According to the report analysis, ‘Asia-Pacific Connected Vehicle Market (2018-2023)’ states that there are several players in the market of Asia Pacific region which are leading the handsome amount of share and performing their functions more actively for attaining highest market share includes Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar, ZF Friedrichshafen and several others. Moreover, Asia-Pacific region is anticipated to become the conspicuous market by 2025 for connected cars owing to high growth in the automotive market and emerging connectivity infrastructures across the region. Furthermore, the Asia-Pacific associated vehicle market is predictable to reach USD 47.4 Billion by 2023, growing at a CAGR of 20% (2018-2023). Based on the connectivity, requirement for surrounded solutions, tethered solutions, and integrated solutions for connected passenger cars has augmented over the years. Correspondingly, the usage of telematics and fleet management solutions for connected commercial vehicles has grown.
A connected vehicle is that type of vehicle in which the facility of internet access is provided. Moreover, connected vehicles refers to that technology which are among the most heavily research automotive technologies. The vehicle technologies recently accessible are only a fraction of what is being improved for future. In addition, connected vehicles enable the vehicle to share internet admission, and therefore data, with other devices both outside the vehicle as well as inside the vehicle. Furthermore, the connected vehicles are benefitting with the significant rise in smartphone applications, and apps are obtainable to interact with the vehicle from any distance. The key players of this market in Asia Pacific region are doing an effective job by doing effective developments in the technology of connected vehicles for attaining the handsome amount of share which further benefitted for leading the fastest market growth in the forecasted period.
Additionally, the connected vehicle ecosystem is developing in which Asia-Pacific connected car manufacturers and automotive OEMs are emerging various connected solutions. The Asia-Pacific region connected passenger car market is anticipated to reach USD 34.93 Billion by 2023 at a CAGR of 22% (2018-2023) and the Asia-Pacific connected truck market is predictable to reach USD 12.47 Billion by 2023, increasing at a CAGR of 17% (2018-2023). China and India are the two fastest developing economies in the Asia-Pacific region, demonstrating ample growth opportunities for the improvement of the connected car market. China has presently enlarge significantly in mobile connectivity technology, keeping customer benefits as a significance and consequently introducing connectivity enabled vehicles. Ride sharing companies are investing comprehensively in this region and also inflowing into strategic associations to renovate their traditional vehicles to all-electric vehicles. Meanwhile, growing fuel prices is initiating a credit crunch, and expanding inflation is taking a toll on the global economy. The industry is also constrained by accumulative regulations, sluggish demand, and growths in both fixed and marginal cost. For instance, growing need for a connected driving experience is increasing speedily in this region. Major auto-makers and OEMs are employed to make this a reality very soon. Therefore, in the near future it is expected that the market of connected vehicles in Asia Pacific region will grow more actively over the recent few years.
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Ankur Gupta, Head Marketing & Communications