Global Connected Car Market to reach USD 251.7 billion by 2026
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A connected car is a car that can convey indirectly with other systems outside the car (LAN). This allows the car to have Internet access, and therefore data, to be shared with other devices both inside and outside the vehicle. Connected Cars allow the driver to reach at destination quickly, safely, and in a cost-efficient manner. By communicate with the traffic signals and the road infrastructural, a smart car can slow down before reaching a signal. Connected cars are generate car data qualities that clarify location, engine status, if a door was locked, speed, and much much more. Car data is generated from the vehicle's electronic control units (ECUs), Controller Access Networks, and even infotainment systems . Connected cars share details on road and traffic conditions to allow nearby cars to take appropriate action.The connect car combine the vehicle, communication, and the Internet of Things.
Global Connected Car Market is valued approximately USD 69.3 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 14.8% over the forecast period 2019-2026. Connected cars are equipped with internet access facility and mainly work on wireless local area network. This internet connection helps the cars to connect with other devices both inside and outside the vehicle. These connections help to connect to smart phone which help use the advancing technologies in the car. Further, rise in the Demand for Safer, More Efficient, and Convenient Driving among the customers and government Mandates for Connected Car Applications has led the adoption of Connected Car across the forecast period. Also, evolution of the New Value Chain Ecosystem of the Automotive Industry is expected to fuel the demand for Connected Cars. However, the connected cars market faces a major restrains owing to the lack of supporting Infrastructure for connected cars in the developing countries and unavailability of standard Platforms. Further, the increasing hacking of internet connected devices and high costs of these cars pose a major challenge to the connected cars market.
The regional analysis of global Connected Car market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to increasing connected car devices in passenger cars and increase in digital services such as cybersecurity and updates. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing government mandates and growing communication and information technology infrastructure, such as 4G LTE or 5G would create lucrative growth prospects for the Connected Car market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Safety and security
Dedicated Short-Range Communications (DSRC)
On-Board Unit (OBU)
Roadside Unit (RSU)
Electronic Control Unit (ECU)
By End Market:
Original Equipment Manufacturer (OEM)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2016, 2017
Base year - 2018
Forecast period - 2019 to 2026
Target Audience of the Global Connected Car Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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In the end, Connected Car Market Report delivers a conclusion which includes Breakdown and Data Triangulation, Consumer Needs/Customer Preference Change, Research Findings, Market Size Estimation, Data Source. These factors will increase the business overall.
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