DUBLIN–(BUSINESS WIRE)–The “Asia-Pacific Telematics Market – Growth, Trends, and Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific telematics market is expected to register a CAGR of 10.5 over the forecast period (2020 – 2025)
With electric vehicle and autonomous vehicles trend, the automotive industry is witnessing a massive transformation like the development of new areas such as Advanced Driver Assistance System (ADAS), Mobility-as-a-Service providers (MaaS) and CASE, the entry of new industries utilizing IoT technology, and the emergence of new services such as ride-sharing and car-sharing. All these applications require fast data transmission, analysis, and implementation. All these factors are mainly driving the growth in the Asia Pacific telematics market.
The regional governments are also playing a significant role in the growth of the market. For instance, in January 2019, the Indian government released a new AIS 140 Motor Vehicles Order that mandates all new public transport vehicles in the country (excluding taxis and rickshaws) to be fitted with location tracking devices and emergency panic buttons. In April 2020, the Chinese Ministry of Ecology and Environment (MEE) has published a draft regulation on heavy-duty vehicle telematics (remote OBD, OBD III) telematics is required for all HD vehicles.
According to a study conducted by market vendor Tech Mahindra, to understand the buying behaviour and level of awareness of automotive telematics technologies in India, 90% of respondents preferred buying a vehicle with telematics capabilities (in a 4 wheeler), 45% of respondents deemed it necessary to use telematics for safety and security, and 65% of respondents are comfortable with sharing their location details and driver behaviour with fleet managers.
The recession in the global automotive sector, the decline in manufacturing in countries like India and China, and recent COVID-19 outbreak are expected to affect the studied market negatively in the short run. Also, price, along with product quality, is some of the major constraints of the studied market growth. For instance, only GPS tracking is a relatively cheap option. Whereas, a fully integrated telematics solution with other technologies such as electronic logging devices (ELDs), smart route planning, dash cams, and advanced driver management costs more upfront.
Key Market Trends
Passenger Car Segment To Drive The Market Growth
Competitive Landscape
The Asia-Pacific Telematics market is highly competitive and consists of a significant number of major players. In terms of market share, few of the major players currently dominate the market. Manufacturers are focusing on improving product quality by increasing the relevance associated with buyers. Product innovation is encouraged to take an edge over the competitors.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/z4752m
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