Research Nester published a report titled “Vehicle Telematics Market: Global Demand Analysis Opportunity Outlook 2033” which delivers detailed overview of the global vehicle telematics in terms of market segmentation by service type, vehicle type, technology, sales channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
By vehicle type, market is segmented into passenger cars and commercial vehicle. Out of two, the passenger car segment is to garner the highest revenue by the end of 2033. It is expected to grow at a significant CAGR over the forecast period i.e. 2023-2033. The growth is on the account of increasing sales of passenger cars. The global vehicle telematics market is to grow at a CAGR of approximately 18% over the forecast period.
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The global vehicle telematics market is primarily driven by rise in number of connected vehicles, growing demand of safety feature in automobiles, need to reduce the fuel consumption and higher demand of semiconductor chips.
On the basis of region, the global vehicle telematics market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East Africa region. Amongst all. The market in North America is to collect highest revenue by the end of 2033 by growing at a modest CAGR over the forecast period. Accelerated production of semiconductor chips, higher fuel usage by vehicles and rising vehicle crash and accidents is to grow the market in North America.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Higher Number of Connected Vehicles is to Elevate the Growth of Global Vehicle Telematics Market
Higher prevalence of IoT and 5g services is prompting the need of people to have connectivity in their automobiles. People wants to be connected to the world even when they are stuck in traffic, their expectation from their vehicle is rising. Manufacturers are embedding the connectivity solutions in the automobile to suffice the need of their customers. The world is expected to have nearly 2 billion connected cars by 2030.
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However, exorbitant installation charges of connectivity in the cars, safety threat to telematics’ data and problems related to interoperability between the telematics systems of different manufacturer are few factors which are expected to operate as key restraint to the growth of global vehicle telematics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global vehicle telematics market which includes company profiling of Bosch Global Software Technologies, Bridgestone Mobility Solutions B.V., Trimble, Octo Group S.p.A., Verizon, MiX Telematics, Zonar Systems, Harman International, Microlise Limited, On Star Corporation, Qualcomm Technologies, Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global vehicle telematics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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