BEIJING, Aug. 12, 2021 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that its operating variable interest entity ("VIE"), eMapGo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China, has been recognized as the third largest player in China's HD Maps market, according to IDC Consulting's 2020 China Market Share Report on HD Maps (the "Report") released on August 9, 2021.
According to the Report, China's HD Maps market has developed rapidly in 2020, with a market growth rate of 70%. China's HD Maps solutions market is primarily dominated by three domestic map makers: Baidu, NavInfo and EMG, capturing 28.07%, 21.61% and 16.15% of market share, respectively.
EMG has been one of the top providers of HD Maps, ranking fourth in IDC's 2019 China Market Share Report on HD Maps. EMG moved up to third in the 2020 ranking, having increased its market share in China to 16.15% from 14.7% in 2019.
Mr. Xuesong Song, Chairman and CEO, stated, "We are pleased to have improved our ranking in this year's IDC China Market Share Report as a result of our growth brought on by new customer wins over the course of 2020. It is an honor to be listed as one of the top players in China's HD Maps industry among other longstanding, reputable companies in the space. We believe this recognition will add to the positive momentum we have gained in expanding our client base and partnerships so far in 2021, and we look forward to continuing our active leadership in the HD Maps industry in the years to come."
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and related intelligent spatial-temporal big data, Luokung established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including autonomous driving, vehicle-road collaboration (V2X), smart transportation, smart travel, local business LBS, new infrastructure, smart cities, and smart industries (emergency, natural resources, environmental protection, water conservancy, energy, smart training, among others). The Company routinely provides important updates on its website: www.luokung.com/en.
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Mr. Jay Yu
Chief Financial Officer
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Senior Vice President
The Equity Group Inc.
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SOURCE Luokung Technology Corp.