NEW
YORK, June 17, 2024 /PRNewswire/ -- The global
passenger vehicle telematics market size is estimated to grow
by USD 46.2 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 24.94% during the forecast period.
OEM push for embedded telematics systems in
BRIC nations is driving market growth, with a trend
towards adoption of video telematics to precisely track driver
behavior. However, data security in telematics industry
poses a challenge. Key market players include Agero Inc.,
Airbiquity Inc., AT and T Inc., Bridgestone Corp., Bynx Ltd.,
Continental AG, Danaher Corp., BorgWarner Inc., DXC Technology Co.,
Fleet Complete, Garmin Ltd., OCTO Telematics S.p.A, Robert Bosch
GmbH, Telefonaktiebolaget LM Ericsson, Telenav Inc., Trimble Inc.,
Valeo SA, Verizon Communications Inc., Visteon Corp., and Vodafone
Group Plc.
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segments, customer landscape, and companies - View the
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
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)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
Agero Inc., Airbiquity
Inc., AT and T Inc., Bridgestone Corp., Bynx Ltd., Continental AG,
Danaher Corp., BorgWarner Inc., DXC Technology Co., Fleet Complete,
Garmin Ltd., OCTO Telematics S.p.A, Robert Bosch GmbH,
Telefonaktiebolaget LM Ericsson, Telenav Inc., Trimble Inc., Valeo
SA, Verizon Communications Inc., Visteon Corp., and Vodafone Group
Plc
|
Key Market Trends Fueling Growth
The passenger vehicle telematics market is experiencing
significant growth due to advancements in cloud technology and data
analytics. Traditional GPS tracking has expanded to include
monitoring every vehicle component, such as fuel efficiency and
fleet management. Driver behavior is a key focus area, with camera
technology used to monitor and improve safety.
Video-based safety systems are at an early stage but are
expected to see strong growth. Companies like MiX Telematics offer
integrated video monitoring systems, and Omnitracs has introduced
Critical Event Video to enhance driver training and reduce
liability risks. These developments are driving the market's growth
during the forecast period.
The Passenger Vehicle Telematics Market is experiencing
significant growth, driven by advanced technologies such as vehicle
tracking, diagnostics, and connectivity. Vehicle systems are
becoming more interconnected, enabling real-time data exchange
between vehicles and service providers. This trend is leading to
improved vehicle performance, enhanced safety features, and better
customer experiences.
Busineses are leveraging telematics to optimize fleet
management, reduce maintenance costs, and provide value-added
services to customers. The use of vehicle sensors and analytics is
also increasing, providing valuable insights into vehicle usage and
performance. The future of passenger vehicle telematics is bright,
with continued innovation and integration of new
technologies.
Research report provides comprehensive data on
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Report
Market Challenges
- The automotive industry's shift towards providing internet
connectivity in passenger vehicles through telematics systems has
led to increased focus on functional requirements. However,
non-functional aspects, such as data security, have been
overlooked. Malware can infiltrate in-vehicle infotainment systems
and gain access to critical networks, posing a significant
risk.
- Personal information exchanged between drivers and
manufacturers is also vulnerable. Regulatory bodies and
organizations are addressing these concerns by developing security
standards. The lack of laws and potential hacking risks may
challenge the growth of the global passenger vehicle telematics
market.
- The Passenger Vehicle Telematics Market faces several
challenges. Drives for this market include vehicle connectivity and
the need for real-time vehicle data. However, privacy and security
concerns are major challenges. The collection and use of personal
data require strict compliance with data protection
regulations.
- Additionally, the integration of various technologies such as
vehicle-to-vehicle communication and artificial intelligence adds
complexity. Cost-effectiveness and interoperability are also
critical factors. The market requires standardization to ensure
seamless communication between different systems and devices.
- Furthermore, the market's growth depends on the availability of
reliable and high-speed connectivity in remote areas. Overall, the
Passenger Vehicle Telematics Market offers significant
opportunities but requires addressing these challenges to ensure
customer trust and satisfaction.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
- Product
- 1.1 Smartphone integration
- 1.2 Tethered
- 1.3 Embedded
- Type
- 2.1 Remote message processing system
- 2.2 Brake system
- 2.3 Transmission control system
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Smartphone integration- The passenger
vehicle telematics market is experiencing growth due to the
increasing global smartphone penetration and the demand for
in-vehicle HMI systems. Ford SYNC 3 AppLink and Toyota Entune are
popular smartphone integrated solutions, with Ford gaining
significant market share.
Consumers prefer systems with a strong application base, leading
to increased development for smartphones. Customization and
affordability are key drivers, with mid-size vehicle OEMs showing
high adoption rates. The mid-size vehicle segment's growth,
particularly in APAC, will further boost the market share of
smartphone-integrated telematics systems.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Passenger Vehicle Telematics Market encompasses the
integration of IoT devices, connected cars, and in-vehicle
connectivity to enhance driver safety and passenger comfort.
Telematics systems utilize external sensors, GPS tracking, and
real-time alerts for critical situations, ensuring road safety.
Autonomous driving and passenger safety features are key
advancements, with fleet managers leveraging operation tracking,
service levels, and dispatching for optimized client delivery times
and enhanced driver productivity. Technology advancements, such as
5G and AI, further improve decision-making capabilities and fuel
usage efficiency. Telecommunication plays a crucial role in
maintaining seamless connectivity and data exchange between
vehicles and the cloud.
Market Research Overview
The Passenger Vehicle Telematics Market refers to the use of
communication technology in passenger vehicles for remote
monitoring and management of various functions. This includes
vehicle tracking, diagnostics, safety and security, and
infotainment systems. The market is driven by increasing consumer
demand for connected cars and government regulations for vehicle
safety.
The technology enables real-time vehicle data analysis,
predictive maintenance, and improved road safety. It also offers
benefits such as reduced operational costs, enhanced customer
experience, and increased vehicle utilization. The market is
expected to grow significantly due to the increasing adoption of
electric and autonomous vehicles, and the integration of advanced
technologies like IoT, AI, and machine learning.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Smartphone Integration
- Tethered
- Embedded
- Type
-
- Remote Message Processing System
- Brake System
- Transmission Control System
- Geography
-
- APAC
- Europe
- North America
- 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio