Press release
Global Consumer Telematics Market Projected to Surpass $79.39 Billion by 2029 with 25.9% Annual Growth
Consumer Telematics Market
The growth of connected vehicles is expected to boost the consumer telematics market. As more vehicles become equipped with internet connectivity, consumer demand for enhanced driving experiences, safety, and convenience increases. Consumer telematics allows connected vehicles to provide real-time diagnostics, vehicle tracking, and seamless connectivity with other devices. In January 2024, Alliance for Automotive Innovation reported that electric vehicles accounted for 10.1% of new light-duty vehicle sales in Q3 2023, up from 7.1% in Q3 2022. Consequently, the rise in connected vehicle demand is pushing the growth of the consumer telematics market.
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What is the future CAGR of the consumer telematics market, and how will it impact industry expansion?
The consumer telematics market has expanded exponentially in recent years. It will increase from $25.02 billion in 2024 to $31.6 billion in 2025, at a compound annual growth rate (CAGR) of 26.3%. This rapid growth is attributed to the demand for personalized systems, the rise of big data analytics, superior driving experiences, greater awareness, and a growing automotive insurance market.
The consumer telematics market is forecast to grow exponentially to $79.39 billion by 2029, at a CAGR of 25.9%. This growth is driven by vehicle tracking and safety concerns, increasing adoption of advanced driver assistance systems (ADAS), smartphone penetration, cost-effective data plans, and insurance telematics. Trends include product innovation, IoT integration, technology advances, smartphone integration, and strategic partnerships.
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What are the most significant trends transforming the consumer telematics market today?
In the consumer telematics market, companies are advancing products like telematics control units (TCUs) to improve connectivity with driver assistance systems. For example, in February 2024, Harman International Industries launched the ready-connect 5G TCU. This device enhances automotive connectivity, supports faster data transfer, and provides improved safety and in-cabin experiences, including real-time traffic notifications.
Which key market segments comprise the consumer telematics market and drive its revenue growth?
The consumer telematics market covered in this report is segmented -
1) By Product Type: Hardware, Software, Services
2) By Connectivity: Cellular, Satellite, Wireless Fidelity (Wi-Fi), Bluetooth
3) By Application: Fleet Management, Usage-Based Insurance, Connected Car Services, Vehicle Diagnostics, Infotainment, Safety And Security, Driver Assistance
4) By End-User: Automotive Original Equipment Manufacturer (OEM), Insurance Companies, Government Agencies, Telecommunication Companies, Retailers
Subsegments:
1) By Hardware: Telematics Control Units (Tcus), Gps Devices, On-Board Diagnostics (Obd) Devices, In-Vehicle Monitoring Devices, Sensors (Speed, Fuel, Temperature)
2) By Software: Fleet Management Software, Navigation Software, Driver Behavior Monitoring Software, Vehicle Diagnostics Software, Telematics Data Analytics Software
3) By Services: Roadside Assistance Services, Emergency Assistance Services, Vehicle Tracking Services, Insurance Telematics Services, Navigation And Mapping Services
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What regions are at the forefront of consumer telematics market expansion?
North America was the largest region in the consumer telematics market in 2024. 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.
Who are the leading players fueling growth in the consumer telematics market?
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
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What Is Covered In The Consumer Telematics Global Market Report?
•Market Size Forecast: Examine the consumer telematics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the consumer telematics market for a structured understanding.
•Key Players Overview: Analyze major players in the consumer telematics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the consumer telematics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the consumer telematics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the consumer telematics market.
•Industry Challenges: Identify potential risks and obstacles affecting the consumer telematics market.
•Competitive Landscape: Review strategic developments in the consumer telematics market, including expansions, agreements, and new product launches.
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