NEW YORK, May 5, 2023 /PRNewswire/ -- The global passenger vehicle telematics market size is estimated to grow by USD 24.78 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 18.05%. APAC will account for 45% of the market growth during the forecast period. The demand for passenger vehicles is increasing in developing countries such as India, China, Malaysia, and Indonesia. The region is witnessing an increased demand for passenger cars that come installed with in-dash entertainment systems, display units, advanced safety and security features, and navigation systems. Prominent OEMs in the region are equipping their vehicles with telematics systems to create product differentiation. In addition, the rising awareness and increasing demand for telematics and built-in connectivity among consumers will drive the growth of the passenger vehicle telematics market in APAC during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

• Global competitiveness and key competitor positions

• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Global Passenger Vehicle Telematics Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on product (smartphone integration, tethered, and embedded), type (remote message processing system, brake system, and transmission control system), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market growth in the smartphone integration segment will be significant over the forecast period. The penetration of smartphones has grown significantly worldwide, and it is expected to grow further. This has pushed the need for integrating smartphones with vehicle systems for an enhanced driving experience. Ford SYNC 3 AppLink and Toyota Entune are some of the popular smartphone-integrated solutions in the market. The SYNC 3 AppLink gave significant popularity to Ford Motor Company due to its features and reliability. Similarly, other major market players offer a range of systems featuring various functionalities, applications, and prices, targeting every consumer demographic. As a result of these factors, the segment will witness strong growth over the forecast period.

Insights on the market contribution of various segments, including country- and region-wise data, historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Global Passenger Vehicle Telematics Market – Market Dynamics

Key factor driving market growth

The market is driven by the push for embedded telematics systems in BRIC nations by OEMs. Regulatory bodies worldwide are introducing several legislations to encourage the installation of embedded telematics in passenger vehicles. The penetration of vehicle telematics is increasing rapidly in developing nations, especially in Brazil, Russia, India, and China (BRIC). Consumers in these countries are exhibiting increased interest in navigation services and infotainment services in passenger cars. Hence, OEMs are collaborating with automotive telematics providers and are planning to introduce new products and services to tap the growth opportunity in BRIC countries. Also, globalization and the increasing popularity of connected vehicles have paved the way for the use of in-vehicle entertainment and information systems. Many automotive OEMs operating in India are equipping their entry-level and medium-range vehicles with in-vehicle entertainment and information systems to meet the growing demand from consumers. All these factors are increasing the demand for connected vehicle technologies, which is driving the growth of the market.

Leading trends influencing the market 

The adoption of video telematics to precisely track driver behavior is identified as the key trend in the market. Modern telematics service providers are adopting cameras to monitor driver behavior. For instance, MiX Telematics offers MiX Vision in-cab video monitoring system. It is an integrated solution with an onboard computer and a web-based fleet management platform. Similarly, Omnitracs offers Critical Event Video with an in-cab video integration solution that ties into Omnitracs Critical Event Reporting to improve driver training and mitigate liability risks associated with accidents and other critical events. The introduction of video telematics solutions is expected to benefit the growth of the market during the forecast period.

Major challenges hindering the market growth

The high cost associated with telematics services is identified as the major challenge hindering the growth of the market. It requires significant initial investments when setting up vehicle telematics systems. The initial setup also includes the payment for customization and integration with current systems. In addition, the license fee needs to be renewed periodically, which increases the overall cost of ownership. Moreover, some service providers charge roaming fees if the vehicle travels beyond a country's borders. They also charge in situations involving vehicle replacement and end-contractual equipment termination. Such factors restrict the growth of the market.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this passenger vehicle telematics market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the passenger vehicle telematics market between 2023 and 2027

• Precise estimation of the size of the passenger vehicle telematics market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the passenger vehicle telematics market across APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of passenger vehicle telematics market vendors

Gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform

Related Reports:

The global electric vehicle remote diagnostics market size is estimated to grow by USD 1,905.56 million between 2022 and 2027, accelerating at a CAGR of 28.11%. The market is segmented by application (passenger cars and commercial vehicles), type (equipment and software), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).

The automotive connected car platform market is estimated to grow at a CAGR of 12.68% and the size of the market is forecast to increase by USD 5,694.07 million between 2022 and 2027. The market is segmented by service (infotainment services and telematics services), technology (integrated solutions, embedded solutions, and tethered solutions), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

Browse through Technavio's Consumer Discretionary Market Reports

Table of contents:

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global passenger vehicle telematics market 2017 - 2021

• 4.2 Product Segment Analysis 2017 - 2021

• 4.3 Type Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Product

• 6.1 Market segments

• 6.2 Comparison by Product

• 6.3 Smartphone integration - Market size and forecast 2022-2027

• 6.4 Tethered - Market size and forecast 2022-2027

• 6.5 Embedded - Market size and forecast 2022-2027

• 6.6 Market opportunity by Product

7 Market Segmentation by Type

• 7.1 Market segments

• 7.2 Comparison by Type

• 7.3 Remote message processing system - Market size and forecast 2022-2027

• 7.4 Brake system - Market size and forecast 2022-2027

• 7.5 Transmission control system - Market size and forecast 2022-2027

• 7.6 Market opportunity by Type

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 North America - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 China - Market size and forecast 2022-2027

• 9.9 US - Market size and forecast 2022-2027

• 9.10 Germany - Market size and forecast 2022-2027

• 9.11 Japan - Market size and forecast 2022-2027

• 9.12 UK - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Agero Inc.

• 12.4 Airbiquity Inc.

• 12.5 AT and T Inc.

• 12.6 Bridgestone Corp.

• 12.7 Bynx Ltd.

• 12.8 Continental AG

• 12.9 Danaher Corp.

• 12.10 Delphi Technologies Plc

• 12.11 DXC Technology Co.

• 12.12 Fleet Complete

• 12.13 Robert Bosch GmbH

• 12.14 Telefonaktiebolaget LM Ericsson

• 12.15 Trimble Inc.

• 12.16 Verizon Communications Inc.

• 12.17 Visteon Corp.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/passenger-vehicle-telematics-market-size-to-grow-by-usd-24-78-billion-from-2022-and-2027-apac-to-account-for-45-of-the-market-growth---technavio-301816265.html

SOURCE Technavio