Industry 4.0 has made massive inroads in the automotive and transportation sector, driven by the need for better traffic management and ensure road safety. As cities become more advanced, technological integration in their management has catapulted from being a niche market to mainstream success.
DUBAI, UAE / ACCESSWIRE / July 7, 2020 / As road safety becomes a priority for governments across the world, investments in enhancing road traffic management have soared. These have translated into technological solutions to remotely track and determine real-time location of vehicular traffic using artificial intelligence. This has led to the emergence of automotive telematics in recent years. At its core, telematics includes a vehicular tracking device installed within an automobile, facilitating transmission of telemetry data, which is relayed to a centralized server. This data is then displayed to end-users via secure websites.
Based on its recent research report, Future Market Insights concludes that the Asia Pacific automotive telematics market is poised to expand strongly during the forecast period of 2020-2030. Majority of this growth is being driven by the Chinese market. This is primarily due to government mandates to install telematics systems across passenger vehicles to prevent accidents and facilitate better automobile management. However, with the onset of the COVID-19 pandemic, growth prospects are anticipated to experience a southward trajectory, attributed to cessation of automobile production as a result of nationwide lockdowns in the short-term. Growth will eventually accelerate as curbs on industrial production are lifted in a phased manner in the coming months.
"Rising internet penetration has enabled the deployment of wireless technologies such as 3G, 4G, 5G and LTE in vehicular traffic management across the Asia-Pacific. Major APAC countries such as India, Singapore, China, Japan and Australia are taking initiatives to transform their road and telecom infrastructure, heightening growth prospects for the automotive telematics market," infers an FMI analyst.
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APAC Automotive Telematics Market- Key Takeaways
APAC automotive telematics market shall expand robustly at a CAGR of 9% until 2029.
Application in the commercial vehicles space shall expand rapidly, providing major impetus to market growth.
China is anticipated to dominate the APAC automotive telematics market, attributed to heavy investments by OEMs in the low and medium end car models.
Aftermarkets of automotive telematics are gaining major traction in countries such as South Korea.
Embedded systems account for maximum application due to their low cost, easy management and faster-to-load attributes.
APAC Automotive Telematics Market- Prominent Drivers
Favorable government initiatives to improve traffic management has facilitated adoption of big data connectivity for robust and reliable information storage, greatly augmenting the APAC automotive telematics market.
Rising smartphone penetration is anticipated to create a strong base for telematics. While smartphone adoption rate in Australia is nearly 80%, usage across East Asia has risen to more than half.
APAC Automotive Telematics Market- Key Constraints
Countries such as India are anticipated to record sluggish growth due to strict government regulations such as the imposition of the goods and services tax (GST) and demonetization which was implemented in 2016. These measures have generated financial crunches inhibiting investments in telematics.
Automobile manufacturing in China has nosedived due to the outbreak of COVID-19, stalling investments in telematics solutions.
Explore the APAC automotive telematics market report consisting of 190 illustrative figures, 29 data tables and the table of contents. You can find detailed market segmentation on https://www.futuremarketinsights.com/request-special-price/rep-ap-47
Anticipated Impact of the Coronavirus Outbreak
The COVID-19 pandemic has ushered in an unprecedented era of uncertainty, leading to closure of various businesses and a general economic slowdown. The pandemic's adverse impacts have been especially felt across the automotive sector. Production has slumped has manufacturing plants have been shut, resulting in limited supply. This is ultimately hampering growth prospects for vehicular telematics systems.
China has borne the major brunt of this downturn. Being the epicenter of the pandemic as well as the leading automotive producer, prospects for automotive telematics seem shallow in the coming months. A silver lining visible in this uncertain phase is that automotive manufacturers are utilizing this hiatus to streamline their production cycles by introducing efficient production methods. Recovery is anticipated in the latter half of 2020, with a majority of the countries easing lockdown curbs to allow their economies to breathe in fresh air. Complete recovery will be possible with the introduction of a drug or a vaccine against the deadly virus, which is predicted to happen sometime during 2021.
The APAC automotive telematics market is fragmented, making it quite competitive in nature. A combination of large, medium and small-scale enterprises constitute the APAC automotive telematics competition landscape. The leading players have captured one-fifth of the revenue share. A combination of different strategies, ranging from product launches to collaborations are being followed by the vendors.
Airbiquity Inc., for instance, recently doled out a sophisticated version of over-the-air software and data management system for vehicles to facilitate easy navigation of vehicle location. Additionally, auto manufacturers and insurance providers are also leveraging telematics systems to solidify customer relationships, thereby retaining a significant market presence.
COVID -19: Impact Analysis@ https://www.futuremarketinsights.com/covid19/rep-ap-47
More Insights on the APAC Automotive Telematics Market
FMI's research study on the Asia-Pacific (APAC) automotive telematics market provides an unbiased analysis of prominent dynamics responsible for shaping future growth outlook during the assessment period for the upcoming decade. The report has segmented the market in terms of vehicle type (commercial and passenger), technology type (embedded, tethered and integrated/smartphone), end use (infotainment, safety, navigation and diagnostics) and channel type (OEM and aftermarket) across six geographies (China, Japan, South Korea, India, ASEAN and Oceania).
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