Global Passenger Vehicle Telematics Market Growth Accelerates: Strategic Forecast Predicts $15.01 Billion by 2029

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What Will the Passenger Vehicle Telematics Industry Market Size Be by 2025?
In recent years, the size of the passenger vehicle telematics market has seen a fast-paced growth. Expectations are for the market to expand from $8.19 billion in 2024 to $9.15 billion by 2025, with a compound annual growth rate (CAGR) of 11.8%. This robust growth in the historic period is a product of digital transformation, rising consumer need for connectivity, transformations in insurance models, decreasing costs in hardware and connectivity, along with market competition and differentiation.

What's the Long-Term Growth Forecast for the Passenger Vehicle Telematics Market Size Through 2029?
In the coming years, the passenger vehicle telematics market is set to experience significant expansion, with projections estimating its worth at $15.01 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 13.2%. This growth through the forecast period can be ascribed to factors such as the utilization of telematics in traffic management, strengthened cybersecurity initiatives, a move towards mobility as a service (maas), burgeoning connected infotainment systems, and the incorporation of 5g technology. The forecast period is typified by key trends such as the improved analysis of driver behavior, the incorporation of vehicle-to-infrastructure (v2i) communication, growth of over-the-air (OTA) updates, advanced remote vehicle control, and the monetization of telematics data.

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What Are the Key Growth Drivers Fueling the Passenger Vehicle Telematics Market Expansion?
The passenger vehicle telematics market is anticipated to grow due to an increase in demand for passenger cars. Passenger cars, which are vehicles specifically designed to transport people, use telematics technology to improve aspects such as performance, safety, and connectivity. This technology also offers additional benefits like higher security, better comfort, lower maintenance costs, effective speed monitoring and efficient fleet management. For example, data shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade society, in May 2023 revealed a 16.7% surge in UK passenger car sales in 2023, with 145,204 units sold. Similarly, the European Automobile Manufacturers Association, based in Belgium, reported in May 2023 that the European Union saw an 8.3% increase from 2021 in the production of passenger cars in 2022, manufacturing 10.9 million vehicles. Consequently, the amplified demand for passenger cars is spurring the expansion of the passenger vehicle telematics market.

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What Are the Key Trends Driving Passenger Vehicle Telematics Market Growth?
In an effort to innovate, key players in the passenger vehicle telematics market are focusing on the development of cutting-edge technology solutions, such as advanced collision prediction systems. These systems, designed to enhance safety and assist drivers, utilize data from various sources including sensors, cameras, radar, and GPS to predict potential collisions before they occur. For example, Brigade Electronics Inc., a UK-based firm specializing in vehicle safety systems, introduced Radar Predict in November 2023. This sophisticated collision prediction system, specifically designed to enhance cyclist safety around heavy goods vehicles (HGVs), operates as a Blind Spot Information System (BSIS). It employs artificial intelligence to evaluate vehicle speed, direction, and the proximity to nearby cyclists, in an effort to foresee potential collisions. Radar Predict, fitted with a dual-radar unit for extensive coverage, offers escalating visual and audible alerts to drivers based on the severity of the situation, and activates automatically while making turns.

How Is the Passenger Vehicle Telematics Market Segmented?
The passenger vehicle telematicsmarket 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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