NEW YORK, June 18, 2024 /PRNewswire/ — The global motor racing telematics (MRT) market size is estimated to grow by USD 280.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.75% during the forecast period. Increasing demand for performance optimization is driving market growth, with a trend towards integration of ar and vr in motor racing telematics. However, high costs associated with telematics services poses a challenge. Key market players include Agero Inc., Airbiquity Inc., Aptiv Plc, AT and T Inc., Bridgestone Corp., Bynx Ltd., Comtech, Continental AG, DXC Technology Co., Emkay Inc., iLink Digital Inc., OCTO Telematics S.p.A, PTC Inc., Robert Bosch GmbH, Telefonaktiebolaget LM Ericsson, Valeo SA, Verizon Communications Inc., Visteon Corp., Vodafone Group Plc, and Volkswagen AG.
Technavio has announced its latest market research report titled Global motor racing telematics (MRT) market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Motor Racing Telematics (Mrt) Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.75% |
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Market growth 2024-2028 |
USD 280.4 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
8.66 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Germany, France, UK, and China |
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Key companies profiled |
Agero Inc., Airbiquity Inc., Aptiv Plc, AT and T Inc., Bridgestone Corp., Bynx Ltd., Comtech, Continental AG, DXC Technology Co., Emkay Inc., iLink Digital Inc., OCTO Telematics S.p.A, PTC Inc., Robert Bosch GmbH, Telefonaktiebolaget LM Ericsson, Valeo SA, Verizon Communications Inc., Visteon Corp., Vodafone Group Plc, and Volkswagen AG |
Market Driver
Motor racing telematics, utilizing augmented reality (AR) and virtual reality (VR) technology, enhances audience experience by providing real-time data overlays. Spectators gain access to bike speeds, lap times, and rider performance measures, enhancing comprehension and entertainment. Brands benefit from increased fan engagement, leading to new sponsorship opportunities. The integration of AR and VR is projected to drive significant growth and innovation within the motor racing telematics market during the forecast period.
The Motor Racing Telematics (MRT) market is experiencing significant growth with advancements in technology. Components such as vehicle sensors, communication systems, and data processing technologies are driving this trend. Tech-savvy teams and racing organizations are utilizing these technologies for real-time monitoring and analysis of vehicle performance. This data is crucial for making strategic decisions during races and improving overall team performance. Additionally, consumer interest in motorsports and the availability of streaming services have increased the demand for MRT solutions. The market is expected to continue growing as technology continues to evolve and racing teams seek to gain a competitive edge.
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Market Challenges
The motor racing telematics market involves significant expenses, including license fees, setup costs, and customization charges. Renewal of licenses and hidden costs like installation and network roaming charges add to the overall expenditure. High embedded telematics costs make it challenging for vehicle manufacturers to maintain low product prices, impacting their financial status and R&D budgets. This may hinder the market’s growth and limit manufacturers’ control in the telematics ecosystem.
The Motor Racing Telematics (MRT) market faces several challenges in implementing vehicle monitoring and performance enhancement technologies. The need for real-time vehicle data and analytics is crucial for teams to make informed decisions during races. However, ensuring data security and privacy is a significant concern. Consumers also demand cost-effective solutions that provide accurate and reliable data. Additionally, the complexity of integrating various sensors and systems into a single platform can be challenging. Furthermore, the need for standardized protocols and interfaces is essential to ensure seamless data exchange between different stakeholders. Lastly, the rapid advancement of technology requires continuous innovation and adaptation to stay competitive in the market.
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Segment Overview
This motor racing telematics (mrt) market report extensively covers market segmentation by
Application
1.1 M2M
1.2 IoT
Type
2.1 Satellite network
2.2 Cellular network
2.3 RF network
Geography
3.1 Europe
3.2 North America
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 M2M- The motor racing telematics market for M2M applications is experiencing substantial growth, particularly in developing economies like India and China. This expansion is driven by the increasing adoption of M2M applications in countries such as China, India, Thailand, and Singapore. Government initiatives and mandatory automotive safety systems are also contributing to the growth of M2M connections and network security solutions. These advancements enhance vehicle safety, offer in-car services, and promote connectivity for improved comfort, convenience, and efficiency. However, the growing number of connected devices makes cars vulnerable to cyberattacks, necessitating robust security measures. Overall, the demand for motor racing telematics from M2M applications is fueling market growth.
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Research Analysis
The Motor Racing Telematics (MRT) market encompasses the use of advanced Informatics and Communications technologies in the Motorsport sector. Telecommunications devices and electronic components play a crucial role in enabling remote monitoring and performance analysis of linked automobiles. Vehicle telemetry measures Tire pressure and temperature in real-time, enhancing both Performance and Reliability. Computer programs and IoT platforms facilitate Remote objects’ Network connectivity, allowing for real-time Engine performance data. The integration of Telematics in Motorsport equips teams with valuable insights, revolutionizing the industry.
Market Research Overview
The Motor Racing Telematics (MRT) market encompasses advanced technology solutions that leverage vehicle data to enhance racing performance and safety. These systems utilize vehicle sensors to collect real-time data, which is then transmitted and analyzed to provide insights for teams and drivers. The MRT market caters to various racing disciplines, including Formula One, IndyCar, and others. The technology includes vehicle performance monitoring, telemetry data analysis, predictive analytics, and strategic decision-making tools. The integration of machine learning and artificial intelligence further enhances the capabilities of MRT systems, enabling teams to optimize performance and make data-driven decisions. The market is expected to grow significantly due to the increasing demand for improved racing performance and safety.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Type
Satellite Network
Cellular Network
RF Network
Geography
Europe
North America
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio