Passenger Vehicle Telematics Market Set to Reach $14.98 Billion by 2029 with 13% Yearly Growth

Passenger Vehicle Telematics Market

What industry-specific factors are fueling the growth of the passenger vehicle telematics market?
The surge in demand for passenger cars is anticipated to drive the expansion of the passenger vehicle telematics market. Passenger cars are vehicles engineered for human transport. In modern-day passenger cars, telematics technology is employed to boost vehicle performance, safety, and connectivity. It enhances security, upgrades comfort, curtails maintenance expenses, and provides speed monitoring and fleet management services. For example, as per the data disclosed by the Society of Motor Manufacturers and Traders (SMMT), a trade association from the UK, passenger car sales increased by 16.7% in 2023, reaching 145,204 units. Moreover, the European Automobile Manufacturers Association, a Belgium-based car association, reported that the European Union manufactured 10.9 million passenger cars in 2022, registering a growth of 8.3% from 2021. As a result, the escalating demand for passenger cars is fostering the expansion of the passenger vehicle telematics market.

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What Is the projected market size and growth rate for the passenger vehicle telematics market?
Over the recent years, there has been substantial growth in the passenger vehicle telematics market size. With its worth expected to increase from $8.19 billion in 2024 to $9.16 billion in 2025, it shows a compound annual growth rate (CAGR) of 11.8%. Factors such as the shift towards digitalization, customer’s demand for connectivity, transformation of insurance models, decline in hardware and connectivity costs, and market rivalry and differentiation have all contributed to this historical growth.

In the coming years, the passenger vehicle telematics market is predicted to experience significant growth, with its market size anticipated to reach $14.98 billion by 2029 at a compound annual growth rate (CAGR) of 13.1%. Factors contributing to this growth include the use of telematics for managing traffic, an increased focus on cybersecurity, a move towards mobility-as-a-service (maas), greater incorporation of connected infotainment systems, and the integration of 5g technology. During the forecast period, key trends such as improved driver behavior analysis, the integration of vehicle-to-infrastructure (v2i) communication, the growth of over-the-air (OTA) updates, superior remote vehicle control, and the monetization of telematics data are also expected to be prominent.

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What are the emerging trends shaping the future of the passenger vehicle telematics market?
Predominant corporations in the passenger vehicle telematics sector are prioritizing the creation of cutting-edge technological solutions like progressive collision prediction systems to improve safety and aid driver functionalities. An advanced collision prediction mechanism is a vehicular safety technology that utilizes data inputs from diverse sensors, cameras, radar, and GPS to predict possible collisions. For instance, Brigade Electronics Inc., a corporation based in the UK that offers vehicle safety solutions, unveiled Radar Predict in November 2023. This is a superior collision prediction system aimed at bolstering the safety of cyclists around heavy goods vehicles (HGVs). This pioneering technology acts like a Blind Spot Information System (BSIS), leveraging artificial intelligence to study vehicle trajectory, speed, and the proximity of incoming cyclists for collision prediction. With a dual-radar component for all-encompassing coverage, Radar Predict offers drivers escalating visual and auditory warnings contingent on the severity of the situation and automatically turns on during corners.

What major market segments define the scope and growth of the passenger vehicle telematics market?
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 region dominates the passenger vehicle telematics market?
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

Which key market leaders are driving the passenger vehicle telematics industry growth?
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.

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What Is Covered In The Passenger Vehicle Telematics Global Market Report?

• Market Size Forecast: Examine the passenger vehicle telematics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the passenger vehicle telematics market for a structured understanding.
• Key Players Overview: Analyze major players in the passenger vehicle telematics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the passenger vehicle telematics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the passenger vehicle telematics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the passenger vehicle telematics market.
• Industry Challenges: Identify potential risks and obstacles affecting the passenger vehicle telematics market.
• Competitive Landscape: Review strategic developments in the passenger vehicle telematics market, including expansions, agreements, and new product launches.

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