Portland, OR, May 11, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the Southeast Asia automotive ORM telematic market was pegged at $1.18 billion in 2016, and is projected to reach $5.55 billion by 2025, growing at a CAGR of 19.3% from 2020 to 2025.
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Surge in use of cloud-based technology for automotive telematics solutions and growth of the transport & logistics sector drive the Southeast Asia automotive OEM telematics market. However, high cost associated with automotive telematics and concerns regarding vehicle hacking hinder the market growth. On the contrary, surge in demand for connected vehicles and demand for smart transportation systems are expected to open new opportunities for the market players in the future.
- The Covid-19 outbreak resulted in the global economic slowdown and reduction in manufacturing and sales of automotive OEM telematics in Southeast Asia.
- Several OEMs closed or reduced their production in some cases and some even permanently closed their business during the pandemic.
- The rise in efforts regarding the stabilization and boosting the economies by the governments is expected to boost the market growth.
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The Southeast Asia automotive OEM telematics market is segmented on the basis of solution, channel, vehicle type, and country. Based on solution, the fleet/vehicle management segment held the lion’s share in 2016, accounting for more than one-third of the market. However, the smart contracts segment is estimated to register the highest CAGR of 20.9% during the forecast period.
On the basis of channel, the OEM segment dominated the market in 2016, contributing to nearly three-fifths of the total revenue. Moreover, the segment is estimated to register the highest CAGR of 20.1% during the forecast period.
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The Southeast Asia automotive OEM telematics market is analyzed across several countries such as Philippines, Vietnam, Thailand, and Indonesia. The market across Thailand held the largest share in 2016, accounting for nearly half of the market. However, the market across Vietnam is projected to portray the highest CAGR of 20.1% during the forecast period.
The Southeast Asia automotive OEM telematics market report includes an in-depth analysis of the major market players such as Continental AG, AT&T Inc., LG Electronics Inc., Harman International, Texas Instruments Incorporated, Robert Bosch GmbH, Valeo, UD Trucks Corp., Webfleet Solutions B.V., and Verizon Communications Inc.
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