PUBLISHER: The Business Research Company | PRODUCT CODE: 1574683
PUBLISHER: The Business Research Company | PRODUCT CODE: 1574683
Consumer telematics involves integrating telecommunications and monitoring technology within vehicles to offer various services and features to consumers. This integration combines communication systems with data processing and storage to enhance the driving experience, improve vehicle safety, and provide real-time information. The goal of consumer telematics systems is to elevate the overall driving experience, boost safety, and offer valuable insights into vehicle performance and usage.
The key components of consumer telematics include hardware, software, and services. Hardware refers to the physical devices and equipment used to gather, transmit, and process data within vehicles for different applications. These devices can connect via cellular, satellite, Wi-Fi, and Bluetooth technologies and are used for applications such as fleet management, usage-based insurance, connected car services, vehicle diagnostics, entertainment, safety and security, and driver assistance. The end users of these technologies include automotive original equipment manufacturers (OEMs), insurance companies, government agencies, telecommunication companies, and retailers.
The consumer telematics market research report is one of a series of new reports from The Business Research Company that provides consumer telematics market statistics, including consumer telematics industry global market size, regional shares, competitors with a consumer telematics market share, detailed consumer telematics market segments, market trends and opportunities, and any further data you may need to thrive in the consumer telematics industry. This consumer telematics market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The consumer telematics market size has grown exponentially in recent years. It will grow from $19.91 billion in 2023 to $25.002 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth during the historic period can be attributed to the increasing demand for personalized systems, the rise in demand for big data analytics and related services, a growing desire for enhanced driving experiences, heightened awareness alongside a growing number of automobiles, and the expanding automotive insurance market.
The consumer telematics market size is expected to reach exponential growth in the next few years. It will grow to $63.10 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth during the forecast period can be attributed to rising concerns about vehicle tracking and safety, increased adoption of advanced driver assistance systems (ADAS) among consumers, greater smartphone penetration, the availability of affordable data plans, the adoption of insurance telematics, and a heightened focus on vehicle health monitoring. Major trends during this period include innovations in new products, integration with Internet of Things (IoT) devices, technological advancements, telematics integration with smartphones, and strategic partnerships and collaborations.
The growing demand for connected vehicles is expected to drive the growth of the consumer telematics market in the future. Connected vehicles, which are equipped with internet connectivity, enable communication with other devices both inside and outside the vehicle. This demand is rising due to increasing consumer expectations for advanced technology integration, improved convenience, and enhanced driving experiences. Consumer telematics in connected vehicles provides enhanced safety, navigation, and remote monitoring through real-time diagnostics, vehicle tracking, and seamless connectivity with other devices. For example, the Australian Computer Society reported in August 2021 that there were approximately one million connected cars in Australia, with projections indicating this number will rise to 10 million by 2030. This increasing demand for connected vehicles is driving growth in the consumer telematics market.
Leading companies in the consumer telematics market are focusing on developing innovative products, such as advanced telematics control units (TCUs), to enhance connectivity and integrate seamlessly with advanced driver assistance systems (ADAS). An advanced TCU manages vehicle connectivity, real-time data exchange, and integration with driver assistance technologies to improve performance and safety. For instance, in February 2024, Harman International Industries, Inc., a US-based electronics company, launched the Ready Connect 5G telematics control unit (TCU). This state-of-the-art device enhances automotive connectivity with faster data transfer speeds and improved connectivity, enabling features such as GPS navigation, music streaming, and voice commands to operate seamlessly. The Ready Connect 5G TCU offers rich in-cabin experiences, including timely traffic notifications and improved vehicle-to-environment communication. It features modular hardware for upgrades from 4G to 5G and a scalable software architecture, including predeveloped applications such as vehicle diagnostics to streamline deployment.
In March 2023, Cambridge Mobile Telematics, a US-based software solutions provider, acquired Amodo, a Croatian telematics company, for an undisclosed amount. This acquisition aims to strengthen Cambridge Mobile's presence in the European market, leveraging Amodo's expertise and relationships to accelerate global expansion and provide advanced telematics solutions, including usage-based insurance products, to enhance road safety and driver behavior across Europe.
Major companies operating in the consumer telematics market are Verizon Connect, Continental AG, Trimble Inc., Agero Inc., TomTom International BV, Geotab Inc., Sierra Wireless Corp., CalAmp Corp., Spireon Inc., Telenav Inc., Teletrac Navman US Ltd., MiX Telematics International (Pty) Ltd., Lytx Inc., INRIX Inc., Samsara Networks Inc., Masternaut Limited, Insurance & Mobility Solution Ltd., Airbiquity Inc., The Floow Limited, Cubic Telecom Limited, Arvento Mobile Systems, Abalta Technologies Inc., Nauto Inc
North America was the largest region in the consumer telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the consumer telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The consumer telematics market includes revenues earned by entities by providing services such as vehicle tracking, navigation, emergency assistance, remote vehicle management, and driver behavior monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The consumer telematics market also consists of sales of on-board diagnostics (OBD) devices, infotainment systems, integration with cellular networks, and stolen vehicle tracking devices. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Consumer Telematics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer telematics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for consumer telematics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The consumer telematics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.