South Korea Connected Vehicle Market Overview with Detailed Analysis, Competitive landscape Forecast to 2023
November 21, 2019 by Jason Lee
The global market status for South Korea Connected Vehicle is precisely examined through a smart research report added to the broad database managed by Facto Market Insights. The study discusses the prime market growth factors along with future projections expected to impact the South Korea Connected Vehicle Market during the period between 2018 and 2023. Furthermore, readers can gather knowledge about the economic status, demographics and competitive landscape which is prevailing in the concerned industry. In addition, a deep analysis of the competitive landscape, including prime market players is also enclosed in this report.
The South Korea connected vehicle market is expected to show Double-digit growth rates. The development of connected car technology in South Korea will create new business opportunities in a variety of industries ranging from digital content to finance, insurance, and public service. Major ICT companies and automakers are collaborating and working with venture firms to realize the full potential.
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Domestic tech companies and automobile manufacturers are either releasing new systems or widening access to previously exclusive technology, in the race to establish control over the nascent South Korean connected car market. Futuristic vehicle information service or infotainment service, are a part of these systems that entail the application of rapidly improving AI capabilities into the driving ecosystem, particularly for carrying out destination searches in navigation software, music volume moderation and safety inspections using voice commands.
Telecom providers are also jumping into the fray, with the nation's leading operator SK Telecom releasing T Map x NUGU. A union of SK Telecom's AI technology NUGU along with its GPS and navigation service T Map, the hybrid software, was downloaded by more than 3 million users in just 18 days after launch, which shows rapid adoption of connected car technologies.
Key growth factors
o Demand for a connected driving experiences is growing rapidly in this region. Major auto-makers and OEMs are working to make this a reality very soon
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Threats and key players
o Increasing fuel prices are causing a credit crunch, and rising inflation is taking a toll on the global economy. The industry is also restricted by increasing regulations, slumping demand, and increase in both fixed and marginal cost.
What's covered in the report?
1) Overview of the South Korea connected vehicle market
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