Passenger Vehicle Telematics Market Share
The Business Research Company recently released a comprehensive report on the Global Passenger Vehicle Telematics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The passenger vehicle telematics market size has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.37 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to shift towards digitalization, consumer demand for connectivity, evolving insurance models, cost reduction in hardware and connectivity, market competition and differentiation.
The passenger vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $13.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to telematics for traffic management, enhanced cybersecurity measures, shift towards mobility as a service (maas), rise in connected infotainment systems, integration of 5g technology. Major trends in the forecast period include enhanced driver behavior analysis, integration of vehicle-to-infrastructure (v2i) communication, expansion of over-the-air (ota) updates, enhanced remote vehicle control, telematics data monetization.
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Market Drivers and Trends:
An increase in demand for passenger cars is expected to propel the growth of the passenger vehicle telematics market going forward. Passenger cars refer to automobiles designed for the transportation of people. Telematics technology is used in modern passenger cars to enhance vehicle performance, safety, and connectivity. It increases security, improves comfort, reduces maintenance costs, and provides speed monitoring and fleet management services. For instance, in May 2023, according to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK rose 16.7% in 2023 to 145,204 units. Furthermore, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile association, in 2022, the European Union produced 10.9 million passenger automobiles, a rise of 8.3% from 2021. Therefore, the increasing demand for passenger cars is driving the growth of the passenger vehicle telematics market.
Advanced AI technologies are a key trend gaining popularity in the passenger vehicle telematics market. Major companies operating in the passenger vehicle telematics market are developing innovative, advanced AI technologies to sustain their position in the market. For instance, in May 2021, Mix Telematics, a South Africa-based software company, launched MiX Vision AI, a next-generation AI-powered video telematics solution. This innovative solution utilizes artificial intelligence (AI) to detect risky driving behaviors such as distraction, phone use, and an unfastened seat belt. Additionally, it improves driver safety, increases fuel efficiency, enhances compliance, and reduces costs. It features AI-powered detection, real-time alerts to drivers, and video footage analysis.
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Major Key Players of the Market:
Verizon Communications Inc., AT&T Inc, Robert Bosch GmbH, Vodafone Group plc, Qualcomm Inc., Continental AG, Bridgestone Corp., Danaher Corp., Telefonaktiebolaget LM Ericsson, Valeo SA, Harman International Industries, Garmin Ltd., Delphi Technologies plc, Visteon Corp., Trimble Inc., Agero Inc., Omnitracs LLC., Telenav Inc., Fleet Complete, MiX Telematics, OCTO Telematics S.p.A, Masternaut Limited, Bynx Ltd., Airbiquity Inc., AirIQ Inc.
Passenger Vehicle Telematics Market 2024 Key Insights:
• The passenger vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $13.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• The Surge In Passenger Vehicle Demand Fuels Growth In The Telematics Market
• The Emergence Of Advanced AI Technologies In The Passenger Vehicle Telematics Market
• North America was the largest region in the passenger vehicle telematics market in 2023
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