The North America Vehicle Analytics Market would witness market growth of 23.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America Vehicle Analytics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5,371.5 million by 2031. The Canada market is experiencing a CAGR of 25.8% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 25.1% during (2024 - 2031).
Vehicle analytics uses data collected from vehicles and advanced analytical techniques to gain insights into vehicle performance, driver behavior, and operational efficiency. This field encompasses various technologies and methods to analyze data from modern vehicles equipped with sensors, telematics systems, and connectivity features. It has many applications that extend across various sectors and functions within the automotive industry.
This analytics contributes to the development of advanced emergency response systems. For instance, data collected from connected vehicles can detect accidents or sudden braking events. Emergency services can receive real-time alerts with precise location data, enabling faster response times and potentially saving lives. It supports the development of smart parking solutions by providing data on parking availability and usage patterns.
The surge in vehicle production in Mexico drives greater demand for these solutions. As more vehicles are manufactured, there is a growing need to monitor and manage these vehicles through advanced analytics. Manufacturers and fleet operators are increasingly adopting analytics to track vehicle performance, optimize operations, and enhance safety features in the growing number of vehicles produced. According to the International Trade Administration (ITA), Mexico is the seventh-largest manufacturer of passenger vehicles globally, with an annual production of 3.5 million. The United States is the destination for 76 percent of the eighty-eight percent of vehicles manufactured in Mexico that are exported. Mexico is the fifth-largest manufacturer of heavy-duty cargo vehicles globally, with 14 manufacturers and assemblers of buses, trucks, and tractor trucks, as well as two engine manufacturers. The rising number of traffic accidents in Canada drives the demand for these solutions focused on safety. Analytics systems that monitor driving behaviors, vehicle performance, and accident data help identify patterns and risks, enabling more effective safety measures and interventions. Hence, high vehicle production and increasing road accidents in the region drive the market’s growth.
Free Valuable Insights: The Vehicle Analytics Market is Predict to reach USD 20.9 Billion by 2031, at a CAGR of 24.1%
Based on Component, the market is segmented into Solution, and Services (Professional Services, and Managed Services). Based on Deployment, the market is segmented into Cloud, and On-Premises. Based on End Use, the market is segmented into OEMs, Fleet Owners, Automotive Dealers, Insurers, Service Providers, and Regulatory Bodies. Based on Application, the market is segmented into Predictive Maintenance, Safety & Security Management, Traffic Management, Driver & User Behavior Analysis, Usage-Based Insurance, Dealer Performance Analysis, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Component
By Deployment
By End Use
By Application
By Country
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