Passenger Vehicle Telematics Market by Fitment and Geography - Forecast and Analysis 2020-2024

The passenger vehicle telematics market size has the potential to grow by USD 15.19 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by fitment (smartphone integration, tethered, and embedded) and geography (APAC, Europe, North America, South America, and MEA). Also, the report analyzes the market's competitive landscape. It offers information on several market vendors, including Agero Inc., Airbiquity Inc., AT&T Inc., Bridgestone Corp., Continental AG, Robert Bosch GmbH, Telefonaktiebolaget LM Ericsson, Trimble Inc., Verizon Communications Inc., and Visteon Corp.

Market Overview

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Market Competitive Analysis

The market is fragmented, with several players having a strong global or regional presence. Dominant players have a wide geographical presence and access to multiple distribution channels. Also, several regional players offer passenger vehicle telematics to meet the replacement and aftermarket demand.  Agero Inc., Airbiquity Inc., and AT&T Inc. are some of the major market participants. Although OEM push for embedded telematics systems in BRIC nations will offer immense growth opportunities, the lack of standardization and technological challenges in the telematics industry will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this passenger vehicle telematics market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and provides information on the products offered by various companies. Moreover, this passenger vehicle telematics market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Agero Inc.
• Airbiquity Inc.
• AT&T Inc.
• Bridgestone Corp.
• Continental AG
• Robert Bosch GmbH
• Telefonaktiebolaget LM Ericsson
• Trimble Inc.
• Verizon Communications Inc.
• Visteon Corp.

Passenger Vehicle Telematics Market: Segmentation by Geography

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APAC was the largest passenger vehicle telematics market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rise in ownership of passenger cars that come installed with in-dash entertainment systems, display units, advanced safety and security features, and navigation systems in emerging markets, such as India, China, Malaysia, and Indonesia will significantly drive passenger vehicle telematics market growth in this region over the forecast period.

54% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for passenger vehicle telematics solutions in APAC. Market growth in this region will be slower than the growth of the market MEA regions.

Passenger Vehicle Telematics Market: Segmentation by Application

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Consumers prefer access to their smartphones while driving. As a result, there has been an increased demand for high-resolution HMI, which can be integrated with smartphones. This will fuel the growth of smartphone-integrated telematics solutions in the industry. 

The passenger vehicle telematics market share growth by the smartphone integration segment will be faster than the growth of the market in other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the passenger vehicle telematics market size.

Passenger Vehicle Telematics Market: Key Drivers and Trends

The growing focus of OEMs toward embedded telematics systems will be one of the significant factors that will drive passenger vehicle telematics market growth. Developing markets such as Brazil, Russia, India, and China (BRIC) have witnessed growth in the passenger vehicle telematics market. This growing interest in navigation services and infotainment services among consumers has led the OEMs to partner with automotive telematics companies and are looking at introducing new products and services to widen their opportunities in the BRIC countries. This will boost the adoption of vehicle telematics in the automotive industry.

The introduction of usage-based insurance (UBI) to customers by insurance companies, one of the key passenger vehicle telematics market trends, will also drive market growth. In UBI, insurance companies can calculate the insurance premium for their clients in accordance with the use rate of the vehicle. The automotive telematics system provides insurance companies with a clear idea of a person's driving pattern that was earlier estimated using gender, age, marital status, and experience. The implementation of telematics assisted UBI also assists the customers to lessen their premium rates by adopting safe driving. Such factors will drive passenger vehicle telematics market growth at a CAGR of close to 17% by 2024.

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Passenger Vehicle Telematics Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive passenger vehicle telematics market growth during the next five years
• Precise estimation of the passenger vehicle telematics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the passenger vehicle telematics industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of passenger vehicle telematics market vendors

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