The Global Market for Passenger Vehicle Telematics is set to expand by USD 46.2 billion from 2023 to 2028, accelerating at a CAGR of 24.94%. This growth is significantly driven by the adoption of embedded telematics systems by OEMs in BRIC nations. Additionally, the promotion of electric vehicles (EVs) through various government initiatives is boosting market development. EVs help reduce air pollution by not emitting harmful pollutants, and their need for telematics systems to track battery status is a key growth factor. The increasing integration of smartphones and tablets in vehicles to enhance user experience further propels the market.
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