Outlook on IoT in the Asia-Pacific Automotive Market (2018-2023) - High Growth in the Automotive Market and Enhanced Connectivity Infrastructures Across the Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 14, 2018--The “Asia-Pacific IoT in Automotive Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.
Asia-Pacific is the fastest growing IoT in automotive market in the world. The major countries like China, India and Japan are adopting IoT at a fast pace, which is driving the adoption of IoT in Asia-Pacific automotive market as well. Increasing level of pollution in the Asian countries, especially in China, is a concern.So, the governments are shifting focus towards less CO2 emission and fuel efficient solutions where IoT enabled navigation and telematics play a great role by reducing carbon emission and providing real-time emission data.According to the report, the Asia-Pacific IoT in automotive market is projected to grow at a compound annual growth rate (CAGR) of 31.37% leading to a revenue of USD 18.66 billion by 2023.
Though Asia-Pacific is in its developmental stage in full adoption of IoT, the region is expected to register the highest CAGR among all the other regions. Countries like China and Japan have deep-rooted interest in technology. Thus, adoption of IoT in automotive can happen very quickly.
Government initiatives for collecting traffic data for proper monitoring of vehicles is also an extremely positive initiative towards adoption of IoT technology in the Asia-Pacific countries.
The navigation segment is expected to show the highest growth rate in the region owing to the government investments in IoT related infrastructure development and local business modernization in China, India and the Philippines for better navigation. Navigation in Asia-Pacific is quite difficult, given the congestion, road conditions and poor lighting in some parts of the region.
Key Growth Factors
A lot of focus on usage based insurance is being given in the Asia-Pacific region and there is a constant push towards penetration of automotive insurance. This is expected to drive the adoption of automotive IoT as it enables monitoring of driver behavior and car condition which are important data for automotive insurance companies.
Asia-Pacific is expected to become one of the most prominent markets by 2025 for IoT enabled cars owing to high growth in the automotive market and enhanced connectivity infrastructures across the region.
ThreatsRegulatory standard in Asia-Pacific has not evolved at the same pace as technology has evolved. Thus, rapid adoption of automotive IoT in this region is expected to be challenging in the upcoming years.Companies ProfiledCiscoFordIBMMicrosoftAT&TTomTomGoogleGeneral MotorsAudiNXP Semiconductors
Chapter 1. Executive Summary
Chapter 2. Asia-Pacific IoT in Automotive Market - Overview
Chapter 3. Asia-Pacific IoT in Automotive Market - by Countries
Chapter 4. Competitive Landscape
Chapter 5. ConclusionFor more information about this report visit https://www.researchandmarkets.com/research/qllzv7/outlook_on_iot_in?w=4
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Related Topics:Internet of Things and M2M
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SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 12/14/2018 05:06 AM/DISC: 12/14/2018 05:06 AM