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Passenger Vehicle Telematics Market Size, Share, Growth, Outlook And Forecast Report 2024 To 2033
Passenger Vehicle Telematics Market
As per the report, 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 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%.
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The Surge In Passenger Vehicle Demand Fuels Growth In The Telematics Market
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.
The Emergence Of Advanced AI Technologies In 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.
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
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Major companies operating in the passenger vehicle telematics market report are 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.
Contents of the report:
1. Executive Summary
2. Passenger Vehicle Telematics Market Report Structure
3. Passenger Vehicle Telematics Market Trends And Strategies
4. Passenger Vehicle Telematics Market - Macro Economic Scenario
5. Passenger Vehicle Telematics Market Size And Growth
…..
27. Passenger Vehicle Telematics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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