Press release
Passenger Vehicle Telematics Market Share, Demand And Outlook, Growth 2024-2033
The Business Research Company recently released a comprehensive report on the Global Passenger Vehicle Telematics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=12365&type=smp
According to The Business Research Company's, The passenger vehicle telematics market size has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.37 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to shift towards digitalization, consumer demand for connectivity, evolving insurance models, cost reduction in hardware and connectivity, market competition and differentiation.
The passenger vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $13.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to telematics for traffic management, enhanced cybersecurity measures, shift towards mobility as a service (maas), rise in connected infotainment systems, integration of 5g technology. Major trends in the forecast period include enhanced driver behavior analysis, integration of vehicle-to-infrastructure (v2i) communication, expansion of over-the-air (ota) updates, enhanced remote vehicle control, telematics data monetization.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/passenger-vehicle-telematics-global-market-report
Market Drivers and Trends:
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.
Advanced AI technologies are a key trend gaining popularity in the passenger vehicle telematics market. Major companies operating in the passenger vehicle telematics market are developing innovative, advanced AI technologies to sustain their position in the market. For instance, in May 2021, Mix Telematics, a South Africa-based software company, launched MiX Vision AI, a next-generation AI-powered video telematics solution. This innovative solution utilizes artificial intelligence (AI) to detect risky driving behaviors such as distraction, phone use, and an unfastened seat belt. Additionally, it improves driver safety, increases fuel efficiency, enhances compliance, and reduces costs. It features AI-powered detection, real-time alerts to drivers, and video footage analysis.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Passenger Vehicle Telematics Market 2024 Key Insights:
• The passenger vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $13.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• The Surge In Passenger Vehicle Demand Fuels Growth In The Telematics Market
• The Emergence Of Advanced AI Technologies In The Passenger Vehicle Telematics Market
• North America was the largest region in the passenger vehicle telematics market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=12365&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=12365&type=smp
According to The Business Research Company's, The passenger vehicle telematics market size has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.37 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to shift towards digitalization, consumer demand for connectivity, evolving insurance models, cost reduction in hardware and connectivity, market competition and differentiation.
The passenger vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $13.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to telematics for traffic management, enhanced cybersecurity measures, shift towards mobility as a service (maas), rise in connected infotainment systems, integration of 5g technology. Major trends in the forecast period include enhanced driver behavior analysis, integration of vehicle-to-infrastructure (v2i) communication, expansion of over-the-air (ota) updates, enhanced remote vehicle control, telematics data monetization.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/passenger-vehicle-telematics-global-market-report
Market Drivers and Trends:
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.
Advanced AI technologies are a key trend gaining popularity in the passenger vehicle telematics market. Major companies operating in the passenger vehicle telematics market are developing innovative, advanced AI technologies to sustain their position in the market. For instance, in May 2021, Mix Telematics, a South Africa-based software company, launched MiX Vision AI, a next-generation AI-powered video telematics solution. This innovative solution utilizes artificial intelligence (AI) to detect risky driving behaviors such as distraction, phone use, and an unfastened seat belt. Additionally, it improves driver safety, increases fuel efficiency, enhances compliance, and reduces costs. It features AI-powered detection, real-time alerts to drivers, and video footage analysis.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Passenger Vehicle Telematics Market 2024 Key Insights:
• The passenger vehicle telematics market size is expected to see rapid growth in the next few years. It will grow to $13.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• The Surge In Passenger Vehicle Demand Fuels Growth In The Telematics Market
• The Emergence Of Advanced AI Technologies In The Passenger Vehicle Telematics Market
• North America was the largest region in the passenger vehicle telematics market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=12365&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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