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Viewing report
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Korean Passengers Vehicle Telematics Markets
Frost & Sullivan, July 2007, Pages: 102
Huge Vehicle Parc and Advanced Wireless Communication Technology in Korea Provides the Bedrock for Heated Telematic Activity
With 16.0 million cars on the road in 2006, Korea has become a happy hunting ground for providers of telematics systems and services. The low level of telematics penetration in one of the top six passenger car manufacturing countries in the world has stirred great excitement among market participants. 'Due to the high density of vehicles, traffic congestion is a major problem in cities such as Seoul,' says the analyst of this research. 'Services that offer live traffic information and navigation provide great respite and are likely to drive the demand for telematics.'
The market will be spurred on by Korea’s robust infrastructure, especially its world-class wireless communication technology and an extremely efficient and high-speed Internet. Superior convergence of technologies, voice recognition systems, and remote care diagnostics are expected to further enhance the market penetration of telematics in Korea. Service providers could also take advantage of these advanced technologies to design and offer content that is distinct from mobile service companies’.
Government Support and Education Campaigns to Steer Market Growth
The Korean Government, ambitious of making the country the market leader in IT, is promoting telematics as one of the nine new engines of economic growth. This will involve considerable investments in telematics infrastructure and platforms, which augurs well for the market. 'Telematics market participants must organize themselves and garner support from the Government to set up comprehensive telematics infrastructure in terms of live traffic information, antenna, and camera systems on key roads,' notes the analyst.
Telematics companies also have a job to do in the end-user market. Since most vehicle owners consider telematics synonymous with navigation, participants have to educate them about the added functions of safety, security, and emergency assistance. Telematic companies could arrange to train sales persons of vehicle manufacturers and automobile dealers to inform new vehicle buyers on the unique benefits of telematics. It will be wise to target this group, as they are prime influencers of purchase decisions.
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- - Telematics systems
- - Telematics services
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