NEW
YORK, June 18, 2024 /PRNewswire/ -- The global
motor racing telematics (MRT) market size is estimated to grow
by USD 280.4 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 9.75% during the forecast period. Increasing
demand for performance optimization is driving market
growth, with a trend towards integration of ar and vr in
motor racing telematics. However, high costs associated with
telematics services poses a challenge. Key market players
include Agero Inc., Airbiquity Inc., Aptiv Plc, AT and T Inc.,
Bridgestone Corp., Bynx Ltd., Comtech, Continental AG, DXC
Technology Co., Emkay Inc., iLink Digital Inc., OCTO Telematics
S.p.A, PTC Inc., Robert Bosch GmbH, Telefonaktiebolaget LM
Ericsson, Valeo SA, Verizon Communications Inc., Visteon Corp.,
Vodafone Group Plc, and Volkswagen AG.
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Motor Racing
Telematics (Mrt) Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.75%
|
Market growth
2024-2028
|
USD 280.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.66
|
Regional
analysis
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, Germany, France,
UK, and China
|
Key companies
profiled
|
Agero Inc., Airbiquity
Inc., Aptiv Plc, AT and T Inc., Bridgestone Corp., Bynx Ltd.,
Comtech, Continental AG, DXC Technology Co., Emkay Inc., iLink
Digital Inc., OCTO Telematics S.p.A, PTC Inc., Robert Bosch GmbH,
Telefonaktiebolaget LM Ericsson, Valeo SA, Verizon Communications
Inc., Visteon Corp., Vodafone Group Plc, and Volkswagen
AG
|
Market Driver
Motor racing telematics, utilizing augmented reality (AR) and
virtual reality (VR) technology, enhances audience experience by
providing real-time data overlays. Spectators gain access to bike
speeds, lap times, and rider performance measures, enhancing
comprehension and entertainment. Brands benefit from increased fan
engagement, leading to new sponsorship opportunities. The
integration of AR and VR is projected to drive significant growth
and innovation within the motor racing telematics market during the
forecast period.
The Motor Racing Telematics (MRT) market is experiencing
significant growth with advancements in technology. Components such
as vehicle sensors, communication systems, and data processing
technologies are driving this trend. Tech-savvy teams and racing
organizations are utilizing these technologies for real-time
monitoring and analysis of vehicle performance. This data is
crucial for making strategic decisions during races and improving
overall team performance. Additionally, consumer interest in
motorsports and the availability of streaming services have
increased the demand for MRT solutions. The market is expected to
continue growing as technology continues to evolve and racing teams
seek to gain a competitive edge.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The motor racing telematics market involves significant
expenses, including license fees, setup costs, and customization
charges. Renewal of licenses and hidden costs like installation and
network roaming charges add to the overall expenditure. High
embedded telematics costs make it challenging for vehicle
manufacturers to maintain low product prices, impacting their
financial status and R&D budgets. This may hinder the market's
growth and limit manufacturers' control in the telematics
ecosystem.
- The Motor Racing Telematics (MRT) market faces several
challenges in implementing vehicle monitoring and performance
enhancement technologies. The need for real-time vehicle data and
analytics is crucial for teams to make informed decisions during
races. However, ensuring data security and privacy is a significant
concern. Consumers also demand cost-effective solutions that
provide accurate and reliable data. Additionally, the complexity of
integrating various sensors and systems into a single platform can
be challenging. Furthermore, the need for standardized protocols
and interfaces is essential to ensure seamless data exchange
between different stakeholders. Lastly, the rapid advancement of
technology requires continuous innovation and adaptation to stay
competitive in the market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This motor racing telematics (mrt) market report extensively
covers market segmentation by
- Application
- Type
- 2.1 Satellite network
- 2.2 Cellular network
- 2.3 RF network
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 M2M- The motor racing telematics market for M2M
applications is experiencing substantial growth, particularly in
developing economies like India
and China. This expansion is
driven by the increasing adoption of M2M applications in countries
such as China, India, Thailand, and Singapore. Government initiatives and
mandatory automotive safety systems are also contributing to the
growth of M2M connections and network security solutions. These
advancements enhance vehicle safety, offer in-car services, and
promote connectivity for improved comfort, convenience, and
efficiency. However, the growing number of connected devices makes
cars vulnerable to cyberattacks, necessitating robust security
measures. Overall, the demand for motor racing telematics from M2M
applications is fueling market growth.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Motor Racing Telematics (MRT) market encompasses the use of
advanced Informatics and Communications technologies in the
Motorsport sector. Telecommunications devices and electronic
components play a crucial role in enabling remote monitoring and
performance analysis of linked automobiles. Vehicle telemetry
measures Tire pressure and temperature in real-time, enhancing both
Performance and Reliability. Computer programs and IoT platforms
facilitate Remote objects' Network connectivity, allowing for
real-time Engine performance data. The integration of Telematics in
Motorsport equips teams with valuable insights, revolutionizing the
industry.
Market Research Overview
The Motor Racing Telematics (MRT) market encompasses advanced
technology solutions that leverage vehicle data to enhance racing
performance and safety. These systems utilize vehicle sensors to
collect real-time data, which is then transmitted and analyzed to
provide insights for teams and drivers. The MRT market caters to
various racing disciplines, including Formula One, IndyCar, and
others. The technology includes vehicle performance monitoring,
telemetry data analysis, predictive analytics, and strategic
decision-making tools. The integration of machine learning and
artificial intelligence further enhances the capabilities of MRT
systems, enabling teams to optimize performance and make
data-driven decisions. The market is expected to grow significantly
due to the increasing demand for improved racing performance and
safety.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Type
-
- Satellite Network
- Cellular Network
- RF Network
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio