What Does the Historical and Current Passenger Vehicle Telematics Market Size Trend Indicate?
The passenger vehicle telematics market has seen considerable growth due to a variety of factors.
•The expansion of the passenger vehicle telematics market has been swift in the past few years. The market is set to surge from $8.19 billion in 2024 to $9.16 billion in 2025, representing a compound annual growth rate (CAGR) of 11.8%.
The considerable growth observed in the historic period can be credited to factors such as the move towards digitalization, consumer need for connectivity, changing insurance frameworks, decreased costs in hardware and connection, along with market competition and differentiation.
How Will the Passenger Vehicle Telematics Market Size Evolve over the Forecast Period?
The passenger vehicle telematics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for passenger vehicle telematics is predicted to witness fast-paced growth in the coming years, expanding to $14.98 billion by 2029 with a compound annual growth rate (CAGR) of 13.1%.
This surge during the forecast period is linked to the adoption of telematics for traffic regulation, improved cyber protection protocols, the transition towards mobility as a service (MaaS), an increase in connected infotainment systems, and the incorporation of 5G technology. The projected key trends for this period involve improved driver behavior evaluation, the incorporation of vehicle-to-infrastructure (V2I) communication, the growth of over-the-air (OTA) updates, superior remote vehicle command, and the monetization of telematics data.
Which Factors Are Boosting Growth In The Passenger Vehicle Telematics Market?
The anticipated rise in passenger car demand is set to fuel the expansion of the passenger vehicle telematics market. Passenger cars are vehicles engineered for people transportation. Telematics technology is increasingly being incorporated in contemporary passenger cars to boost their performance, connectivity, and safety. By heightening security, adding comfort, bringing down maintenance expenses, and offering fleet management and speed tracking services, telematics enhances the overall car experience. To illustrate, in May 2023 based on data shared by the UK-based trade organization, Society of Motor Manufacturers and Traders (SMMT), there was a 16.7% surge in UK passenger car purchases, amounting to 145,204 units. In another instance in May 2023, the Belgium-based automotive organization, European Automobile Manufacturers Association, revealed that the European Union's passenger car production in 2022 clocked 10.9 million, marking an 8.3% increase from 2021. Given this evidence, the growing popularity of passenger cars is a significant factor stimulating the passenger vehicle telematics market's growth.
What Key Areas Define The Segmentation Of The Global Passenger Vehicle Telematics Market?
The passenger vehicle telematics market 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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How Are Emerging Trends Reshaping The Dynamics Of The Passenger Vehicle Telematics Market?
Prominent firms in the passenger vehicle telematics market are concentrating their efforts on the production of technologically advanced solutions like sophisticated collision prediction systems to heighten security and augment driver assistance features. A collision prediction system of this kind is a vehicle safety technology that uses data from diverse sensors, cameras, radar and GPS to foresee potential collisions before their occurrence. To illustrate, Brigade Electronics Inc., a UK-company specializing in vehicle safety systems, rolled out Radar Predict in November 2023. This cutting-edge collision prediction system targets at improving the safety of cyclists around heavy goods vehicles (HGVs). This technology works as a Blind Spot Information System (BSIS), utilizing artificial intelligence to assess vehicle speed, direction and the closeness of nearby cyclists to foresee possible collisions. Radar Predict, furnished with a double-radar unit for wide coverage, supplies drivers with growing visual and sound alerts according to the urgency of the situation and is activated automatically during turns.
Who Are the Key Players in the Passenger Vehicle Telematics Market?
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.
What Is The Most Dominant Region In The Passenger Vehicle Telematics Market?
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
