The Latest Telematics Industry Statistics Explained
The global telematics market size was valued at USD 55.97 billion in 2020.
The statistic describing the global telematics market size being valued at USD 55.97 billion in 2020 indicates the total monetary worth of the telematics industry worldwide during that year. Telematics refers to the integration of telecommunications and information technology for the purpose of sending, receiving, and storing information relating to remote objects, such as vehicles. This substantial market size value suggests a significant demand for telematics solutions and services, including applications in sectors such as automotive, transportation, logistics, and insurance where telematics technology is used for tracking, monitoring, and analyzing data to improve operational efficiency, safety, and decision-making processes. The growth and size of the global telematics market underscore its importance and relevance in modern industries and economies.
The market size of the Telematics industry is expected to reach USD 149.9 billion by 2028.
The statistic stating that the market size of the Telematics industry is projected to reach USD 149.9 billion by 2028 indicates a significant growth trajectory for the industry. Telematics involves the integration of telecommunications and information technology to transmit data over long distances, typically used in the automotive and transportation sectors for vehicle tracking, navigation, and communication purposes. The expected market size reflects increasing adoption of telematics solutions across various industries due to benefits such as improved efficiency, safety, and cost savings. This projection suggests a rising demand for telematics services and solutions in the coming years, highlighting a lucrative opportunity for businesses operating in this sector.
The CAGR for the telematics industry is projected at approximately 26.8% from 2021 to 2028.
The Compound Annual Growth Rate (CAGR) serves as a measure of the annual growth rate for an investment or industry over a specified period of time, providing a smooth representation of its growth. A CAGR of 26.8% projected for the telematics industry from 2021 to 2028 indicates that on average, the industry is expected to grow at a steady rate of 26.8% annually during this time period. This statistic suggests a strong and consistent growth trajectory for the telematics industry, reflecting a significant expansion in market size, adoption rates, and technological advancements over the coming years.
The fleet management solutions segment accounted for the largest revenue share of over 30% in 2020
This statistic indicates that in 2020, the fleet management solutions segment generated the highest revenue compared to other segments in the industry, accounting for more than 30% of the total revenue. This suggests that fleet management solutions were the most lucrative area of business within the industry during that period. The high revenue share of over 30% highlights the significance and strong demand for fleet management solutions within the market, influencing the overall revenue performance of the industry in 2020. It may reflect the effectiveness and efficiency of fleet management solutions in addressing the needs and challenges faced by businesses operating in the transportation and logistics sector, leading to its dominant position in terms of revenue generation.
Embedded telematics solutions accounted for over 43% of the market in 2020
This statistic indicates that embedded telematics solutions held a significant market share of over 43% in 2020. Embedded telematics refers to technology that is integrated directly into a vehicle during the manufacturing process, allowing for remote monitoring, diagnostics, and connectivity features. The high percentage suggests that embedded solutions were the most popular choice among consumers and businesses for managing and optimizing their vehicles’ performance and activities. This dominance may be attributed to the seamless integration and functionality of embedded telematics solutions, making them a preferred option over other types of telematics systems like aftermarket or hybrid solutions.
North America led the market with a share of over 30% in 2020
This statistic indicates that North America had the largest market share among all regions in 2020, accounting for over 30% of the total market. This means that North America had the highest level of economic activity or sales within the market compared to other regions. This could be due to various factors such as a strong economy, high levels of consumer spending, technological advancements, or favorable business conditions. Companies operating in North America may have a significant advantage in terms of market presence and competitiveness, making it a crucial region for businesses to target or expand into.
Asia Pacific is expected to register the fastest CAGR during the forecast period
The statement “Asia Pacific is expected to register the fastest CAGR during the forecast period” indicates that the Asia Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) compared to other regions over the specified time frame. This suggests that businesses and industries operating in the Asia Pacific region can anticipate stronger growth potential in comparison to other regions. Factors such as rapid economic development, increasing consumer demand, technological advancements, and favorable government policies may contribute to the projected growth in the Asia Pacific region, making it an attractive market for investment and expansion opportunities.
Key industry participants include Robert Bosch GmbH, Trimble Inc., Verizon, and AT&T
The statistic ‘Key industry participants include Robert Bosch GmbH, Trimble Inc., Verizon, and AT&T’ suggests that these four companies are significant players in a specific industry. Their involvement indicates that they likely have a strong influence on market dynamics, competitive strategies, and technological advancements within the industry. Robert Bosch GmbH, Trimble Inc., Verizon, and AT&T are recognized as major contributors, possibly due to their market share, innovation, global presence, or financial strength. Their presence as key industry participants signifies that they play a crucial role in shaping the industry’s landscape and are important to consider when analyzing market trends and developments.
The insurance telematics market is expected to reach $8.3 billion by 2025
This statistic indicates a projected growth in the insurance telematics market, with an expected market value of $8.3 billion by the year 2025. Insurance telematics involves the use of technology to monitor and track driving behaviors, such as speed, braking, and mileage, to determine insurance premiums. The forecasted market size suggests a significant increase in the adoption and integration of telematics technology within the insurance industry over the next few years. This growth may be driven by factors such as advancements in telematics technology, increasing demand for personalized insurance offerings, and a focus on improving road safety and reducing insurance risks.
9.30 million new vehicles in the US had telematics systems, representing 41% percent share in the new vehicles market in 2020
In 2020, the United States saw the introduction of 9.30 million new vehicles with telematics systems, accounting for a substantial 41% share of the total new vehicle market. Telematics systems are advanced technologies that enable communication and data exchange between vehicles and external sources, providing valuable insights for drivers, manufacturers, and service providers. This statistic highlights the increasing integration of telematics technologies in modern vehicles, reflecting a trend towards enhanced connectivity, safety features, and data-driven innovations within the automotive industry. The significant market penetration of telematics systems signifies a shift towards more intelligent and interconnected vehicles, paving the way for a future of smart mobility solutions.
Usage-based insurance (UBI) and pay-how-you-drive (PHYD) segment are predicted to reach $77.25 billion by 2026
The statistic that the usage-based insurance (UBI) and pay-how-you-drive (PHYD) segment are predicted to reach $77.25 billion by 2026 signifies a significant growth potential in the insurance industry. UBI and PHYD technologies involve using data from telematics devices to track driving behavior, allowing insurance companies to offer more personalized and usage-specific insurance plans to consumers. The projected growth to $77.25 billion by 2026 suggests a rising demand for these innovative insurance models as customers increasingly seek more flexible and cost-effective coverage options based on their individual driving habits. This trend reflects a shift towards a more data-driven and customer-centric approach in the insurance sector, offering benefits for both insurers and policyholders in terms of risk management, pricing accuracy, and overall customer satisfaction.
Over 70% of new cars are expected to have some form of connectivity by 2025
The statistic ‘Over 70% of new cars are expected to have some form of connectivity by 2025’ indicates a significant trend towards technology integration in the automotive industry. This statistic suggests that a large majority of newly manufactured vehicles will be equipped with features that allow them to connect to the internet or communicate with other devices. This shift towards connectivity underscores the increasing importance of technology in modern vehicles, enabling functionalities such as navigation, entertainment, remote diagnostics, and vehicle-to-vehicle communication. As technology continues to advance, the prevalence of connected cars is expected to become more widespread, shaping the future of transportation and driving experiences.
More than 150 insurance carriers worldwide have already implemented telematics as of 2020
The statistic indicates that as of 2020, over 150 insurance carriers globally have adopted telematics technology, which involves collecting and analyzing behavioral data from sensors installed in vehicles. This suggests a widespread uptake of telematics within the insurance industry, as these carriers are using the data obtained from telematics devices to offer more personalized and usage-based insurance policies to their customers. By leveraging telematics, insurance companies can better assess risk profiles, promote safe driving behaviors, and potentially reduce insurance premiums for policyholders. The trend towards increased adoption of telematics reflects the industry’s recognition of the benefits of using technology to enhance pricing accuracy and improve customer satisfaction.
The usage-based insurance market in Europe is estimated to grow at a CAGR of 19.6% during the forecast period of 2020-2027
This statistic indicates that the usage-based insurance market in Europe is expected to experience significant growth over the forecast period of 2020-2027, with a compound annual growth rate (CAGR) of 19.6%. Usage-based insurance involves pricing premiums based on individual driving behavior, using data collected from telematics devices installed in vehicles. The high growth rate suggests increasing adoption of this innovative insurance model in Europe, driven by factors such as advancements in telematics technology, changing consumer preferences, and the potential for cost savings for both insurers and policyholders. This trend reflects a shift towards more personalized and data-driven approaches in the insurance industry, highlighting the growing importance of technology and analytics in shaping the future of insurance services.
The number of telematics users is expected to grow from 50.9 million in 2020 to 180 million in 2024
The statistic suggests that the number of telematics users, individuals utilizing technology that combines telecommunications and informatics for various applications such as vehicle tracking and monitoring, is projected to substantially increase over the specified time period. Specifically, the data indicates a significant growth from 50.9 million users in 2020 to 180 million users by 2024, representing more than a threefold increase. This anticipated growth trend highlights the expanding adoption and integration of telematics technology, likely driven by advancements in communication networks, increased affordability of devices, and growing awareness of the benefits associated with telematics solutions across various industries and consumer segments.
The global fleet management market size was valued at USD 15.14 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.4% from 2022 to 2032
The statistic provided indicates that the global fleet management market had a total value of USD 15.14 billion in 2021, representing the size of the market at that point in time. Furthermore, it is projected that the market is poised for significant growth, with an estimated compound annual growth rate (CAGR) of 16.4% from 2022 to 2032. This forecast suggests a robust expansion of the fleet management market over the next decade, reflecting increasing demand for fleet management solutions and services worldwide. Such growth may be driven by factors such as advancements in technology, the need for improved operational efficiency, and the rising focus on optimizing logistics and supply chain operations across various industries.
Nearly 49% of the world’s vehicles will be connected to the internet by 2020
The statistic indicates that approximately half of the vehicles worldwide are projected to be equipped with internet connectivity by the year 2020. This means that these vehicles will have the capability to access the internet for various purposes such as navigation, entertainment, communication, and possibly even autonomous driving features. The increasing integration of internet-connected vehicles into the transportation infrastructure reflects the ongoing trend of technological innovation in the automotive industry, with potential implications for the way we travel, interact with our vehicles, and manage transportation networks in the future.
By 2020, 25% of the miles driven in the US could be in shared autonomous vehicles
The statistic ‘By 2020, 25% of the miles driven in the US could be in shared autonomous vehicles’ suggests that within the United States, a significant portion of all miles traveled by vehicles may be conducted using shared autonomous vehicles by the end of 2020. This figure indicates the estimated extent to which self-driving vehicles, specifically those used for shared transportation services, could become a prevalent mode of transportation in the country. The growth of autonomous technology and the shifting consumer preferences towards shared mobility options could potentially lead to this substantial increase in the utilization of shared autonomous vehicles on US roads.
The global car telematics market size was valued at USD 23.20 billion in 2019
This statistic indicates that in the year 2019, the total market size of the global car telematics industry, which includes technologies that enable communication and data exchange between vehicles and external systems, was estimated to be USD 23.20 billion. This valuation reflects the economic importance and widespread adoption of car telematics systems worldwide, driven by factors such as the increasing demand for connected vehicles, advancements in wireless communication technologies, and the growing emphasis on vehicle safety, efficiency, and convenience. The figure serves as a benchmark for understanding the scale and significance of the car telematics market within the broader automotive and technology sectors.
References
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