The Passenger Vehicle Telematics Market Size To Reach $11.6 Billion By 2027, With A Rise In Demand For Passenger Vehicles 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. 18, 2023 (GLOBE NEWSWIRE) -- In a rapidly evolving landscape, the passenger vehicle telematics market is set to take a significant leap forward, as the latest market report for 2023 by The Business Research Company reveals. With a projected compound annual growth rate (CAGR) of 13.4%, the global passenger vehicle telematics market is expected to reach $7.39 billion in 2023, and it is anticipated to reach $11.69 billion by 2027, with a CAGR of 12.1%. This report presents an in-depth exploration of the passenger vehicle telematics market, its drivers, and the industry players spearheading innovations in this transformative sector.
Driving Growth: Rising Demand for Passenger Cars
Passenger cars are witnessing an upsurge in demand, setting the stage for the passenger vehicle telematics market's remarkable growth. Telematics technology has become integral to modern passenger cars, enhancing vehicle performance, safety, and connectivity. It contributes to security, comfort, maintenance cost reduction, and offers services like speed monitoring and fleet management. For example, recent data from the Society of Motor Manufacturers and Traders (SMMT) revealed a 16.7% increase in passenger car sales in the UK in 2023, reaching 145,204 units. These trends underscore the increasing demand for passenger cars, a major driver for the passenger vehicle telematics market.
Learn More In-Depth On The Passenger Vehicle Telematics Market
https://www.thebusinessresearchcompany.com/report/passenger-vehicle-telematics-global-market-report
Industry Leaders Pioneering Advanced AI Technologies
Innovative advancements, particularly in advanced AI technologies, are gaining prominence in the passenger vehicle telematics market. Major companies within the industry are actively developing cutting-edge AI solutions to maintain their competitive edge. A prime example is Mix Telematics, which launched MiX Vision AI in May 2021, an AI-powered video telematics solution. This technology harnesses artificial intelligence to detect risky driving behaviors, ensuring increased driver safety, improved fuel efficiency, enhanced compliance, and cost reduction. With features like AI-powered detection and real-time driver alerts, this solution exemplifies the industry's drive toward innovation.
Regional Insights: North America Leads, Global Reach
In 2022, North America emerged as the largest region in the passenger vehicle telematics market. However, the global market is characterized by its diverse reach, with the potential for growth across various geographies.
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Market Segmentation
The passenger vehicle telematics market is categorized into three segments:
- By Type: Remote Message Processing System, Brake System, Transmission Control System, Navigation System, Infotainment System, Safety And Security System
- By Communication: Vehicle-To-Vehicle (V2V), Vehicle-To-Everything (V2X), Vehicle-To-Infrastructure (V2I), Vehicle-To-Pedestrian (V2P)
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By Application: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
The Passenger Vehicle Telematics Global Market Report 2023 is an indispensable resource for industry stakeholders, investors, and market enthusiasts. As the market continues to experience robust growth, understanding its dynamics, key drivers, and the influence of advanced AI technologies is essential. With the rising demand for passenger cars and the ever-increasing significance of telematics in the automotive industry, this passenger vehicle telematics market report equips industry players with the insights needed to make informed decisions and remain at the forefront of smart mobility.
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.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Commercial Telematics Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/commercial-telematics-global-market-report
Railway Telematics Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/railway-telematics-global-market-report
Automotive Telematics Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/automotive-telematics-global-market-report
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