LONDON--(BUSINESS WIRE)--Future Market Insights (FMI) in its latest report titled, “Asia Pacific Automotive Telematics - Market Analysis and Opportunity Assessment, 2014 - 2020”, states that while the global telematics market will exhibit a single-digit CAGR of 8.8% over the forecast period, and Asia Pacific will outpace this rate to achieve a CAGR of 11.6%. The contribution of the Asia Pacific telematics market to the global share is projected to increase from 26% to 30%, reflecting an increase of 400 BPS over the forecast period.
The Asia Pacific automotive telematics market is driven by factors such as high penetration of technologies, steadily increasing GDP, and the presence of established vendors in the commercial vehicle telematics market. Furthermore, over 42% of the world’s Internet users in Asia (2013), combined with hundreds of millions of 4G users, bode well for the Asia Pacific automotive telematics market.
FMI lead consultant, Nikhil Kaitwade, says, “Telematics in the automotive industry has become increasingly relevant with a palpable emphasis on safety and security globally. Increased technology adoption and remote vehicle diagnostics are driving the Asia Pacific automotive telematics market.” The three technologies that will propel the Asia Pacific automotive telematics market are: Embedded, tethered, and smartphone technology.
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By end-user, the safety and security segment is anticipated to dominate the market by 2020 due to increasing consumer focus on automotive safety and security. In addition, the growing prominence of social media in the Asia Pacific region will also contribute to the growth of infotainment segment during the forecast period.
Region-wise, North America dominates the global automotive telematics market, followed by Europe. High penetration of the aforesaid technologies in Asia Pacific combined with saturation of European and North American markets will continue to fuel the growth of the Asia Pacific automotive telematics market over the forecast period.
FMI, a leading market intelligence and consulting firm, delivers syndicated research reports, custom research reports, and consulting services which are personalized in nature. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.