Korea’s commercial vehicle telematics market to grow at CAGR of 5.5% to reach USD 275.7 mln in 2015

The Automotive Practice Asia Pacific at Frost & Sullivan said that the South Korean telematics market is expected to reach the advanced growth phase from 2012 to 2015. They noted that the commercial vehicle telematics market in South Korea is mainly driven by the aftermarket as original equipment (OE) telematics service is not available currently.

“Hyundai is likely to enter the OE-CV telematics market space in coming years. It is estimated that the market share of OE-CV telematics to be 10 percent by 2017 in South Korea,” Ms. Yun (Research Analyst, Automotive Practice Asia Pacific at Frost & Sullivan)said.

She added that penetration rate of the commercial vehicle telematics is expected to increase in South Korea as the Government plans to make the installation of vehicle black boxes in commercial vehicles mandatory. The total registered commercial vehicles in South Korea were estimated at 4.3 million units in 2010.

For full article see Korea IT Times.