Passenger Car Telematics: Global Market for Services and Solutions

NEW YORK, March 1, 2023 /PRNewswire/ --

Report Scope:

This report analyses product types, connectivity, applications, sales channels, and regional market development for passenger car telematics. Furthermore, we have also covered market analysis for major countries in this report, such as the US, China, Germany, and others, where the opportunities for passenger car telematics are profitable.

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The report is prepared in a simple, easy-to-understand format; tables and figures are included to illustrate historical, current, and future market scenarios.The report also covers leading companies with information on product types, business footprint, revenue, employee strength, etc.

We have also covered a list of other companies in the global and regional markets with their product-related information. The analyst has also covered the patent analysis for the passenger car telematics market, which represents a significant investment area for investors.

The report includes the impact of COVID-19 and the Russia-Ukraine war on the global and regional markets.

2021 is considered a historic/base year, 2022 is an estimated year, and the market values are forecasted for five years until 2027. All market values are in the ($) billion.

Report Includes:

- 28 data tables and 15 additional tables

- A detailed review and up-to-date assessment of the global market for passenger car telematics services and solutions

- Analyses of the global market trends, with market revenue data for 2021, estimates for 2022 and 2023, and projections of compound annual growth rates (CAGRs) through 2027

- Highlights of the market potential for passenger car telematics, industry growth drivers, and areas of focus to forecast this market into various segments and subsegments

- Estimation of the actual market size for passenger car telematics in USD million values, revenue forecast, and corresponding market share analysis by product type, connectivity, application, sales channel, and geographic region

- In-depth information (facts and figures) concerning market drivers, market deterrents and other macroeconomic forces affecting the current and future market outlook

- Discussion of the industry value chain analysis providing a systematic study of key intermediaries involved, with emphasis on manufacturers, suppliers, and solutions providers of passenger car telematics

- Updated information on recent mergers, acquisitions, partnerships, agreements, collaborations, joint ventures, and market expansions in the passenger car telematics industry

- A relevant patent analysis with significant allotments of patents on passenger car telematics technology

- Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues

- Descriptive company profiles of the leading global players, including Continental AG, LG Electronics, Powerfleet Inc., Tata motors, and Verizon Connect

Summary:

The market for passenger car telematics is continuously growing due to growing demand for in-car connectivity in private cars and rental cars – fordriver monitoring features in cars.Telematics users prefer to pay for services on a subscription model according to desired telematics features/packages.

Due to the growing telematicsmarket, core software companies are investing in this business in order to gain profit margin. Furthermore, automotive carmanufacturers and hardware manufacturers are working collaboratively as car technologies are changing rapidly. There is also a wide variety of endusers interested in the car-related data collected through telematics, such as insurance and risk assessment companies.

Consumers have twoways to access telematics services – telematics with the newcars or through the aftermarket.According to the telematic experts, OEM telematics systems are highly reliable, low cost (usually included in the car's price), and subscription services are typically free for one year after purchase of the car.

However, commercial car fleet managers often look to the aftermarket for appropriate telematics systems as the aftermarket option gives them freedom to track any type of car through one software.

Car rental companies such as Uber are preferring to use fingerprint technologies for cab drivers to save the driver's performance related information in a software. Based on driver behavior, driving style, etc., such companies can promote talented drivers based on their company policies.

OEM companies offer two connectivity options in their cars – embedded and integrated.The embedded option is highly compatible with in-car technology.

For example, integrated connectivity allows drivers to connect their smartphone with the car's infotainment system.From the aftermarket, car fleet managers can also use a tethered option for telematics services, but it is not compatible with vehicles for advanced telematics features.

However, developing countries such as India, China, etc. are still using telematic connectivity as it is very low in cost compared to integrated and embedded connectivity.

In the coming years, the telematics companies engaged in software and services expect higher revenue growth than the hardware manufacturers.At the same time, the hardware side will continue to grow due to increased software-driven technologies that require highly advanced hardware, such as AIpowered dashboard cameras.

Rental car fleet managers are using telematics services to reduce their insurance premiums. These managers share car sharing-related data with car insurance companies, and based on their analysis of car risk assessment, insurance companies may reduce premiums.

According to BCC Research's estimates, by the end of 2027, the global value of the market for passenger car telematics is expected to reach REDACTED. The market is projected to grow at a compound annual growth rate (CAGR) of REDACTED during the forecast period.

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