manufacturers have started preinstalling new technologies in vehicles and it is anticipated to rise the growth of the global telematics market. More than 35 per cent of  businesses across the globe have adopted artificial intelligence in its operations.

Challenges

• High Installation Cost

• Concern Related to Privacy

• Lack of Awareness Among Individuals

The global telematics market is segmented and analyzed for demand and supply by end user into healthcare, automotive, transportation, government agencies, insurance, and others. Out of these, the automotive segment is anticipated to hold the largest share over the forecast period owing to the increasing vehicle safety provided by the use of telematics solutions. For instance, human error accounted for approximately 94 to 96 per cent of all the vehicles crashed.

Global Telematics Market Regional Synopsis

Regionally, the global telematics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of rising adoption of new electronic safety technologies, and a growing vehicle industry. Approximately 4.5 Million commercial vehicles and 21 Million passenger cars were sold in China in the year 2021.

Market Segmentation

Our in-depth analysis of the global telematics market includes the following segments:

Key Companies Dominating the Global Telematics Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global telematics market that are included in our report are Koninklijke Philips N.V., General Electric Company, Octo Group S.p.A, AirIQ Inc., Airbiquity Inc., Cisco Systems, Inc., HARMAN International, Robert Bosch GmbH, Zonar Systems, MiX Telematics, and others.

Global Telematics Market: Latest Developments

• July, 2021– Airbiquity Inc., announced its expansion into non-automotive vehicle in order to generate new revenue streams. Over-the-air (OTA) software and data management solutions are critical for original equipment manufacturers (OEMs) to keep products up to date and optimize performance as businesses increasingly integrate software into their products and leverage data for new services.

• April, 2019: HARMAN International, announced the new future-proof telematics solution through the launch of 5G ready telecommunications control unit.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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