• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick The rental and leasing car telematics market is expected to grow at a CAGR of 17.6 percent in the next 5 years
Editor's Pick

The rental and leasing car telematics market is expected to grow at a CAGR of 17.6 percent in the next 5 years

by February 18, 2023
by February 18, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The installed base of telematics devices in the car rental and leasing market in Europe and North America reached 5.6 million in 2021 according to a new market research report from the IoT analyst firm Berg Insight.

The uptake of telematics in the industry is believed to be driven by requirements for fleets to increase fleet utilization, the emergence of new mobility services and the general electrification trend in the automotive industry.

The COVID-19 pandemic has moreover pushed the demand for digital business models, increasing the uptake of telematics in both the rental and leasing industries.

The total active installed base is forecasted to reach 12.6 million by 2026 across the car rental and leasing fleets in the two regions.

The telematics penetration rate across the car rental fleets in Europe and North America is expected to grow from 38 percent in 2021 to 86 percent in 2026. The telematics penetration rate in the total population of leasing vehicles in the two regions reached 35 percent in 2021 and is expected to reach 61 percent by 2026.

Several categories of telematics applications are today used in the context of car rental and leasing. “The main benefit of deploying telematics among car rental and leasing companies is improved control over assets”, said Martin Cederqvist, IoT Analyst at Berg Insight.

Fleet managers have an obvious interest in tracking the location of their vehicles and monitoring their status in order to prevent fraud, theft and mistreatment. In the long run, this leads to reduced operational costs and also potentially lower insurance premiums.

Mr Cederqvist continued:

“Telematics technology may also enable new business models or services such as long-term pay-per-use contracts for private vehicles or automated mileage reporting for company cars as well as digital and contactless car rental and carsharing experiences.”

The car rental companies have also had challenges to meet an increasing demand for rental cars in the last year due to semiconductor shortages and production disruptions in the automotive industry, which in turn has had a positive effect on telematics adoption as astute use of telematics systems has proven to contribute to optimal fleet utilization.

The telematics value chain spans multiple industries including a large ecosystem of companies, including hardware specialists, software specialists and end-to-end solution providers. Telematics players active on the car rental and leasing market include telematics specialists which are only or mainly active in the rental and leasing space, offering solutions for digital access or vehicle fleet management.

Examples of companies present on the rental and leasing market include the fleet management solution vendors Webfleet, PowerFleet and Geotab.

“Geotab has established itself as a leading telematics service provider in the rental and leasing industry and has an installed base of more than 600,000 telematics subscribers in this segment in the two regions”, said Mr Cederqvist.

Additional notable telematics service providers in the rental and leasing telematics market include Targa Telematics, CalAmp, Octo Telematics, Airmax, IMS and Zubie as well as specialized companies such as RentalMatics, HQ Rental Software, Kirrk and TSD Mobility Solutions. Telematics data integration between automotive OEMs and rental and leasing companies have become increasingly common and it is anticipated that the involvement of automotive OEMs will accelerate in the rental and leasing telematics industry in the coming years.

“Examples of automotive OEMs that have direct telematics integration with rental and leasing companies include for example GM, Ford, Stellantis (Free2Move), Tesla and Toyota”, added Mr Cederqvist.

Download report brochure: Telematics for Rental and Leasing Fleets

The post The rental and leasing car telematics market is expected to grow at a CAGR of 17.6 percent in the next 5 years appeared first on IoT Business News.

You Might Also Like
  • Federal Reserve launches FedNow instant payment service that could bypass Venmo and PayPal
  • AMC is poised to ride the box office rebound, as long as its debt doesn’t get in the way
  • Some customers with Walmart-linked Green Dot Bank say they can’t access their money
  • Nvidia says Anthropic is telling ‘tall tale’ in its defense of U.S. AI chip restrictions on China
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Here’s How to Build Your Watch List for the End of Q4 Earnings
next post
Week Ahead: NIFTY Still Has Key Resistance Points To Deal With; This Sector Rolls Inside The Leading Quadrant

You may also like

Key Fed inflation measure rose 2.8% in March from a...

April 29, 2024

65-year-old quit his job and emptied his life savings to...

July 17, 2024

Taylor Swift agreed to FTX partnership, but the crypto exchange...

July 7, 2023

Ontario to remove U.S. alcohol from shelves after Trump’s tariffs...

February 3, 2025

23andMe files for bankruptcy as co-founder Anne Wojcicki resigns as...

March 25, 2025

More travelers risk booking hotel rooms on sites that tack...

February 23, 2024

TSA PreCheck travelers don’t have to show physical IDs at...

February 29, 2024

House hunting is already tough. Guess what? It’s about to...

July 1, 2023

Boeing withdraws contract offer after talks with union end without...

October 10, 2024

Semtech Unveils New Brand Reflecting Company’s Vision to Enable a...

March 10, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Pixar is laying off 14% of...

    May 22, 2024

    Nearly half of Americans are worried...

    May 5, 2023

    Rate cuts before the year’s end...

    July 12, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here