DUBLIN--(BUSINESS WIRE)--The "Asia-Pacific Connected Vehicle Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific connected vehicle market is expected to reach $47.4 billion by 2023, expanding at a CAGR of 20% (2018-2023).
The Asia-Pacific connected passenger car market is expected to reach $34.93 billion by 2023 at a CAGR of 22% (2018-2023) and the Asia-Pacific connected truck market is expected to reach $12.47 billion by 2023, expanding at a CAGR of 17% (2018-2023).
The connected vehicle ecosystem is evolving in which Asia-Pacific connected car manufacturers and automotive OEMs are developing various connected solutions. On the basis of connectivity, demand for embedded solutions, tethered solutions, and integrated solutions for connected passenger cars has increased over the years. Similarly, the use of telematics and fleet management solutions for connected commercial vehicles has risen.
Two of the world's fastest emerging economies are from the Asia-Pacific - India and China, indicating ample growth opportunities for the development of the connected car market. China has recently expanded significantly in mobile connectivity technology, keeping customer benefits as a priority and accordingly launching connectivity enabled vehicles.
Autonomous vehicles are no more a thing of the future with various sensors (LIDAR, RADAR) and processors placed in the vehicle, which provide real time information and facilitate an autonomous driving experience. Ride sharing companies are investing heavily in this region and also entering into strategic collaborations to upgrade their traditional vehicles to all-electric vehicles.
Key Growth Factors
- Demand for a connected driving experience is growing rapidly in this region. Major auto-makers and OEMs are working to make this a reality very soon
- Asia-Pacific is expected to become the prominent market by 2025 for connected cars owing to high growth in the automotive market and developing connectivity infrastructures across the region
Threats & Key Players
- New laws mandate connectivity across all vehicles. The Asia-Pacific region is yet to foresee this and its acceptance across all automobile majors in the days to come is expected to be challenging
- Increasing fuel prices is causing a credit crunch, and rising inflation is taking a toll on the global economy. The industry is also restricted by increasing regulations, sluggish demand, and increases in both fixed and marginal cost.
- Some of the key players in the market are: Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar, and ZF Friedrichshafen.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Asia-Pacific Connected Passenger Car - Market Overview
Chapter 3: Connected Passenger Car Services - Value Proposition
Chapter 4: Asia-Pacific Connected Truck - Market Overview
Chapter 5: Modular Strategy and Potential Analysis - Global Truck Market
Chapter 6: Companies Profiled
- Airbiquity Inc.
- Aptiv PLC
- Continental AG
- NXP Semiconductors
- Robert Bosch GmbH
- ZF Friedrichshafen
For more information about this report visit https://www.researchandmarkets.com/research/vjml9t/asiapacific?w=4