Press release
Connected Car Market is Projected to Report a CAGR of 20.7% between 2017 and 2023
The growth of the market is majorly driven by the stringent government norms and regulations favoring the growth of connected car technology. In addition, the rise in demand for enhanced driving experience, coupled with ramp-up in the automobile production, is expected to benefit the market during the forecast period.
Insights into market segments
On the basis of products and services, the connected car market is categorized into fleet manager, original equipment manufacturer (OEM) services, processors, wireless and cellular modules, aftermarket services, and sensors. The fleet manager category dominated the segment, accounting for more than 40% market share in 2017 in terms of value. The dominance of this category in the segment can be owed to the increase in the adoption of connected car technologies, primarily for tracking fleet vehicles by their managers. Such technologies help the fleet managers to track the vehicle condition and ensure that the vehicle maintenance is done before the occurrence of any serious vehicle casualties.
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4G/LTE technology was the largest category in the technology segment in connected car market. Much of this can be owed to the increasing demand for fast and advanced technology for the connected cars. Additionally, it allows drivers to connect and share vital information, and update emergency service provider faster as compared to other commercial technologies in the market, which is the reason why the 4G technology is expected to dominate the market during the forecast period.
In the connected car market, the embedded connectivity was the leading category in the connectivity segment in 2017. This can be attributed to its compact structure and user-friendly characteristic nature.
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The navigation category dominated the application segment in the connected car market, as it held more than 40% market share in 2017. Navigation application is the most basic requirement in a connected car, which when coupled with its cost effectiveness and growing need for travelling in cities, make it the largest shareholder in the application segment.North America seals the leading position in the global connected car market
Globally, the North American connected car market is expected to account for the largest share throughout the forecast period. The U.S. has been one of the first countries to deploy connected cars and adopt machine-to-machine (M2M) technology in the connected car sector. The demand for these cars is constantly increasing in North America due to increasing demand for technological advanced features in passenger cars.
However, Asia-Pacific (APAC) is expected to be the fastest growing market for connected cars. The changes in government policies related to safety rules and regulations in vehicles and ramp-up in the production of the passenger cars are expected to benefit the market in the region. The presence of leading global automotive players in the region, such as Nissan Motor Co. Ltd., Toyota Motor Corp., and Honda Motor Co. Ltd. are also expected to benefit the market during the forecast period.
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Connected car market competitive landscape
Some of the major players operating in the global connected car market are Continental AG, Delphi Technologies PLC, DENSO Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Harman International Industries Inc., Valeo SA, and Autoliv Inc.
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