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
- The passenger car segment is expected to remain the major segment for the Asian telematics market, owing to a high sales rate. The passenger segment is mainly driving owing to an increase in demand for safety and convenience telematics services. Countries like China, India, Australia, Japan, among others, have major markets for passenger vehicles, and also the safety regulations for these vehicles are more stringent in these countries, which lead to the demand for high-end telematics services and connectivity solutions.
- The demand for self-driving cars in the region, making the OEMs introduce advanced telematics technologies and services which is expected to increase the market of the passenger car market. The Bengaluru-based(India) startup, iTriangle, is offering offers cloud-based telematics software solutions for manufactures its own IoT based tracking device. The company is highly optimistic about passenger car segments and is increasingly targeting the segment.
- The Asia Pacific is one of the major regions for sensor fusion in autonomous applications, owing to the growing adoption of autonomous vehicles, stringent government regulation, and increasing dominance in the global semiconductor industry.This is further boosting the growth of telematics applications in passenger vehicles across the region.
- Also, the region’s massive investment in 5G, along with promoting C-V2X, is further expanding the scope of automotive applications such as autonomous driving, Vehicle-to-Everything (V2X), and MaaS market. Chipmakers are also active in this space. For instance, Qualcomm is working with over 30 Chinese automotive companies, including the China-based joint ventures, to demonstrate the commercial viability of C-V2X technology for autonomous and connected vehicles.
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.
- In October 2019, MiX Telematics updated its MiX Vision in-cab video solution, which delivers driver- and road-facing footage for fleet managers to conveniently obtain an accurate view of their fleet operations.
- In September 2019, Trimble has released its X7 3D laser scanning system The X7 is designed for surveying, construction, industrial and forensic applications. The scanner features Trimble X-Drive technology, survey-grade self-leveling, and a smart calibration system.
- Meitrack Group
- Guangzhou Xingwei Information Technology Co., Ltd.
- Shenzhen Huabao Electronic Technology Co., Ltd.
- MiX Telematics Ltd.
- Concox Information Technology Co., Ltd.
- Trimble Inc.
- Arya Omnitalk Wireless Solutions Private Limited
- iData Kft (iTrack)
- Bright Box Hungary Kft
- Tata Consultancy Services Ltd.
- Efkon India Pvt. Ltd.
- Tech Mahindra Limited
For more information about this report visit https://www.researchandmarkets.com/r/z4752m
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900