Connected Car Market Insights, Current And Future Market Trends & Forecast Till 2027
The primary factors driving the growth of the global connected car market includes the strong demand for enhanced user comfort and the emerging trend of in-vehicle connectivity solution around the world. The consumers are now willing to stay connected with the outer world, even while traveling. The in-vehicle connectivity solution allows the end-users to sync their smartphones with the vehicle’s connectivity system while enabling the user to make/receive phone calls. This factor is responsible for the expansion of the connected car market size over the coming years.
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According to the connected car market research, several multinational giants are emphasizing on the development of advanced connecting systems which works similar to smartphones and tablets of the end-user, thus driving the growth of the market. Furthermore, the incorporation of the advance diagnostic systems in the connected car will enhance the market growth in the next six years. The diagnostic system helps in keeping track of the vehicle’s smoke emission and fuel consumption, which helps in monitoring the overall health of the engine. The rising government initiatives towards development in the intelligent transportation system to improve the driver’s and passenger’s safety will further accelerate the market growth. On the other edge, the breaking risk of the in-vehicle connectivity system is a major factor that will restrain the growth of the connected car market.
On the basis of service, the autopilot segment exhibits substantial growth potential and is expected to gain traction during the forecast period. This is due to the surging demand of the consumer towards a safer and convenient car and continuous product development by global automotive giants. For instance, Tesla Model S is specifically designed to auto guide on highways, change lanes, and adjust the speed as per the changing traffic conditions. In addition to this, the emerging economies such as China, Japan, and South Korea will introduce autopilot technology in 2022, thus enhancing the demand of the segment.
Based on the form, the Embedded form of connectivity segment is anticipated to witness considerable growth owing to the strong demand for cloud-based services and the easy availability of various service plans. The embedded connectivity solution in the car allows eCall and remote diagnostics, which in turn, will further accelerate the growth of the segment.
Furthermore, the government of several countries is implementing various regulations to mandate the embedded form of connectivity.
On the basis of the end market, the aftermarket segment is poised to expand in the next six years, attributed to the accelerating demand for aftermarket telematics services among the consumers at the global level. The aftermarket not only enables the customers to customize their vehicles as per their choice but also allows them to add new technologies to their older cars. The combination of these remarkable benefits will attract a large number of customers who are looking to customize their vehicles according to their priority list.
Based on the hardware, the Telematic Control Unit (TCU) segment exhibits substantial growth potential and is predicted to gain traction during the forecast period. This is due to the increasing security regulation by the government and the eCall mandatory initiative launched in Europe. The eCall initiative automatically dials Europe’s emergency number 112 in the case of a road accident and helps in providing the communication of the vehicle’s location to the emergency services. These initiatives will surge the demand for the TCU, thus accelerating the growth of the market.
Based on the region, the Asia-Pacific is anticipated to be the fastest growing region over the forecast period. This is attributed to the strong demand for infotainment and navigation services in emerging economies such as India, Japan, China, and South Korea. The fundamental shift in the customer’s preference towards the technology-based vehicles to have a better and connected driving experience will also contribute to the growth of the market in this region. The increasing urbanization, along with the rising economic growth across several nations and the rising population rate, will further enhance the growth of the market in the coming years. Furthermore, with the growing population and vehicle demand, the Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) has issued the National Guidelines for Developing the Standards System of the Telematics Industry (Intelligent and Connected Vehicles). In Japan, several multinational automotive giants are emphasizing on the development and implementation of connected car services and solutions. This increasing focus on the development of platforms for connected cars will further strengthen the market growth in this region.
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The key players of the connected car market include Airbiquity Inc., Qualcomm Technologies, Inc., Cloudmade, Tesla, Ford Motor Company, Continental AG, Robert Bosch GmbH., AT & T, TomTom International BV., and Sierra Wireless, among others.
The research report on the connected car market provides an in-depth analysis of the market revenue based on service, form, end market, hardware, transponder, network, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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