Pune, India, Jan. 04, 2022 (GLOBE NEWSWIRE) -- According to the report by Fortune Business Insights, the global Vehicle Telematics market size was USD 58.69 billion in 2020. The market is projected to grow from USD 64.93 billion in 2021 to USD 179.50 billion in 2028 growing at a CAGR of 15.6% over 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.
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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.
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.
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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.
List of the Companies Operating in the Market:
- 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.)
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Global Vehicle Telematics Market Segmentation:
By Service Type:
- Information & Navigation
- Safety & Security
- Fleet Management
- Insurance Telematics
- Infotainment System
By Technology Type:
By Sales Channel:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Vehicle Telematics Market
5. Global Vehicle Telematics Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
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