Connected Mobility on the Rise: Car Sharing Telematics Market Forecast to Reach $872.8 Million Globally by 2033

Growing environment concerns and increasing urbanization are two prime factors driving the growth of global car sharing telematics market. Furthermore, high investment cost and data privacy issues are two significant factors restraining the growth of global car sharing telematics market. Moreover, integration with mobile applications factor provides an important opportunity for the growth of global car sharing telematics market.

According to the report, the car-sharing telematics market was valued at $259.3 million in 2023, and is estimated to reach $872.8 million by 2033, growing at a CAGR of 13.2% from 2024 to 2033.

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Regional/ Country Market Outlook

North America is a leading market for car-sharing telematics, driven by high urbanization rates, technological advancements, and supportive regulatory frameworks. Zipcar, Turo, and Car2Go are some of the key players dominating the global car-sharing telematics market in the North American region and increasing the car sharing telematics market growth.

Europe is experiencing significant growth in car sharing telematics market forecast, supported by stringent environmental regulations and a strong push towards sustainable urban mobility. DriveNow, BlaBla Car, and Green Mobility are some of the key players dominating the global car-sharing telematics market in the Europe region.

The Asia-Pacific region is poised for rapid growth due to factors such as increasing urbanization, rising disposable incomes, and significant investments in smart city initiatives. These factors are pushing the growth of car sharing telematics market opportunity. Didi Chuxing, Grab, and Socar are the main key players dominating the global car-sharing telematics market in the Asia-Pacific region.

The car-sharing market in Latin America is emerging due to growing urbanization and interest in reducing traffic congestion and pollution. Urban, Zazcar, and Awto are the significant key players dominating the global car-sharing telematics market in the Latin America region.

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Industry Trends
In June 2021, HDI Seguros, a leading auto insurance company in Mexico, partnered with Cambridge Mobile Telematics (CMT) , the world's largest telematics service provider, and launched HDI iDriving, a complete safety solution based on mobile telematics that helps drivers improve on risky driving behavior, detect crashes, and provide a proactive response in the event of an accident.

In January 2020, CalAmp, subsidiary LoJack Mexico collaborated with Volkswagen Financial Services (VWFS) Mexico to add real-time car monitoring, diagnostics, and driver behavior analytics to its full-service leasing products. LoJack México's state-of-the-art telematics will be installed in select light, heavy-duty, long-haul trucks and buses leased through more than 300 VWFS clients across?Mexico. These new features will enable fleet managers to increase operational efficiencies, minimize the risk of theft, and improve driver safety when leasing vehicles through VWFS.

In May 2023, Admiral Group partnered with Ford Smart Mobility and telematics provider Redtail Telematics and launched Admiral Live, a connected car offering that enables Ford vehicle owners with eligible vehicles to share driving data collected directly from their cars.

Market Segmentation

The car-sharing telematics market is segmented into service, business model, form, and component. Based on service, the market is divided into automatic crash notification, emergency, navigation, assistance & access, diagnostics, fleet management, billing, and others. Depending on the business model, the market is divided into subscription-based models, pay-per-use models, corporate fleet management, partnerships with OEMs, and others. Based on form, the market is divided into embedded, tethered, and integrated. Based on components, the market is divided into GPS receivers, accelerometers, engine interfaces, sim cards, software, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Based on service, the fleet management segment dominated the market in 2023. This is because fleet management solutions are essential for car-sharing operators to track and monitor their vehicles in real time, optimize routes, manage vehicle maintenance, and ensure efficient operations. Meanwhile, the automatic crash notification (ACN) is expected to grow at an increasing rate in the market. This is because automatic crash notification is crucial for ensuring the well-being of car-sharing users. The automatic crash notification is not directly related to hardware. Integrating ACN capabilities into telematics hardware can enhance the safety and security of shared vehicles, making it an important consideration for car-sharing operators.

Based on component, the GPS receiver segment dominated the market in 2023. This is because it enables fleet managers to monitor vehicle movements, optimize routing, and ensure efficient allocation of resources. GPS technology also plays a vital role in enhancing the security of shared vehicles by enabling features such as geofencing and stolen vehicle recovery. Meanwhile, the software segment is expected to grow at a significant rate in the market. This is because fleet management software facilitates vehicle tracking, reservation management, billing, and customer support. Advanced analytics software enables operators to derive insights from telematics data, optimize fleet utilization, and improve operational efficiency.

By business model, the subscription-based model segment dominated the market in 2023, as it involves users paying a recurring fee for access to the car-sharing service, which often includes the cost of telematics hardware and services. Meanwhile, the pay-per-use model is expected to grow at a significant rate in the market, as this model is attractive to occasional users and those who prefer a more cost-effective option compared to traditional car ownership.

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