Vehicle Telematics Market Size To Reach USD 232.88 Billion In 2030, Reports and Data

Increased Adoption Of Next-Generation Telematics Protocol (NGTP), Proliferation Of Telematics Technology Due To Decreasing Sensor And Connectivity Costs, And Growing Government Mandate For Deploying Vehicle Tracking In Commercial Vehicles Are Some Key Factors Driving Market Revenue Growth.

NEW YORK, March 29, 2022 /PRNewswire/ -- The global vehicle telematics market size is expected to reach USD 232.88 Billion in 2030 and register a revenue CAGR of 15.3% over the forecast period, according to the latest report by Reports and Data. Integration of real-time fleet monitoring systems, increased fleet efficiency, reduced fuel usage, and utilization of cloud computing technologies are key factors expected to drive market revenue growth during the forecast period. Automotive telematics provides services such as security, navigation, and safety to passengers. It is also utilized to improve multimedia and Internet applications in infotainment system, road transit, and road safety. These systems are widely used by fleet management and insurance companies for logistics and transportation purposes, as well as other end-user industries to track driver movements and behavior.

Smartphones have become main source of connectivity over time. It has opened several opportunities for automotive manufacturers to replace traditional computer-based infotainment systems with smartphones and tablets, thereby, reducing production costs. Growing trend to stay connected to outside world while traveling is encouraging automotive manufacturers to use vehicle connectivity options to increase sales. Fuel theft tracking, car insurance telematics, and eco-driving assistance are now all available through monitoring systems embedded in smartphone apps. For instance, in 2019, Driveway software and Zurich Insurance Group collaborated to offer smartphone-based systems that monitor driving movements, measure driver distraction, and provide feedback to drivers via their phones.

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Some Key Highlights from the Report

• Commercial vehicles segment revenue is expected to grow at a considerable rate over the forecast period. Growing industrialization and development of logistics and transportation industry are expected to create lucrative growth for commercial vehicle telematics. This development has enabled buses and trucks to operate day and night throughout the week. As drivers of these commercial vehicles rely on their vehicles to make a living, they must enhance their safety and job efficiency. Thus, advances in cloud computing and data analytics have enabled vehicle tracking, monitoring driver behavior, managing fleet operations, and providing helpful solutions.
• OEM offers sensors and capabilities that can provide a high degree of data about vehicle operation. Smartphones can be easily connected to vehicle communication equipment, which can improve driving experience by providing features such as failure warnings and emergency voice alerts, among other things. OEMs are being adopted over the world, primarily in the U.S., Europe, and Russia for features such as automatic emergency calls and vehicle location identification.

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