Europe Telematics Market Size (2024 - 2029)

Europe Telematics Market Analysis

The Europe Telematics Market size is estimated at 21.25 Million units in 2024, and is expected to reach 43.19 Million units by 2029, growing at a CAGR of 15.24% during the forecast period (2024-2029).

• One of the primary drivers for market growth in the European region is the growing number of accidents. According to the European Commission, the rate of road deaths per million inhabitants in the European region was 46 in 2022. Several studies indicate that a significant portion of this is caused by heavy commercial vehicles. For instance, according to a National Library of Medicine survey, heavy goods vehicles are involved in 14.2% of fatal road crashes and 4.5% of police-reported road crashes in Europe.
• The demand for technology facilitating navigation, safety, and remote diagnostic is elevating the commercial as well as passenger vehicle space. The primary drivers of vehicle telematics include the European Union regulations, Local policy regulations, rise in the production number of automotive vehicles, coupled with small profit margins in the transportation industry. An expanding array of telematics devices and services, along with focused government mandates, will enable the technology to break into the mainstream.
• With telematics installed in vehicles, users can view their vehicle's location in real-time. This enables sending the ideal route for drivers to avoid traffic jams, delays, or accidents. It also helps increase the response times by choosing the vehicle that is closest to the customer location to deliver prompt and responsive service. In the case of businesses that deliver products, they can provide customers with a Tracking Link that assists them to view the location of the vehicle. This enables the customers to prepare in advance for the delivery.
• Although telematics technology has been used in many areas for decades, it is only in the last several years that it has become a phenomenon in fleet management. This technology combines telecommunications and informatics to uncover valuable insights into a fleet's operations. A fleet telematics system has two components: a device installed on fleet vehicles and software that collects, stores, and transmits information.
• The outbreak of the COVID-19 pandemic had a significant impact on the growth of the automotive industry in general, as the widespread lockdown and travel restrictions significantly impacted sales and demand in general. Several restrictions imposed regarding the use of a manual workforce also impacted the production capability of automotive manufacturers, who were also forced to either shut down their operations or continue with limited production capabilities, bringing a slowdown in the automotive industry.

Europe Telematics Industry Segmentation

Telematics refers to the set of technologies used to monitor a wide range of information concerning an individual vehicle or fleet. A Telematics system can gather information, including driver behavior, location, engine diagnostics, and vehicle activity, and help fleet operators to visualize the data generated on the software platform to manage their resources. The scope of the study includes the vehicle type, including passenger and commercial.

The Europe Telematics Market is segmented by Vehicle Type (Commercial (Current Market Scenario and Installed Base, Penetration of LCV vs. MCV/HCV, Telematics Service Revenue Analysis, Country (United Kingdom, Germany, France, Italy, Spain, Benelux, Norway, Sweden, Poland, Denmark, Finland, Rest of Europe)), Passenger Vehicle (Current Market Scenario and Installed Base of Embedded OEM Telematics Systems, and Region Analysis - Qualitative Analysis of Trends and Dynamics)). The market sizes and forecasts are provided in terms of the installed base of telematics systems for all the segments.