Passenger Vehicle Telematics Market Analysis

Passenger Vehicle Telematics Market Analysis

Embedded telematics dominated 50% of the passenger vehicle telematics market share in 2022. Embedded telematics enables sending and receiving information with the help of telecommunication devices. GPS navigation, safety communications & emergency systems, and automatic driver assistance are some of the major factors propelling embedded telematics demand. Furthermore, regulatory mandates to improve vehicle & passenger safety and the growing demand for fleet management solutions are anticipated to increase embedded telematics espousal in passenger vehicles.

Remote control & monitoring is expected to witness a significant growth rate of 15% through 2032. Remote control & monitoring allow users to remotely interact with their vehicles, access real-time information, and control certain vehicle functions from a distance. Owing to this feature, passengers or drivers can lock or unlock their vehicles. Growth in vehicle thefts coupled with the increasing demand for real-time tracking of vehicles is expected to fuel market demand by 2032.
 

North America passenger vehicle telematics market captured 35% of the global share in 2022 and, is estimated to amass USD 30 billion revenues by 2032. Rising security & safety concerns are significantly fueling demand for passenger vehicle telematics in the U.S. and Canada. Moreover, U.S. government regulations are also supporting telematics demand in the region. For instance, in June 2022, the U.S. General Services Administration (GSA) Fleet team activated more than 19,000 new telematics devices with an aim to combine telecommunications & informatics to send, receive, and store data connected with fleet vehicles.