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Connected Car Market by Products & Services, Connectivity Solutions, Technology, Application and Geography
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All major automotive manufacturers across the globe, are now concentrating on developing and implementing the connected car concept into their vehicles. Over half of the connected car industry revenue in 2023 is expected to come from integrated solutions. During the forecast period, embedded will remain the second preferred connectivity solution among connected car consumers.
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Geographically, North America accounted for more than 40% of the global connected car revenue in 2016. The highest revenue contribution is backed by high technological advancements and enterprise’s receptivity towards new technologies in the region. Being one of the largest passenger car markets globally, and early adopter of smart and connected car features at residential and commercial scale.
Connected cars are expected to witness fastest growth in Asia-Pacific, during the forecast period. This is due to rapid urbanization and increase in household incomes, which is attracting the consumers to replace their traditional and legacy vehicles with the smart and connected variant. Apart from this, major automotive players residing in the region are heavily investing in the design and development of connected cars for regional use and export.
Some of the major players operating in this 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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