35 Connected Vehicle Stats to Know in 2021
The automobile industry is one of the biggest manufacturing industries in the world. With an estimated one billion motor vehicles in use globally, including more than 260 million highway registered vehicles in the United States, it also happens to be highly competitive.
To differentiate their fleets, many manufacturers have turned towards the Internet of Things (IoT). More specifically, they’ve turned towards the Internet of Vehicles (IoV).
IoV refers to the use of sensors, software, and other technologies to facilitate the exchanging of data between cars, trucks, motorcycles, and other vehicles via the Internet. It promises to revolutionize the automotive sector, delivering improved driver experiences, safety, fuel consumption, and life-time value.
So, with this in mind, we wanted to take a look at some of the most remarkable connected vehicles, IoV, and telematics statistics for 2021 and beyond. We’ll cover the following (click the links to jump to the relevant section):
- Connected Vehicle Market Statistics
- Connected Vehicle Telematics Statistics
- Telematics for Fleet Management
Connected Vehicle Market Stats
- It is estimated that there are over one billion motor vehicles in use worldwide. (Statista)
- In 2020, the global connected car market generated approximately 54 billion U.S. dollars. (Statista)
- By 2025, with the coronavirus pandemic (hopefully) firmly in the rearview mirror, this number is expected to grow to 166 billion U.S. dollars. (Statista)
- As of 2018, there were 119 million connected cars on the road. (Statista)
- However, this number is expected to increase almost three-fold by 2023, reaching 353 million units. (Statista)
- Global sales of connected cars with embedded telematics reached approximately 28.5 million units in 2019. (Statista)
- Indeed, the share of connected cars among new vehicles sold will rise from 35% in 2015 to 100% in 2025. (Mordor Intelligence)
- From 2021 to 2026, the telematics market is expected to register a CAGR of 20.7%. (Mordor Intelligencee)
- As of 2018, Americans owned 32.7% of the world’s connected cars. (Statista)
- However, Europe is expected to overtake the United States in terms of connected car ownership by 2023, at which point they’ll own 31% of the world’s connected vehicles. (Statista)
- Nevertheless, China is the fastest growing market for connected cars. (Statista)
Connected Vehicle Telematics Stats
- Thanks to smart telematics, high-risk behavior in younger drivers can be reduced by more than 30%. (Mordor Intelligence)
- What’s more, this reduction in risky behavior can lower claims costs in this age group by a minimum of 30%. (Mordor Intelligence)
- Advanced Driver Assistance Systems (ADAS) and other solutions have increased in production, growing from 45 million units in 2014, to 54 million in 2018. By the end of 2021, this number will likely reach 59 million units. (Mordor Intelligence)
- Usage-based insurance (UBI) and insurance telematics are changing the expectations of the insurance industry. Customer demand for UBI is anticipated to grow by over 140 million subscribers globally by 2023. (Mordor Intelligence)
- Moreover, UBI and insurance telematics are expected monetize car data to the tune of over 700 billion U.S. dollars in revenue by 2030. (Mordor Intelligence)
Telematics for Fleet Management
According to Teletrac Navman’s 3rd Annual Telematics Benchmark Report…
- In 2019, 86% of fleets used telematics, compared to 48% in 2017 and 82% in 2018. (Teletrac Navman)
- 74% of fleets use telematics to monitor vehicle and equipment location. (Teletrac Navman)
- 66% of fleets use telematics to track hours of service. (Teletrac Navman)
- 61% of fleets use telematics to control and optimize vehicle speed. (Teletrac Navman)
Telematics for Fleet Safety
- Smart telematics are a great way to improve fleet safety, with more than a quarter of trucking companies citing driver monitoring (32%), speed prevention (26%), and preventing driver fatigue / exhaustion (30%) as top telematics-related safety benefits. (Teletrac Navman)
- Fleets using smart telematics have reduced “safety incidents” by 42%, thanks to software that monitors driver behavior. (Teletrac Navman)
- IoT, data analytics, and cloud can also lower accidents and injuries by 25%. This increases vehicle efficiency by 15%. (Mordor Intelligence)
Moreover, using smart telematics for fleet safety has been found to…
Telematics for Operations
Using smart telematics for fleet management has been found to…
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