Passenger Vehicle Telematics Market Trends

Passenger Vehicle Telematics Market Overview

Passenger Vehicle Telematics Market Size was valued at USD 8.8 Billion in 2022. The Passenger Vehicle Telematics market is projected to grow from USD 9.9 Billion in 2023 to USD 25.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032). Government attempts to create an intelligent transportation system are intensifying, and there is rising demand for smartphone applications in cars as well as autonomous driving and passenger safety features, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Passenger Vehicle Telematics Market Trends

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  Increasing automotive sales is driving the market growth

  
  

Some telematics tools can be used by fleet managers to design routes that are more effective. Vehicle location and operation tracking can enhance service levels, dispatching, client delivery times, and driver productivity. By tracking the vehicles, managers can find ways to increase vehicle availability and decrease unwanted costs related to unauthorized use. Telematics devices can assist cut fuel usage by monitoring idle time and maximizing productivity at client stops. The company's efforts to reduce emissions and pursue sustainability are supported by this aspect. These elements will encourage market expansion.

Telematics systems also only make up a minor portion of navigation and logistics tools. These technologies give fleet managers useful information for risk assessments and give them a clear understanding of the regular safety performance of drivers. Fleets who employ the aforementioned data and methods to identify risky driving behaviors often suffer few losses and accidents. Using the telematics data, fleet managers can provide helpful driver feedback to reduce potential risks. Drivers will receive immediate audible alerts when a risky driving maneuver takes place so they may immediately adjust their driving habits.

Telematics devices can also be used to detect ineffective or expensive driving behavior that causes unneeded wear and tear. Alerting fleet managers to overdue scheduled maintenance and other potential vehicle issues can reduce vehicle downtime. Because they can be more proactive with maintenance and repairs, fleet managers can have expensive assets with a longer useful life. These elements will therefore fuel the market's expansion. Thus, driving the Passenger Vehicle Telematics market revenue.

Passenger Vehicle Telematics Market Segment Insights

Passenger Vehicle Telematics Service Insights

The Passenger Vehicle Telematics Market segmentation, based on Service, includes automatic crash notification, emergency calling, navigation, on-road 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). Due to the increasing acceptance of this system by fleet operators, the vehicle tracking/recovery (fleet management) segment is anticipated to increase at a quicker revenue growth rate throughout the projected period.

Passenger Vehicle Telematics Hardware Insights

The Passenger Vehicle Telematics Market segmentation, based on Hardware, includes telematic control unit, navigation systems, communication devices, audio/video interface, and CAN bus. Due to rising global demand, the telematic control unit segment led the market in 2022.

Passenger Vehicle Telematics Form Type Insights

The Passenger Vehicle Telematics Market segmentation, based on Form Type, includes embedded, tethered, and integrated. The embedded segment held the largest market share in 2022. A built-in telematics control unit provides connectivity in embedded systems, ensuring a consistent connection and improving user experience.

Passenger Vehicle Telematics Vehicle Type Insights

The Passenger Vehicle Telematics Market segmentation, based on Vehicle Type, includes passenger car, LCV, truck, and bus. Passenger car segment is expected to account for a highest revenue share over the forecast period. Numerous opportunities for passenger vehicle telematics are anticipated to arise as transportation and logistics continue to develop.

Passenger Vehicle Telematics Connectivity Insights

The Passenger Vehicle Telematics Market segmentation, based on Connectivity, includes satellite and cellular. The automotive telematics market is anticipated to have the greatest market in cellular. The rise of cloud-based services, the government's push for 5G, and the expansion of cellular connectivity in APAC countries are some of the disruptive forces that have contributed to the growth of cellular connectivity car telematics.

Passenger Vehicle Telematics Aftermarket Insights

The Passenger Vehicle Telematics Market segmentation, based on Aftermarket, includes passenger car/aftermarket, LCV aftermarket, and HCV aftermarket. In 2022, the passenger car/aftermarket category was dominated by the passenger car/aftermarket category. This is a result of rising aftermarket passenger car telematics demand.

Passenger Vehicle Telematics Service Type Insights

The Passenger Vehicle Telematics Market segmentation, based on Service Type, includes consulting, implementation, and maintenance. Due to the ignorance of many car owners, the consulting category held the highest proportion in 2022.

Figure 1: Passenger Vehicle Telematics Market, by Service Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Passenger Vehicle Telematics Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Passenger Vehicle Telematics market area will dominate this market. This is a result of the increase in fleet management telematics solutions demand. Moreover, China’s Passenger Vehicle Telematics market held the largest market share, and the Indian Passenger Vehicle Telematics market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Passenger Vehicle Telematics Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Passenger Vehicle Telematics market accounts for the second-largest market share, due to government-imposed tight car safety requirements and increased public awareness of road safety. Further, the German Passenger Vehicle Telematics market held the largest market share, and the UK Passenger Vehicle Telematics market was the fastest growing market in the European region

The North America Passenger Vehicle Telematics Market is expected to register significant growth from 2023 to 2032. This can be ascribed to the growing security and safety concerns among drivers and passengers as well as the expanding demand for telematics in the area due to accident prevention. Further, the U.S. Passenger Vehicle Telematics market held the largest market share, and the Canada Passenger Vehicle Telematics market was the fastest growing market in the North America region.

Passenger Vehicle Telematics Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Passenger Vehicle Telematics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Passenger Vehicle Telematics industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Passenger Vehicle Telematics industry to benefit clients and increase the market sector. In recent years, the Passenger Vehicle Telematics industry has offered some of the most significant advantages to medicine. Major players in the Passenger Vehicle Telematics market, including Robert Bosch GmbH, Continental AG, OnStar Corporation, AirIQ Inc., Agero, Inc., Qualcomm Incorporated, ETAS Group, Zonar Systems, Omnitracs, LLC, Bridgestone Mobility Solutions B.V., Masternaut Limited, and MiX Telematics, are attempting to increase market demand by investing in research and development operations.

The automotive industry is served by Bayerische Motoren Werke AG (BMW). It creates, produces, and markets bikes, cars, replacement parts, and other vehicles as well as engines. Additionally, the business provides services for insurance, fleet management, retail customer and dealer financing, deposit business, and automobile leasing. It sells goods under the labels Motorrad, BMW, MINI, Rolls-Royce, Alphabet, John Cooper Works, and YOUR NOW. The BMW Group and Amazon Web Services announced a strategic partnership in October 2022 to jointly create new cloud technologies that aim to fully utilize the data potential of upcoming car generations. Additionally, both businesses are anticipated to work together on the creation of commercially available cloud solutions to manage vehicle data securely.

The automobile firm Continental AG (Continental) produces and sells brake systems, powertrain and chassis systems, vehicle electronics, instruments, infotainment solutions, tires, and technical elastomers. Additionally, the business sells tires and offers tire replacement services for a variety of customers, including those who own passenger cars, trucks, buses, and vehicles used on construction sites, as well as specialty vehicles, bicycles, and motorcycles. In order to promote a tachograph data management system, Continental teamed up with the commercial vehicle manufacturer IVECO in January 2022. With Continental's VDO Fleet TIS-Web solution, it is anticipated that this partnership will enable IVECO to improve its fleet management services. TIS-Web makes it easier to manage tachograph data and offers fleet managers smart analysis and increased productivity to streamline their operations.

Key Companies in the Passenger Vehicle Telematics market include

• Robert Bosch GmbH


• Continental AG


• OnStar Corporation


• AirIQ Inc.


• Agero, Inc.


• Qualcomm Incorporated


• ETAS Group


• Zonar Systems


• Omnitracs, LLC


• Bridgestone Mobility Solutions B.V.


• Masternaut Limited


• MiX Telematics

Passenger Vehicle Telematics Industry Developments

March 2021 Ford introduced "Ford Liive," a linked uptime solution aimed at enhancing productivity for Ford commercial vehicle operators. The technology helps to increase vehicle uptime, minimize vehicle breakdowns, and lower vehicle maintenance needs.

January 2021 To provide cutting-edge technological solutions for General Motors' forthcoming vehicles, Qualcomm Technologies Inc. teamed up with the automaker. With the integration of General Motor's advanced driver assistance systems and next-generation digital cockpit & telematics systems, the cooperation required the implementation of a comprehensive range of automotive solutions.

Passenger Vehicle Telematics Market Segmentation

Passenger Vehicle Telematics Service Outlook

• Automatic Crash Notification


• Emergency Calling


• Navigation


• On-Road Assistance


• Remote Diagnostics


• On-Road Assistance


• Vehicle Tracking/Recovery (Fleet Management)


• Insurance Risk Assessment


• Driver Behavior


• Billing Services


• Others (Fuel efficiency Guidance, Geo-Fencing, Eco Driving)

Passenger Vehicle Telematics Hardware Outlook

• Telematic Control Unit


• Navigation Systems


• Communication Devices


• Audio/Video Interface


• CAN Bus

Passenger Vehicle Telematics Form Type Outlook

• Embedded


• Tethered


• Integrated

Passenger Vehicle Telematics Vehicle Type Outlook

• Passenger Car


• LCV


• Truck


• Bus

Passenger Vehicle Telematics Connectivity Outlook

• Satellite


• Cellular

Passenger Vehicle Telematics Aftermarket Outlook

• Passenger Car/Aftermarket


• LCV Aftermarket


• HCV Aftermarket

Passenger Vehicle Telematics Service Type Outlook

• Consulting


• Implementation


• Maintenance

Passenger Vehicle Telematics Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America