Global Passenger Vehicle Telematics Market Analysis 2023-2027: Expected Market Size, Major Driver, And Lucrative Segments As Per The Business Research Company's Passenger Vehicle Telematics Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 17, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Passenger Vehicle Telematics Global Market Report 2023, the global market for passenger vehicle telematics is on a trajectory of impressive growth, with estimates showing an increase from $6.52 billion in 2022 to $7.39 billion in 2023, driven by a robust compound annual growth rate (CAGR) of 13.4%. Over the forecast period, the passenger vehicle telematics market is projected to reach $11.69 billion in 2027, maintaining a solid CAGR of 12.1%.
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https://www.thebusinessresearchcompany.com/report/passenger-vehicle-telematics-global-market-report
Rising Demand for Passenger Cars Driving the Market
The increasing demand for passenger cars is expected to be a significant driver for the growth of the passenger vehicle telematics market. Telematics technology is incorporated into modern passenger cars to enhance vehicle performance, safety, and connectivity. It contributes to increased security, improved comfort, reduced maintenance costs, and offers speed monitoring and fleet management services. For example, according to the Society of Motor Manufacturers and Traders (SMMT), passenger car sales in the UK saw a notable 16.7% increase in 2023, totaling 145,204 units. Additionally, in 2022, the European Union produced 10.9 million passenger automobiles, marking an 8.3% rise from 2021, according to the European Automobile Manufacturers Association.
Key Players in the Market
Leading players in the passenger vehicle telematics market include prominent companies like Verizon Communications Inc., AT&T Inc, Robert Bosch GmbH, and many others. These key players are actively contributing to the development and growth of this dynamic market.
Advancements in AI Technologies
A notable trend in the passenger vehicle telematics market is the development of advanced AI technologies by major companies to maintain their market positions. For instance, MiX Telematics introduced MiX Vision AI in May 2021, a next-generation AI-powered video telematics solution. This innovative solution employs artificial intelligence (AI) to detect risky driving behaviors such as distraction, phone use, and unfastened seat belts. It improves driver safety, increases fuel efficiency, enhances compliance, and reduces costs.
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North America Leads; Global Segmentation
North America emerged as the largest region in the passenger vehicle telematics market in 2022. However, the global passenger vehicle telematics market is segmented by several key factors, including:
- Type: Remote Message Processing System, Brake System, Transmission Control System, Navigation System, Infotainment System, Safety And Security System
- Communication: Vehicle-To-Vehicle (V2V), Vehicle-To-Everything (V2X), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P)
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Application: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
The Passenger Vehicle Telematics Global Market Report 2023 offers invaluable insights for companies operating in the automotive and telematics industries. This comprehensive report provides a deep understanding of passenger vehicle telematics market dynamics, trends, and opportunities, empowering businesses to make informed decisions and formulate strategic plans. Companies can leverage this report to stay competitive and adapt to the evolving landscape of the passenger vehicle telematics market.
Passenger Vehicle Telematics Global Market Report 2023 by The Business Research Company provides insights on the passenger vehicle telematics market size, passenger vehicle telematics market segments, passenger vehicle telematics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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