Market Size of Europe Automotive Telematics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 16.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Automotive Telematics Market Analysis
The Europe automotive telematics market is valued at USD 7.3 billion currently, and it is expected to reach USD 34.3 billion, registering a CAGR of 16% over the forecast period.
The COVID-19 pandemic had an adverse effect on many industries, and the telematics industry is also no exception. The market has been negatively affected by the lockdowns and the subsequent shutdown of operations by manufacturers, owing to the guidelines to contain the virus. The supply chain disruptions have caused delays and other operational challenges.
The year 2021 was remarked as the year of transition, where things came back to normal, and the automotive production and service market regained its growth phase mitigating strong demand for vehicle telematics across Europe.
Over the longer term forecast period, automakers are at the forefront of improving driver safety, and hence, modern cars are being equipped with various technologies that monitor and control various functions of the vehicle. The reduction in the cost of connectivity, increasing penetration of smartphones, and stringent safety regulations are some of the key reasons fueling the market growth.
Most connected vehicles are nowadays provided with sensors that generate lots of valuable data used by fleet managers for smooth operations and supporting automakers in delivering a personalized experience to their customers. With more advanced features and technologies, cars are now being driven by software, which is resulting in the entry of more technology and software giants in the automotive industry.
The adoption of automotive telematics in electric vehicles is also expected to propel the growth of the market in the future. The leading players in the market are looking forward to leveraging the opportunities presented by the introduction of electric vehicles (EVs) in the market.
