Vehicle Telematics Market Share

North American Market Forecast

The North America vehicle telematics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. Rising instances of fatalities caused by vehicle accident and high rate of frequent traffic congestion is expected to prompt the demand of safety feature in the automobiles. In 2021, nearly 43,000 people died in vehicle traffic crashes. Furthermore, the increased production of semiconductor in North America owing to its higher demand along with the expansion of automotive sector and presence of key players is projected to boost the market growth in the region. Average demand for semiconductor chips rose by nearly 17% in 2021 than 2019 and semiconductor production was increased by approximately 90% in 2021. Further, the higher usage of fuel by vehicles in United States is focusing to increase the need to reduce fuel consumption which in turn is expected to fuel the growth of vehicle telematics market.  In 2020, nearly 40% of U.S. oil was consumed by light –duty vehicles.