At 16.9% CAGR, North America Automotive Telematics Market is Projected to be worth US$ 38,583.85 million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America automotive telematics market was valued at US$ 11,063.90 million in 2022 and is expected to reach US$ 38,583.85 million by 2030, registering a CAGR of 16.9% from 2022 to 2030. Growing demand for vehicle rental services and rising automotive sales and production are among the critical factors attributed to drive the North America automotive telematics market growth.

Automotive telematics solutions are widely installed across rental vehicles to track fuel consumption and vehicle location and offer safety to drivers. The rising adoption of the vehicle rental business across the globe is a major driving factor for the growth of the North America automotive telematics market. As per Business Market Insights, the car rental business of luxury cars was valued at around US$ 29.5 billion in 2022. The car rental market in the US generated US$ 56.3 billion in revenue in 2022, which increased by 9.8% compared to 2021. Such rental businesses have created massive demand for the adoption of telematics solutions around the globe. In car rental, telematics is used for fleet management mainly for tracking and diagnostics of vehicles. The technology has also enabled car-sharing services, which empower companies to track vehicle usage and bill customers accordingly. Fleet telematics provides a wealth of asset information. With GPS tracking and onboard diagnostic reading capabilities, telematics collects data directly from an asset to provide detailed information about asset usage, driver behavior, fuel consumption, and diagnostic trouble codes (DTCs). Such rising adoption of vehicle rental services among end users is driving the growth of the North America automotive telematics market.

On the contrary, the data privacy and security concerns hampers the growth of North America automotive telematics market.

Based on offering, the North America automotive telematics market is bifurcated into hardware and software & services. The hardware segment held 56.0% market share in 2022, amassing US$ 6,199.83 million. It is projected to garner US$ 19,236.47 million by 2030 to register 15.2% CAGR during 2022-2030.

In terms of connectivity, the North America automotive telematics market is categorized into integrated, tethered, and embedded. The embedded segment held 53.1% share of North America automotive telematics market in 2022, amassing US$ 5,875.41 million. It is anticipated to garner US$ 20,401.72 million by 2030 to expand at 16.8% CAGR during 2022-2030.

By vehicle type, the North America automotive telematics market is bifurcated into passenger cars and commercial cars. The passenger cars segment held 64.0% share of North America automotive telematics market in 2022, amassing US$ 7,079.15 million. It is projected to garner US$ 22,838.69 million by 2030 to expand at 15.8% CAGR from 2022 to 2030.

By application, the North America automotive telematics market is segmented into infotainment, remote diagnosis, navigation (GPS), safety and security, and others. The infotainment segment held 25.0% share of North America automotive telematics market in 2022, amassing US$ 2,761.67 million. It is anticipated to garner US$ 10,045.85 million by 2030 to expand at 17.5% CAGR during 2022-2030.

Based on country, the North America automotive telematics market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 64.8% share of North America automotive telematics market in 2022. It was assessed at US$ 7,173.11 million in 2022 and is likely to hit US$ 24,912.13 million by 2030, registering a CAGR of 16.8% during 2022-2030.

Key players operating in the North America automotive telematics market are Verizon Communications Inc, Geotab Inc., Omnitracs LLC, Samsara Inc, Motive Technologies Inc, Lytx Inc, Zonar Systems Inc, ORBCOMM Inc, Trimble Inc, SkyBitz Inc, Valeo SE, TomTom NV, Denso Corp, Luxoft Switzerland AG, and Harman International Industries Inc, among others.

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