NEW YORK, Feb. 5, 2024 /PRNewswire/ — The passenger vehicle telematics market is estimated to grow by USD 24.78 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 18.05% during the forecast period. Europe and North America lead the embedded passenger vehicle telematics market due to their reliable connectivity. Legislation is expected to promote embedded telematics in passenger vehicles, driving adoption. Emerging countries like Brazil, Russia, India, and China show rising interest in navigation and infotainment, fostering collaboration between OEMs and telematics providers. India’s growing middle class and urbanization also drive demand for in-vehicle entertainment and information systems, now extending beyond premium cars.
The growth of the smartphone integration segment will be significant during the forecast period. Mid-size passenger vehicles, especially in APAC, show high adoption of smartphone-integrated systems, driving growth. Key competencies for connected car systems include data handling. Telematics services are in demand for tracking and navigation. Agero Inc., Airbiquity Inc., AT and T Inc., Bridgestone Corp., Bynx Ltd., Continental AG, Danaher Corp., Delphi Technologies Plc, DXC Technology Co., Fleet Complete, OCTO Telematics S.p.A, Robert Bosch GmbH, Telefonaktiebolaget LM Ericsson, Telenav Inc., Trimble Inc., Valeo SA, Verizon Communications Inc., Visteon Corp., Vodafone Group Plc, and Garmin Ltd. are key companies.
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Technavio has segmented the market based on product (smartphone integration, tethered, and embedded), type (remote message processing system, brake system, and transmission control system), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
- APAC is estimated to contribute 45% to the growth of the global market during the forecast period. APAC’s automotive telematics adoption will see moderate growth due to demand from India, China, Malaysia, and Indonesia. Fleet management and tracking services will drive revenue, supported by OEMs.
- The adoption of video telematics to precisely track driver behavior is a major trend.
- The high cost associated with telematics services is hindering growth.
Passenger Vehicles: Benefits
Passenger vehicle telematics, powered by technologies like 5G and Artificial Intelligence (AI), offer numerous benefits for car safety and security. These Advanced Driver-Assistance Systems (ADAS) leverage robust computer security measures to ensure data integrity. Original Equipment Manufacturers (OEMs) and the Automotive aftermarket are driving innovation in telematics, utilizing advancements in Information and Communications Technology (ICT) and Telecommunications. Telematics systems rely on expertise in Computer Science, Systems Engineering, and Computer Engineering to integrate seamlessly with vehicles, benefiting from the capabilities of Vehicular Ad Hoc Networks (VANETs) for real-time data and services, ultimately enhancing the driving experience.
What are the key data covered in this Passenger Vehicle Telematics Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Passenger Vehicle Telematics Market between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Passenger Vehicle Telematics industry across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Passenger Vehicle Telematics companies
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentation by Product
7 Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
