Yahoo Finance Asia-Pacific Automotive Telematics Market Report Up to 2031: Visiongain Research Inc
Visiongain has published a new report on Asia-Pacific Automotive Telematics Market Report to 2031: Forecasts by Vehicle Type (Commercial, Passenger), by application (Vehicle Tracking, Satellite Navigation, Fleet Management, Vehicle Safety Communication, Others). PLUS, Profiles of Leading Automotive Telematics Companies and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios.
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The automotive telematics adds functionality to the vehicles and helps in avoiding the number of road accidents, traffic jams, and others. In addition, with the automotive industry observing a phase of the digital revolution, it offers risk assessment data which makes driving a secure experience. The telematics in automotive includes several technologies such as road transport, telecommunications, sensors, road safety, and multimedia.
Continuous growth in demand towards connectivity solutions for vehicles and increased government initiatives & support for the development of automotive telematics solutions are some of the major factors driving the market growth. On the contrary, increased adoption of advance technologies, rapid growth in number of automobiles, massive development towards telematics are some of the major factors expected to create an immense opportunity to the market in the upcoming years.
COVID-19 Impact on Asia Pacific Automotive Telematics Market
The unprecedented spread of COVID-19 has a severe impact on automotive manufacturing, occurring instability in the supply chain. Therefore, this decline in production due to disrupted supply chain resulted in slowdown in sale of automotive. Moreover, vehicles with fully integrated telematics solution such as smart route planning, electronic logging devices (ELDs), advanced driver management, and dash cams have observed decline rate during the pandemic situation. As a result, the demand for automotive telematics in the region has declined in the year 2020.
Drivers
Increased government initiatives & support for the development of automotive telematics
Several governments in the region are imposing regulations for mandatory installation of telematics systems & satellite positioning in vehicles. Therefore, acceptance of telematics has increased due to emergence of regulatory initiatives impose by country governments in order to maintain safety & security. As a result, the automotive industry is having major focus & adoption toward implementing telematics in the vehicles, which is fueling the market growth.
Massive growth in popularity of in-built mobile communications
Due to increased modern commercial vehicle manufacturers installing embedded GPS tracking & telematics technologies in their fleet vehicles. This installation of advance technology allows drivers to communicate internally, as it has a powered battery via internal electrical system. These major benefits provided in automotive telematics are therefore propelling the market growth.
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Market Opportunities
Increased adoption of advance technologies
Rise in adoption of emerging technologies such as Internet of Things (IoT) & smart traffic which help connect vehicles to cities are becoming major factors expected to create potential growth in the upcoming years.
Rapid growth in number of automobiles
The automotive industry is growing tremendously with robust & reliable information storage capacity in vehicles. Furthermore, telematics manufacturers are largely focusing on towards advance automotive telematics with multiple operating systems & software platforms. As the demand for vehicle continuing to rise, the key players have an opportunity to increase & expand telematics solutions in the market.
Competitive Landscape
Some of the companies profiled in the report include AT&T Inc., BMW AG, Ford Motor Company, Meitrack Group, Panasonic Corporation, Robert Bosch GmbH, Tech Mahindra Limited, TELEFÓNICA, S.A, Trimble Inc., and Vodafone Group Plc.
Recent Developments
In March 2020, MiX Telematics which provides fleet & asset management solutions has updated its existing product MiX Vision in-cab video solution. This new development will deliver driver- and road-facing footage and allows fleet managers to conveniently obtain an accurate view of fleet operations.
In December 2018, Toyota Motor & Singapore-based ride-hailing services provider Grab, have announced a collaboration by introducing a device name 'Total-care service' for Toyota’s vehicles operating in Grab. Moreover, this device helps in data collection which is used to develop telematics-based insurance products for Grab drivers.
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