Chicago, Oct. 11, 2022 (GLOBE NEWSWIRE) — Vehicle Telematics Market is estimated to grow from $8.8 billion in 2022 to $15.5 billion by 2027 at a CAGR of 12.1% over the forecast period, according to a new report by MarketsandMarkets.

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The vehicle telematics market is expected to grow due to the growing trend towards in-vehicle connectivity solutions and the implementation of government contracts and initiatives. Market growth is also fueled by the increasing penetration of cellular internet, making it convenient for vehicle owners and new buyers to have telematics systems in their vehicles. Another fact is the growing demand for premium and luxury cars with built-in connectivity in regions like Europe and North America.

Driver Behavior Services to demonstrate the fastest growth

The Driver Behavior market is being driven by the continued increase in government contracts for commercial vehicles for safety in logistics and transportation businesses. Owners of large commercial vehicle fleets mainly use this type of service. The growth factors are operational efficiency and efficient fleet management. With Driver Behavior, businesses have better access to vehicle tracking and vehicle usage. It also contributes to higher efficiency, consistent performance and ultimately lower running costs. Alternatively, the data generated by “Driver Behavior” services is used by Telematics and Internet Service Providers (TSPs & ISPs) and insurance companies. Currently, North America and Europe regionally hold the larger market share in automotive telematics. However, in the coming years, countries like Japan, South Korea and China are expected to see increasing telematics penetration due to government regulations, a growing share of premium and luxury vehicles, etc.