The Business Research Company’s Passenger Vehicle Telematics Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Passenger Vehicle Telematics Global Market Report 2023 evaluates passenger vehicle telematics market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global passenger vehicle telematics market is expected to grow from $6.52 billion in 2022 to $7.39 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The passenger vehicle telematics market is expected to reach $11.69 billion in 2027 at a CAGR of 12.1%.
An increase in demand for passenger cars is expected to propel the growth of the passenger vehicle telematics market going forward. Passenger cars refer to automobiles designed for the transportation of people. Telematics technology is used in modern passenger cars to enhance vehicle performance, safety, and connectivity. It increases security, improves comfort, reduces maintenance costs, and provides speed monitoring and fleet management services. For instance, in May 2023, according to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK rose 16.7% in 2023 to 145,204 units. Furthermore, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile association, in 2022, the European Union produced 10.9 million passenger automobiles, a rise of 8.3% from 2021. Therefore, the increasing demand for passenger cars is driving the growth of the passenger vehicle telematics market.
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The passenger vehicle telematics market segments in the report are:
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
The table of contents in TBRC’s passenger vehicle telematics market report includes:
- Executive Summary
- Passenger Vehicle Telematics Market Characteristics
- Passenger Vehicle Telematics Market Trends And Strategies
- Passenger Vehicle Telematics Market – Macro Economic Scenario
- Passenger Vehicle Telematics Market Segmentation.
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- Global Passenger Vehicle Telematics Market Competitive Benchmarking
- Global Passenger Vehicle Telematics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Passenger Vehicle Telematics Market
- Passenger Vehicle Telematics Market Future Outlook and Potential Analysis
- Appendix
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