Expore Industry Insights in Connected Car Market by Products & Services, Connectivity Solutions, Technology, Application and Geography Forecast to 2023

The connected car market is expected to grow at a CAGR of over 30% during 2017-2023, to cross $329.0 billion by 2023. Newly introduced navigation systems embedded inside a car, and growing smartphone accessibility of cars, are fueling the demand of connected cars to a whole new level.

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Insights on market segments

In terms of connectivity solutions, the connected market is categorized into integrated, embedded and tethered. The market for integrated connectivity based cars surpassed that of embedded connectivity based cars in 2016, owing to higher growth rate of the former as compared to the latter.

In terms of technology, the connected car industry is categorized into 2G, 3G, and 4G. A 5G technology is a proposed technology, whose implementation in connected cars is expected to take time to materialize. While 3G technology has already been prevalent among connected cars, the fast spread of 4G is expected to surpass the connected car revenue generated through 3G, by 2023.

Increasing awareness towards safety and security is driving the market

Safety and security acts as a driver for the connected car market. This aspect has always been crucial from the consumer’s as well as auto manufacturer’s perspective. In case of accidents, these cars have the ability to send an SOS message along with the coordinates of the driver’s location.

European connected car market to cross $98.5 billion by 2023
The European connected car market is expected to cross $98.5 billion by 2023, growing at a CAGR of over 30% between 2017-2023. The specific standards set by the European Commission enable vehicles from different manufacturing companies to communicate with each other.

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Collaboration between industry players

Automotive players are entering in strategic alliances with technology providers to combine their expertise and offer best in class connected car solutions and compete with peers. For instance, Honda Cars India recently tied up with IBM, leading to a collaboration between IBM Watson IoT and Honda Connect.

Some of the major players operating in the connected car market are Telefonica S.A., Google Inc., Bayerische Motoren Werke (BMW) Group, AT&T Inc., Intel Corporation, IBM Corporation, and Vodafone Group Plc.

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