Press release
Connected Car Market : Industry Players Analysis, New Innovation, Growth Prospects, Revenue, Development Policy, Business Share, Regional Trends and Forecast To 2024
Connected Car Market
The key market players profiled in the report include Telefonica, HARMAN International, Verizon Wireless, AT&T Intellectual Property, TomTom International BV, Ford Motor Company, Vodafone Group, AUDI AG, BMW AG, Mercedes-Benz, and others. These market players have adopted various strategies including mergers & acquisitions, partnerships, collaborations, expansions, joint ventures, and others to gain a strong position in the industry.
The global connected car market generated $63.03 billion in 2017, and is estimated to reach $225.16 billion by 2025, registering a CAGR of 17.1% from 2018 to 2025.
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North America accounted for more than one-third of the total market share in 2017 and is expected to maintain its lead throughout the forecast period. This is due to the rapid expansion of connected car network in the region. However, Europe would grow at the fastest CAGR of 20.4% from 2018 to 2025, owing to rise in investments and increase in adoption of cybersecurity solutions.
The report provides an in-depth analysis of the global connected car market. It covers aspects such as market size and share, market segmentation, competitive landscape, and market dynamics. The report helps market players, new entrants, and investors gain an understanding of the overall market conditions and devise strategies for growth and sustaining their businesses.
OEMs segment contributed nearly three-fourths of the total market share in 2017, owing to increase in the number of cars having pre-equipped connected car services. This segment would continue to dominate by 2025. However, the aftermarket segment would grow at a CAGR of 17.8% from 2018 to 2025, owing to untapped potential of connected car services in conventional cars.
Integrated connectivity solutions segment contributed nearly half of the total market share in 2017 and is expected to dominate in terms of revenue by 2025. This is due to its ability to offer seamless internet connectivity and ease of accessibility with the help of personal mobile devices. However, embedded connectivity solutions segment would grow at the highest CAGR of 18.9% from 2018 to 2025, owing to its ability to offer remarkable performance, low utilization of resources, and others. The report also analyzes tethered connectivity solutions segment.
3G technology segment contributed more than two-thirds share of the total market revenue in 2017 and is expected to continue to lead throughout the forecast period. This is attributed to the growing preference over 2G and ability of 3G technology to offer high-speed data communication. However, 4G technology would register the highest growth, registering a CAGR of 27.2% from 2018 to 2025, owing to advent of advanced vehicle tracking technologies that need 4G connectivity. The report also analyzes the 2G technology segment.
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Key Findings of the Global Connected Car Market:
• The 3G segment in technology generated the highest revenue in 2017.
• In 2017, the integrated segment was the highest revenue contributor in the connectivity solutions category.
• By service, the safety segment generated the highest revenue in 2017.
• In 2017, the OEM segment was the highest revenue contributor in the end market category.
• Europe is anticipated to exhibit the highest CAGR during the forecast period.
• In 2017, North America contributed to the highest market revenue, followed by Europe, Asia-Pacific, and LAMEA.
Top impacting factors such as -
• A rise in the trend of connectivity solutions
• Ease of vehicle diagnosis
• The threat of data hacking
• Intelligent transportation system
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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