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Passenger Vehicle Telematics Market Size
- Report ID: GMI5885
- Published Date: Aug 2024
- Report Format: PDF
Passenger Vehicle Telematics Market Size
The Passenger Vehicle Telematics Market size was valued at USD 26.5 billion in 2023 and is estimated to register a CAGR of over 13% between 2024 and 2032. This growth is driven by rising demand for connected vehicles and increasing focus on road safety and security.
Consumers are seeking advanced features in their vehicles, such as in-car connectivity, infotainment, and real-time diagnostics, which in turn is driving the market demand for telematics systems. These systems enhance road safety by providing functionalities such as emergency response, object detection, and vehicle tracking. In January 2024, Bosch, in collaboration with Qualcomm, introduced a new central vehicle computer integrating both cockpit and ADAS (Advanced Driver Assistance Systems) functionalities. This platform supports features such as object detection, intelligent navigation, and vehicle tracking, offering a scalable solution for automakers across different market segments.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Passenger Vehicle Telematics Market Size in 2023: | USD 26.5 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 13% |
| 2032 Value Projection: | USD 82.3 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 360 |
| Segments covered: | Technology, Communication Technology, Service Offering, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Moreover, innovations in communication technologies, such as 5G, have enhanced the functionality and reliability of telematics systems, making them more attractive to consumers and manufacturers. The proliferation of smartphones and other mobile devices facilitates the integration of telematics systems with mobile applications, enhancing user experience and accessibility. For instance, in April 2024, Continental introduced CoSmA, a smart device-based access solution that transforms mobile devices such as smartphones or smartwatches into car keys, providing a convenient user experience in line with the digital age.
The market faces challenges such as data security and privacy, and regulatory compliance. Telematics systems collect vast amounts of data, including location, driving behavior, and vehicle diagnostics, necessitating robust cybersecurity measures to protect this information from breaches and misuse. Navigating the complex and evolving landscape of global regulations related to telematics and data privacy poses additional challenges for companies operating in this space, due to stringent regulations across geographies.
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Passenger Vehicle Telematics Market Scope
