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Need for Improved Driving Experience Contributing to Growth of Connected Car Market

04-06-2020 09:09 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Need for Improved Driving Experience Contributing to Growth

In 2017, the connected car market generated $51.9 billion and is predicted to attain a value of $156.1 billion in 2023, advancing at a 20.7% CAGR during the forecast period (2018-2023). The market is witnessing growth due to the surging concern regarding safety and security and rising demand for enhanced driving experience. A connected car is equipped with internet access and possesses the ability to optimize its own operations on fixed intervals. The network connectivity allows the car to share content with a range of devices present within or outside the vehicle's environment.

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In terms of products & services, the connected car market is categorized into wireless & cellular modules, sensors, fleet manager, aftermarket services, original equipment manufacturer (OEM) services, and processors. Fleet manager contributed the largest revenue share to the market during the historical period (2013-2017). However, the wireless & cellular modules category is predicted to account for the major share of the market during 2021-2023 and is expected to grow at the fastest pace, with a CAGR of about 29.0% during the forecast period due to therequirement for better operational efficiency of vehicles.

The rising requirement for enhanced driving experience is a major driving factor of the connected car market. The need for vehicles for commercial and personal use has increased considerably because of rapid urbanization. However, this sudden rise in the number of vehicles on the road has resulted in several problems such as scarcity of parking space, traffic jams, and road blocks. These problems can be dealt with, to a certain extent, with the aid of advanced connectivity features, including vehicle-to-infrastructure and vehicle-to-vehicle, which will further lead to improvement in the driving experience.

The integration of artificial intelligence (AI) is a key trend in the connected car market. The automakers are offering AI software in vehicle infotainment systems, which serve as virtual personal assistants and have the ability to respond to voice commands and guide the driver with the aid of navigation system. Several OEMs are collaborating with technology vendors to provide the customers with latest connectivity solutions. For example, in April 2018, Alibaba AI Labs partnered with major automotive OEMs, including Volvo AB, Daimler AG, and Audi AG, for supplying AI technology for home-to-vehicle connectivity for deployment in China.

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Competitive Landscape of Connected Car Market

The global connected car market is highly consolidated, with the dominance of certain major players, such as DENSO Corporation, Delphi Technologies PLC, ZF Friedrichshafen AG, and Valeo SA. Other significant players include Robert Bosch GmbH, Continental AG, Harman International Industries Inc., and Autoliv Inc.

To gain a competitive edge over other players in the connected car market, companies are launching new products, working in partnerships, and undertaking geographical expansions. For instance, in June 2018, Sprint and NXM Labs launched the first 5G-ready connected car platform, integrating high-speed, on-demand passenger Wi-Fi with innovative vehicle health monitoring and safety features; the platform also has IoT blockchain security. Furthermore, in April 2018, Valeo SA and NTT Docomo, a mobile operator based in Japan, partnered to bring their expertise and solution together, to provide telecom services and on-board connectivity equipment for connected cars. These includes next-generation mobility services in the area of 5G wireless network systems, vehicle-to-everything (V2X) communication, and digital services for cars via smartphones.

Global Connected Car Market Segmentation

By Products and Services

Fleet Manager
Wireless and Cellular Modules
OEM Services
Aftermarket Services
By Technology

By Application

By Connectivity

By Region

North America
Rest of North America
Rest of Europe
Rest of APAC
Latin America, Middle-East, and Africa (LAMEA)

P&S Intelligence
International: +1-347-960-6455

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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