Connected Cars is the fastest growing segment fueling the growth of APAC Automotive Telematics Market
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APAC Automotive Telematics Market |
The global APAC Automotive
Telematics Market is estimated to be valued at US$ 22275.64 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 Overview:
Automotive telematics refers to
the usage of telecommunication and informatics in vehicles to enable safety and
security assistance, infotainment and comfort. Features like navigation,
e-call, telehealth, fleet management are boosting the demand for telematics
solutions.
Market key trends:
One of the key trends driving the
growth of APAC automotive telematics market is increased adoption of
connectivity solutions in vehicles. Fleet tracking, navigation and infotainment
are some of the widely used connectivity features. Manufacturers are focussed
on integrating advanced connectivity and telematics technologies to provide
personalized in-vehicle experience and improve safety. Technologies such as
embedded telematics, integrated telematics and tethered telematics are gaining
popularity in the region. This shift towards connected vehicles will propel the
market growth over the forecast period.
Segment Analysis
The APAC automotive telematics
market is segmented by vehicle type, connectivity solution, application, and
geography. Based on vehicle type, the passenger car segment dominated the
market with a share of over 70% in 2023. The growing demand for safety,
security, and convenience features from tech-savvy passengers is driving the
segment's growth. By connectivity solution, the embedded segment captured
around 65% of the market in 2023 as it provides seamless connectivity without
additional hardware costs.
Key Takeaways
The Global
APAC automotive telematics market Size is expected to witness high
growth, exhibiting a CAGR of 14% over the forecast period, due to increasing
demand for safety, connected, and autonomous mobility solutions in emerging
economies.
Regional analysis
Regionally, China held the
highest share of over 35% of the APAC automotive telematics market in 2023
owing to the large automotive production base and increasing focus of the
government and OEMs on developing autonomous and connected vehicles. India is
expected to exhibit the fastest CAGR of around 17% during the forecast period
due to rising adoption of subscription-based services.
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. Denso Corporation leads the market with its diverse telematics
technologies and global footprint across the APAC region.
Read more
https://www.dailyprbulletin.com/automotive-telematics-market-size-share-growth-outlook-2023/
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