Dec 08, 2023

Passenger Vehicle Telematics Market Projected to Reach USD 25.4 Billion by 2032, at a 12.50% CAGR

New York, US, June 08, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), " Passenger Vehicle Telematics Market Research Information By Service, By Hardware, By Form Type, By Vehicle Type, By Connectivity, By Aftermarket, By Service Type and By Region – Market Forecast Till 2032", the global passenger vehicle telematics market is poised to escalate from USD 8.8 BN in 2022 to USD 25.4 BN by 2032, growing at a 12.50% CAGR throughout the assessment period (2023-2032).

Passenger Vehicle Telematics Market Overview

The passenger vehicle telematics market is likely to garner significant traction. Government initiatives to create an intelligent transportation system would drive market growth. After electric mobility, connected vehicle is the next big innovation in the passenger vehicle (PV) market. Governments focus on higher levels of passenger safety, comfort, and convenience, driving the demand for embedded telematics in passenger vehicles. Simply put, embedded software in connected PVs enables users to communicate with other vehicles or external gadgets, such as smartphones or smart devices at home, using wireless communication technologies, such as Bluetooth, Wi-Fi, etc.

Leading passenger vehicle telematics market players are,

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With the rapid 5G rollout worldwide, OEMs are launching more and more connected features, and automakers are equipping their passenger vehicles with these standard features. Some of these features make mobility future-ready, transforming passenger vehicles from hardware-driven to software-driven. As a result, phenomenal possibilities for better user experience, such as infotainment, safety, and comfort, are opening up.

Connected cars are creating huge opportunitieas for insurance & e-commerce players, regulatory bodies, OEMs, tech players, etc., offering customized monitoring services for data gathering. This also reestablishes the importance of the connectivity of the vehicles. Telematics will impact future developments in the automotive industries worldwide, enhancing the market size.

Commercial and regulatory frameworks encourage many automakers to expand the availability of connected car services across geographies and market segments. Commercial vehicle manufacturers are also offerings numerous OEM telematics. Further, the growing adoption rate of embedded telematics units among light trucks and passenger & commercial vehicles will likely boost the market shares.

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The passenger vehicle telematics market is segmented into types, solutions, services, hardware, connectivity, vehicles, aftermarket, and regions. The telematics type segment is sub-segmented into embedded, tethered, and integrated. The embedded segment holds the largest market share, as a built-in telematics control unit provides connectivity in embedded systems, ensuring a consistent connection and improving user experience.

The solution segment is sub-segmented into automatic crash notifications, emergency calling, on-road navigation assistance, remote diagnostics on-road assistance, vehicle tracking/recovery (fleet management), insurance risk assessment, driver behavior, billing services, and others (fuel efficiency guidance, geo-fencing, eco-driving).

The hardware segment is sub-segmented into telematic control units, navigation systems, communication devices, audio/video interfaces, bus passenger vehicles, and others. The service segment is sub-segmented into consulting, implementation, and maintenance. The consulting segment leads the market share, witnessing vast uptake among car owners.

The vehicle segment is sub-segmented into passenger cars, LCVs, trucks, buses, and others. The passenger car segment generates the highest revenues due to the rise of passenger vehicle telematics and transportation & logistics sectors. The connectivity segment is sub-segmented into satellite and cellular. The cellular segment accounts for the largest market share due to the rise of cloud-based services & 5G and the expansion of cellular connectivity.

The aftermarket segment is sub-segmented into passenger cars aftermarket, LCV aftermarket, and HCV aftermarket. The passenger car aftermarket segment leads the market due to the growing demand for aftermarket telematics in passenger cars. By regions, the passenger vehicle telematics market is segmented into the Americas, Europe, Asia-Pacific, MEA, and the rest of the world.

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Regional Analysis

The Asia-Pacific region dominates the global passenger vehicle telematics market. The demand for fleet management telematics solutions and the increasing availability of automotive solutions boost the market size. China holds the largest market share, while India is the fastest-growing market for passenger vehicle telematics.

Rapid developments in telematics and the automotive industry in India influence market revenues. In India, the automotive industry relies on low-cost, highly optimized manufacturing solutions supported by robust R&D and skilled labor. Besides, the growing customer demand for unique features and use cases for next-gen automobiles and transportation solutions creates tremendous opportunities for modernization.

Europe is another significant market for passenger vehicle telematics. Stringent government regulations and increased public awareness of passenger & road safety drive the market demand. Moreover, growing security and safety concerns among drivers & passengers expand the demand for telematics. Germany accounts for the largest, whereas the UK accounts for the second-largest share of the region's passenger vehicle telematics market.

North America holds a considerable passenger vehicle telematics market share. Increased demand for passenger vehicles integrated with advanced telematics, the strong presence of major telematics providers in this region, and high spending on systems are major passenger vehicle telematics market trends. Also, the presence of leading OEM players substantiates the region's market share.

Additionally, growing transportation & logistics industries push the region's passenger vehicle telematics market revenues. The increasing awareness about driver safety & accident prevention, government regulations to improve road safety, and the proliferation of 5G and LTE technology and smartphones in the region are other key trends substantiating the passenger vehicle telematics market size.

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Competitive Analysis

Highly competitive, the passenger vehicle telematics market appears fragmented due to several well-established players. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a larger competitive share. They make substantial investments to drive R&D activities and expansion plans.

For instance, on Jul. 21, 2022, Guidepoint Systems, a leading global provider of automotive telematics & SaaS for OEMs, announced a partnership with Stellantis' the global fleet, mobility, and connected data brand, Free2move, to leverage vehicle-embedded telematics data. The partnership will enable Guidepoint Systems to access data from MY2018 and newer Stellantis vehicles to provide fleet management services for commercial & government fleets, auditing services to floor plan lenders, inventory management services to dealers, and vehicle diagnostic reports to consumers.

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