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Reading: The rental and leasing automotive telematics market is anticipated to develop at a CAGR of 14.8 % within the subsequent 5 years
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The Wall Street Publication > Blog > Business > The rental and leasing automotive telematics market is anticipated to develop at a CAGR of 14.8 % within the subsequent 5 years
Business

The rental and leasing automotive telematics market is anticipated to develop at a CAGR of 14.8 % within the subsequent 5 years

Editorial Board Published December 19, 2024
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The rental and leasing automotive telematics market is anticipated to develop at a CAGR of 14.8 % within the subsequent 5 years
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The put in base of lively telematics programs within the automotive rental and leasing market in Europe and North America reached 6.2 million on the finish of 2023, in response to a brand new market analysis report from the IoT analyst agency Berg Perception.

Rising at a compound annual progress price (CAGR) of 14.8 %, the overall lively put in base is forecasted to succeed in 12.3 million by 2028 throughout the automotive rental and leasing fleets within the two areas. The telematics penetration price throughout the automotive rental fleets in Europe and North America is anticipated to develop from 40 % on the finish of 2023 to 75 % in 2028. The telematics penetration price within the whole inhabitants of leasing autos within the two areas reached 36 % at year-end 2023 and is anticipated to succeed in 60 % by 2028.

The uptake of telematics within the trade is believed to be pushed by necessities for fleets to extend fleet utilisation and reduce the carbon footprint, the emergence of latest mobility providers and the final electrification pattern within the automotive trade. The OEM telematics initiatives have intensified through the years and entail alternatives for rental and leasing operators to keep away from telematics {hardware} installations.

graphic: installed base of telematics units in rental and leasing fleets EU+NAM 2023-2028

“All leading rental and leasing operators have deployed telematics solutions to some extent, some more than others”, mentioned Erica Rickard, IoT Analyst at Berg Perception.

A number of gamers goal to attach all or lots of their autos within the coming years and strategic partnerships between mobility operators, telematics service suppliers and OEMs have additionally been established.

A number of classes of telematics purposes are at this time used within the context of automotive rental and leasing.

“The main benefits of deploying rental and leasing cars with telematics solutions include improved control over assets, optimised fleet utilisation and enhanced customer experience”, mentioned Ms Rickard.

Fleet managers are all for monitoring their autos’ location and monitoring automobile standing to forestall fraud, theft and mistreatment. Telematics options allow rental and leasing fleet managers to scale back operational prices and probably decrease insurance coverage premiums.

Ms Rickard, continued:

“Telematics technology may also enable new business models and services such as digital and contactless car rental and carsharing experiences.”

Rental and leasing firms can even utilise telematics to facilitate sustainability reporting by monitoring CO2 emissions and driver behaviour.

The telematics worth chain spans a number of industries together with a big ecosystem of firms, together with {hardware} specialists, software program specialists and end-to-end resolution suppliers. Examples of main firms current within the rental and leasing market are the telematics resolution distributors Geotab, Targa Telematics, OCTO Telematics, CalAmp and Webfleet. Extra notable telematics service suppliers within the rental and leasing telematics market embody Powerfleet, Munic, MySmartObject, Related Automobiles, RentalMatics and Guidepoint Programs.

The market additionally consists of telematics specialists who’re solely or primarily lively within the rental and leasing house, providing options for digital entry or automobile fleet administration. These firms embody Fourth Tier, Zubie, HQ Rental Software program, Kirrk and TSD Mobility Options. Some carsharing telematics suppliers, together with Invers, Vulog, OpenFleet, WeGo Carsharing, Convadis and Atom Mobility, additionally goal rental and leasing firms.

“Telematics data integration between automotive OEMs and rental and leasing companies has become increasingly common. It is anticipated that the involvement of automotive OEMs will accelerate in the rental and leasing telematics industry in the coming years”, concluded Ms Rickard.

TAGGED:CAGRCarexpectedgrowleasingmarketpercentrentaltelematicsyears
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