Top Companies in Vehicle Telematics Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Vehicle Telematics Market is projected to reach a value of USD 154.8 Billion by 2028 at a CAGR of 15.8% over the forecast period.
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Market Overview
The Global Vehicle Telematics Market is valued at USD 64.2 Billion in 2021 and is projected to reach a value of USD 154.8 Billion by 2028 at a CAGR of 15.8% over the forecast period. With the rapid uptake of telematics systems during the projection period, there has been an increasing demand for insurance plans based on car telematics.
The adoption of telematics in commercial fleets to improve service, growing concerns about user safety, legislation addressing traffic safety and accidents, and rising demand for Next-Generation Telematics Protocol (NGTP) are key factors anticipated to facilitate the growth of the global Vehicle Telematics market.
Automakers understand that being the center for gathering data on vehicles and drivers through in-vehicle embedded telematics devices puts them in a great position to sell data to insurers or provide insurance services directly. Additionally, automakers can enhance brand distinctiveness by offering value-added services and expand their financial services by delivering data-driven insurance at the point of sale. Thus, by realigning themselves along the insurance value chain, automakers can cut costs and open up new revenue streams by putting telematics systems in vehicles. These elements will have a favorable impact on the market expansion.
The Global Vehicle TelematicsMarket's competitive landscape is considerably fragmented, with many significant firms active on both a global and regional scale. Further, the market for Vehicle Telematics is dominated by well-known companies from around the world, including, among others, Trimble Inc. (US), Visteon Corporation (US), Airbiquity Inc. (US), Aplicom Oy (Finland), Scorpion Automotive Ltd., iTriangle Infotech Pvt. Ltd. (India), Shenzhen Concox Information & Technology Co. Ltd. (China), MINDA Corporation Ltd. (India), Idem Telematics GmbH (Germany), Road Track, ACTIA Group (France), LAVINTA BUANA SAKTI (Indonesia), Microlise Limited (UK), BOX Telematics (UK), REDTAIL Telematics Corporation (UK)
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Let’s Look at the Top Companies That are Taking the Vehicle Telematics Market by Storm
Key players are working on technological advancements and strategic collaborations to increase their diverse product portfolios and establish a solid presence in the global market.
- Trimble Inc.(US)
Trimble Inc. provides cutting-edge location-based software solutions. The Company combines its location expertise in GPS, optical, laser, and inertial technology to offer comprehensive business solutions with application software, wireless communications, and services. Trimble has a global presence.
- Visteon Corporation (US)
Visteon Corporation provides automakers and the aftermarket industries with automotive systems, modules & components. The Company produces electronics, lighting, interiors, and temperature control systems. Customers are served globally by Visteon.
- Airbiquity Inc. (US)
This Company offers a cloud platform that makes it possible for automobile services. The business provides lifecycle management, business information services, and connection and integration for motorists. Airbiquity serves worldwide customers.
- Scorpion Automotive Ltd.
Scorpion Automotive Ltd. produces and distributes mobile communications interfaces and vehicle security alarm systems for both light and heavy commercial vehicles and passenger cars. In every region of the United Kingdom, the Company sells its products to electrical aftermarket retailers.
- iTriangle Infotech Private Limited(India)
This Company offers tracking services. The business provides fleet management, GPS, vehicle tracking, personal tracking, monitoring, and safety domains. ITriangle Infotech serves customers in India.
- MINDA Corporation Ltd.(India)
Minda Corporation Limited manufactures electronic & mechanical security systems. The Company provides a system and electronic controller for electric vehicles. Minda serves clients across the globe.
- ACTIA Group(France)
Actia Group produces electronics for telecoms and automobiles. The Company manufactures telecommunications, broadcast, and network equipment, electronic diagnostic tools, garage equipment for vehicle repair and testing, onboard systems for commercial and industrial vehicles, and other related products.
- Microlise Limited(UK)
Microlise Limited is a business that develops software. The company creates solutions for logistics and transportation, small business and fleet management, defense and security, big data, IoT, and data analysis. Microlise serves worldwide customers.
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