The Asia-Pacific telematics market is expected to register a CAGR of 10.5 during 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.
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– 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 behavior 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 behavior with fleet managers.
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 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.
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