APAC Automotive Telematics Is Estimated To Witness High Growth...

APAC Automotive Telematics Is Estimated To Witness High Growth Owing To Increasing Adoption Of Connected And Autonomous Technology

نشر بتاريخ 2023-12-13 15:28:51

2كيلو بايت

Market Overview:
Automotive telematics refers to the integration of telecommunication and informatics technologies in vehicles. It enables transfer of audiovisual content, vehicle position and data via integrated devices like smartphones, navigation systems etc for safety, productivity and entertainment. Growing demand for connectivity services from vehicles is driving innovations in automotive telematics solutions.

The global APAC Automotive Telematics Market is estimated to be valued at US$ 22,275.64 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The APAC Automotive Telematics market is projected to witness significant growth over the forecast period owing to increasing adoption of connected and autonomous vehicles in major APAC economies like China and India. The availability of low-cost connectivity devices coupled with advanced technologies is boosting the demand for telematics solutions in vehicles. Furthermore, governments in various APAC countries are promoting connectivity in public transportation which is creating opportunities for telematics service providers. However, cybersecurity threats associated with connected vehicles and high installation cost can hamper the market growth during the forecast period.

SWOT Analysis

Strength:
- Growing demand for vehicle safety and security features
- Increasing developments in connectivity and integration of telematics solutions
- Support from governments for adoption of advanced technologies

Weakness:
- High initial costs associated with telematics equipment and services
- Lack of standardized technology and infrastructure in some developing countries

Opportunity:
- Emerging opportunities due to growth of connected and autonomous vehicles
- Growing popularity of usage-based insurance models

Threats:
- Risks regarding data privacy and cybersecurity issues
- Rapid technology changes requiring frequent product upgrades

Key Takeaways

The global APAC Automotive Telematics Market Share is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing demand for connected vehicles and advanced driver assistance systems.

Regional analysis:
China accounted for largest share of the APAC automotive telematics market in 2023 and is expected to maintain its dominance over the forecast period. This can be attributed to growing availability of affordable connected vehicles and government initiatives to expand telematics infrastructure in the country. India is also expected to exhibit lucrative growth opportunities owing to rising penetration of premium vehicles integrated with advanced telematics solutions.

Key players:
Key players operating in the APAC automotive telematics market are Denso Corporation, Panasonic Corporation, Clarion, Masternaut Limited, Continental AG, Qualcomm Technologies, Inc. LG Electronics, Harman International Industries, Inc., Trimble Inc., and I.D. Systems. The market is witnessing increasing partnerships among OEMs and technology companies for development and deployment of innovative automotive telematics solutions.