The global passenger car T-box market is witnessing growth due to rise in demand for connected car services, regulatory mandates and government initiatives, integration with advanced driver assistance systems (ADAS) and autonomous driving technologies.
WILMINGTON, Del., Sept. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Passenger Car T-Box Market by Type (4G, 5G and Others), and Application (MPV, SUV and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the passenger car t-box market was valued at $2.8 billion in 2023, and is estimated to reach $5.4 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.
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Prime determinants of growth
A number of factors, including the growing need for stepped forward protection and protection functions, the popularity of associated car services, regulatory compliance, the expansion of shared mobility, and advancements in IoT and AI technology, are responsible for the rising demand for passenger car T-Boxes. However, cybersecurity concerns and high development and integration costs hinder market growth to some extent. Moreover, predictive maintenance and fleet management and data monetization and new business models offer lucrative opportunities for the expansion of the global passenger car T-box market.
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Segment Highlights
The 4G segment is expected to witness rapid growth throughout the forecast period.
By type, the 4G segment is anticipated to experience faster growth in the passenger car T-box market due to 4G technology is currently the most widely adopted connectivity standard for automotive telematics systems due to its widespread availability, reliability, and established infrastructure.
The SUV segment is expected to witness rapid growth throughout the forecast period.
By application, the SUV segment is anticipated to experience growth in the passenger car T-box market. Sport Utility Vehicles (SUVs) have gained popularity globally due to their versatility, spaciousness, and perceived safety, leading to increased adoption of T-Box systems in this vehicle segment.
Asia-Pacific to maintain its dominance by 2032.
Region wise, Asia-Pacific is expected to maintain its dominance in the passenger car T-box market by 2032 owing to factors such as high automotive sales volumes and rapid technological advancements in the region. Within each segment, the subsegments with the highest adoption rates align with prevailing market trends and consumer preferences.
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Players:
- LG Electronics
- Valeo
- Denso
- Lan-You Technology
- Continental AG
- Neusoft
- Flaircomm Microelectronics
- Harman
- Visteon
- Bosch
The report provides a detailed analysis of these key players in the global passenger car T-box market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
- In January 2024, Jingwei Hirain introduced a new 5G T-Box product featuring the latest 5G chips from Qualcomm. This innovative product is tailored for a mainstream intelligent all-electric model and is set to enter mass production by the year's end. With the Qualcomm SA522 chip released in early 2023, the T-Box offers a range of advanced functions including Gigabit Ethernet, V2X, high-precision positioning, WiFi6, CAN FD, Dual SIM Dual Standby (DSDS), and RTMP audio transmission. It delivers a variety of efficient telematics services for both the intelligent driving and infotainment sectors of vehicles, boasting enhanced platform scalability.
- In June 2023, the LG Vehicle Component Solutions Company, which encompasses T-Box, achieved an impressive annual revenue of $7.55 billion (KRW10.1 trillion) and an operating profit of $99.5 million (KRW133 billion). Since the initiation of financial reporting in 2015, this business division has consistently experienced growth for eight consecutive years, making a significant contribution of 12% to the total revenue in 2023.
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