Passenger Vehicle Telematics Market
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What Will the Passenger Vehicle Telematics Industry Market Size Be by 2025?
In recent times, there has been a swift rise in the size of the passenger vehicle telematics market. The market is projected to expand from $8.19 billion in 2024 to $9.16 billion in 2025, sustaining a compound annual growth rate (CAGR) of 11.8%. The prominent growth during the past period is primarily due to the transition to digitalization, the consumer’s craving for connectivity, the alteration in insurance models, the decrement in the cost of hardware and connectivity, along with market rivalry and distinction.
What’s the Long-Term Growth Forecast for the Passenger Vehicle Telematics Market Size Through 2029?
In the forthcoming years, a quick expansion is anticipated in the passenger vehicle telematics market size, with projections indicating the market will rise to $14.98 billion in 2029, moving at a compound annual growth rate (CAGR) of 13.1%. Reasons for this growth in the prediction period include implementing telematics in traffic management, boosting cybersecurity, a tilt towards mobility as a service (maas), an increase in integrated infotainment systems, and the adoption of 5G technology. The forecast period will also witness significant trends including improved driver behavior scrutiny, incorporation of vehicle-to-infrastructure (v2i) communication, the broadening of over-the-air (OTA) updates, advanced remote vehicle supervision, and the profitable exploitation of telematics data.
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What Are the Key Growth Drivers Fueling the Passenger Vehicle Telematics Market Expansion?
The anticipated surge in the demand for passenger cars is set to drive the expansion of the passenger vehicle telematics market. Passenger cars, which are vehicles crafted for transporting individuals, utilize telematics technology to boost vehicle efficacy, secureness, and integrated connectivity. The use of this technology amplifies safety, enhances comfort, curtails maintenance expenses, and provides services like speed tracking and fleet management. For instance, as indicated by the reports dispensed by the Society of Motor Manufacturers and Traders (SMMT), a trade association based in the UK, in May 2023, UK passenger car sales leapt to 145,204 units, reflecting a rise of 16.7% in 2023. In addition, data from the European Automobile Manufacturers Association, an automobile association headquartered in Belgium, revealed that in 2022, 10.9 million passenger vehicles were engineered by the European Union, marking an 8.3% surge from 2021. This escalating demand for passenger cars is instrumental in propelling the growth of the passenger vehicle telematics market.
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What Are the Key Trends Driving Passenger Vehicle Telematics Market Growth?
Leading firms in the passenger vehicle telematics market are concentrating their efforts on creating technological breakthroughs such as sophisticated collision prediction systems to improve safety and add value to driver assistance features. Essentially, an advanced collision prediction system is a vehicle safety technology that uses various inputs from sensors, cameras, radar, and GPS to forewarn of possible collisions before they occur. For example, in November 2023, Brigade Electronics Inc., a UK entity that specialises in vehicle safety systems, introduced Radar Predict. This is cutting-edge collision prediction technology designed to protect cyclists around large vehicles like HGVs. This pioneering system works as a Blind Spot Information System (BSIS), applying AI to examine vehicle velocity, direction, and the closeness of cyclists to forecast possible collisions. Furnished with a double-radar unit for total coverage, Radar Predict automatically activates during turns, giving drivers increased visual and audible warnings based on the seriousness of the potential collision.
How Is the Passenger Vehicle Telematics Market Segmented?
The passenger vehicle telematics market covered in this report is segmented –
1) By Type: Remote Message Processing System, Brake System, Transmission Control System, Navigation System, Infotainment System, Safety And Security System
2) By Communication: Vehicle-To-Vehicle (V2V), Vehicle-To-Everything (V2X), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P)
3) By Application: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
Subsegments:
1) By Remote Message Processing System: Vehicle-To-Vehicle (V2V) Communication, Vehicle-To-Infrastructure (V2i) Communication
2) By Brake System: Anti-Lock Braking Systems (ABs), Electronic Brakeforce Distribution (EBD), Emergency Brake Assist (EBA)
3) By Transmission Control System: Automatic Transmission Control Modules (TCM), Continuously Variable Transmission (CVT) Controllers
4) By Navigation System: GPs-based navigation, Real-Time Traffic Updates, Route Planning And Optimization
5) By Infotainment System: Multimedia Systems (Audio, Video), Smartphone Integration (Apple Carplay, Android Auto), In-Car Internet Access
6) By Safety And Security System: Emergency Call (Ecall) Systems, Theft Tracking And Immobilization, Advanced Driver-Assistance Systems (Adas)
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Which Companies Are Leading the Charge in Passenger Vehicle Telematics Market Innovation?
Major companies operating in the passenger vehicle telematics market include 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.
Which Regions Are Leading the Global Passenger Vehicle Telematics Market in Revenue?
North America was the largest region in the passenger vehicle telematics market in 2024. The regions covered in the passenger vehicle telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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