Vehicle Analytics Market Size Hit USD 25.87 billion by 2031, Due to Increasing Adoption of Connected Vehicles

As per the SNS Insider report, The Vehicle Analytics Market reached a size of USD 4.20 billion in 2023 and is projected to soar to a staggering USD 25.87 billion by 2031. This phenomenal growth trajectory signifies a compound annual growth rate (CAGR) of 25.5% throughout the forecast period of 2024-2031.

Market Report Scope

Vehicle analytics is a game-changer, providing real-time insights gleaned from vehicle data. This data serves as the bedrock for autonomous micro-mobility and V2X technology, offering integrated inputs for vehicle operations. The burgeoning popularity of connected mobility solutions, driven by the increasing penetration of V2X technology and a tech-savvy populace, is propelling the vehicle analytics market forward.

The market segmentation delves into four key categories: component, deployment, application, and end user. The end user segment encompasses a diverse range of sectors, including BFSI (banking, financial services, and insurance), healthcare, travel & hospitality, service providers, government, vehicle dealers, fleet owners, insurers, and others. Within this category, Original Equipment Manufacturers (OEMs) are poised to hold the dominant market share.

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Major Key Players of Vehicle Analytics Market

SAP SE (Germany)

Genetec (Canada)

Microsoft Corporation (US)

IBM Corporation (US)

Inseego (US)

CloudMade (Ukraine)

Agnik LLC (US)

Intelligent Mechatronic Systems (Canada)

Harman International Industries, Inc. (US)

Teletrac Navman (US)

Inquiron (US)

Automotive Rentals (US)

Market Segmentation of Vehicle Analytics

By Application:

Predictive Maintenance

Warranty Analytic

Traffic Management

Usage-based Insurance

Safety and Security Management

Infotainment

Driver and User Behaviour Analysis

Dealer Performance Analysis

Road Charging

By Component

Software

Services

By End user

Original Equipment Manufacturers (OEMs)

Service Providers

Fleet Owners

Automotive Dealers

Insurers

Regulatory Bodies

By Deployment Model:

On-Premises

On-Demand

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Market Analysis

The relentless demand for real-time analysis of data harvested from sensors and GPS tracking devices is a significant driver of the vehicle analytics market. Technological advancements, such as the ubiquitous use of cloud-based technology for smart fleet management systems, are further accelerating market growth. Additionally, market participants are actively forging strategic partnerships with key players like OEMs, insurers, and fleet operators to gain a competitive edge.

Furthermore, the burgeoning popularity of semi-autonomous and autonomous vehicles is expected to amplify market expansion. Rising demand from developing nations presents another factor likely to bolster market growth. Here’s a closer look at the factors fueling the market’s ascent:

Growing Need for Real-Time Data Analysis

Technological Advancements and Cloud Adoption

Strategic Partnerships Between Market Players

Rise of Semi-autonomous and Autonomous Vehicles

Increasing Demand from Developing Economies

Segment Analysis

The market is divided into applications, components, end users, and deployment models. Predictive maintenance with the market share of 23% is expected to be the dominant application due to rising connected vehicle sales and its benefits for logistics companies. Software with the market share of 58% will lead the component segment due to its role in processing real-time vehicle data. OEMs with the share of 33% will be the top end user as they increasingly leverage data analytics. Finally, on-demand deployment with the market share of 85% will dominate due to the ease and affordability of cloud-based solutions.

Impact of Russia Ukraine War

The ongoing Russia-Ukraine war has cast a shadow over the global economy, and the vehicle analytics market is not immune to its effects. Supply chain disruptions and a potential global recession could hinder market growth. Shortages of critical components, such as semiconductors, could stall the production of connected vehicles, thereby hampering the adoption of vehicle analytics solutions. Additionally, rising fuel prices and economic uncertainty might lead consumers to delay vehicle purchases, further impacting market expansion.

Impact of Economic Slowdown

An economic slowdown could also dampen investments in research and development (R&D) for advanced vehicle analytics solutions. Moreover, businesses might prioritize operational costs over implementing new technologies, leading to a potential slowdown in market growth. However, the long-term outlook for the vehicle analytics market remains positive. The increasing demand for efficient transportation solutions and advancements in autonomous vehicle technology are expected to counter the temporary setbacks caused by the current global disruptions.

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Key Regional Analysis

North America, with its high adoption rate of connected vehicles and e-mobility solutions, dominated the global vehicle analytics market in 2023 and is expected to maintain its leading position throughout the forecast period. The presence of prominent players like Microsoft and IBM in the region further bolsters market growth. Additionally, the rising popularity of usage-based insurance and the burgeoning development of autonomous mobility solutions are anticipated to propel the market forward in North America.

Asia Pacific is poised to witness the fastest growth due to factors like the burgeoning sales of connected vehicles in China, a region heavily populated by tech-savvy consumers. Overburdened public transportation systems and the increasing demand for efficient traffic management solutions are also driving market growth in the region. Moreover, the growing penetration of advanced technology companies and usage-based insurance, particularly in emerging economies like China, India, Japan, and South Korea, is expected to significantly expand the market in Asia Pacific.

Europe, boasting a well-established automotive sector with a strong presence of key players, is expected to hold the second-largest market share. Government initiatives promoting connected and autonomous vehicles, coupled with investments in smart city infrastructure, are anticipated to propel market growth in Europe.

Key Takeaways for Vehicle Analytics Market Study

• The surging adoption of connected vehicles and V2X technology is driving the vehicle analytics market towards exponential growth.
• Predictive maintenance and software solutions are poised to dominate their respective segments due to their critical role in optimizing vehicle performance and data processing.
• The on-demand deployment model is gaining traction due to its cost-effectiveness and scalability compared to on-premises solutions.
• While the Russia-Ukraine war and potential economic slowdown pose headwinds, the long-term outlook for the vehicle analytics market remains positive due to advancements in autonomous vehicles and the increasing demand for efficient transportation solutions.

Recent Developments

• In October 2022, BMWjoined forces with Amazon Web Services (AWS) to develop software designed to gather and analyze data from connected vehicles. This collaboration aims to expedite feature development by streamlining software life cycle management processes.
• In May 2022, Red Hat, Inc.,a leading provider of open-source solutions, partnered with General Motors to accelerate the development of software-defined cars on the edge. This collaboration is expected to revolutionize in-vehicle software development and data processing.

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