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The motor racing telematics (MRT) market size is estimated to grow at a CAGR of 9.18% between 2022 and 2027. The market size is forecast to increase by USD 241.43 million. The growth of the market depends on several factors such as increasing demand for performance optimization, favorable regulations driving the adoption of motor racing telematics, and increasing use of electronic components leading to superior performance.
This motor racing telematics (MRT) market report extensively covers market segmentation by application (M2M and IoT), type (satellite network, cellular network, and RF network), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for performance optimization is the key driver for the growth of the market. The global motor racing telematics (MRT) market is positively influenced by the deployment of telecommunications solutions by motor racing teams. Teams use real-time data to better understand bike and rider performance as a result of the need for a competitive edge in the race. Telematics data allows teams to identify areas for development and optimize both bike setup and race plans by providing important information on variables such as speed, acceleration, braking, and maneuverability.
Moreover, the motorsport sector is driven by the need to improve lap times, efficiency, and safety through data-driven decisions, which is driving the demand for advanced telematics systems. The global motor racing telematics (MRT) market is expected to witness tremendous expansion during the forecast period as performance improvement efforts grow to intensify.
Deployment of 5G networks and edge computing capabilities is the primary trend in the market. Real-time data transmission and analysis during races will be revolutionized by these developments. Ground sensors in motorsport and race management systems will be able to communicate seamlessly owing to the fast speeds and low latency of 5G. With edge computing, data processing occurs closer to the origin, reducing transmission latency and rapidly improving data intelligibility.
Moreover, this development will encourage the use of sophisticated telemetry, giving riders and teams access to more in-depth and accurate performance measurements, and can increase competition and predictability in motor racing competitions around the globe. Thus, this is expected to propel the growth of the market during the forecast period.
High costs associated with telematics services are the challenge that affects the growth of the market. The total costs associated with motocross telematics systems include initial costs such as licensing, configuration, and installation fees as well as payments for customization and integration with existing systems. In addition, hidden costs such as installation fees and network roaming fees can pose challenges to motor racing telematics (MRT) market growth. All these costs contribute to the total cost and influence the customer's decision-making.
Therefore, manufacturers are forced to keep profit margins low. This affects the financial position of manufacturers and prevents them from spending on R&D, which further affects the development of in-vehicle telematics. This may affect the OEM's aim to gain maximum control points in the telematics ecosystem and is expected to impede the growth of the global motor racing telematics market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Motor Racing Telematics (MRT) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agero Inc.: The company offers motor racing telematics such as Agero connected vehicle service.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The M2M segment is estimated to witness significant growth during the forecast period. The motor racing telematics market for M2M applications has significant growth potential, especially in developing economies like India and China. The steady adoption of M2M applications in countries such as China, India, Thailand, and Singapore is expected to drive the market. The strengthening of government and regulatory initiatives, such as those of the EU, and the mandatory integration of automotive security systems, such as eCall, in all New car models are driving M2M connectivity and M2M cybersecurity solutions.
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The M2M segment was the largest segment and valued at USD 196.04 million in 2017. The deployment of M2M automotive competitive telecommunications applications in the automotive sector could reduce the number of road accidents and damage. In addition, automakers have begun offering in-vehicle services, such as information systems that provide real-time information, to reduce traffic congestion, carbon emissions and shorten travel time. Overall, the demand for motor racing telematics is seeing an increase in M2M applications, which is expected to drive market growth during the forecast period.
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Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The European motor racing telematics market has grown steadily in recent years due to the development of technology and the growing popularity of motorsport. Manufacturers and teams in Europe are increasingly using telematics solutions to enhance security measures, track data and increase performance.
Moreover, major companies have unveiled the most advanced GPS tracking devices, data loggers, and telemetry systems designed specifically for racing applications. Real-time data analysis provided by these systems enables teams to improve driver performance, perfect vehicle configurations, and gain a competitive edge. In addition, due to the strong commitment to the sustainability of the European motorsports community, eco-friendly telemetry systems have become popular, allowing for efficient fuel use and reduced carbon emissions. Thus, such factors will drive the growth of the market in this region during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on the European motor racing telematics market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions. Demand for advanced telematics solutions has increased following the resumption of live events and motor races. As a result, racing teams and riders sought data-driven insights to gain a competitive edge, increasing the use of telematics in motor racing. Such factors are expected to drive the market during the forecast period.
The motor racing telematics (MRT) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Motor Racing Telematics (MRT) Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.18% |
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Market growth 2023-2027 |
USD 241.43 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.21 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 37% |
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Key countries |
US, China, Germany, France, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Agero Inc., Airbiquity Inc., Aptiv Plc, AT and T Inc., Bridgestone Corp., Bynx Ltd., Comtech, Continental AG, DXC Technology Co., Emkay Inc., iLink Digital Inc., OCTO Telematics S.p.A, PTC Inc., Robert Bosch GmbH, Telefonaktiebolaget LM Ericsson, Valeo SA, Verizon Communications Inc., Visteon Corp., Vodafone Group Plc, and Volkswagen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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