Connected Car Market to Generate $225.16 Billion by 2027 | Advanced Technologies & Key Business Strategies

Allied Market Research published a report, titled, Connected Car Market by Technology (2G, 3G, and 4G/LTE), Connectivity Solutions (Integrated, Embedded, and Tethered), Service (Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, and Mobility Management), and End Market (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers detailed analyses of driving forces & opportunities, top impacting factors, changing market dynamics, market size & estimations, competitive landscape, and key market segments. According to the report, the global connected car market generated $63.03 billion in 2017, and is estimated to reach reach $225.16 billion by 2027, registering a CAGR of 17.1% from 2020 to 2027.

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Increased adoption of connectivity solutions, aggrandized need for safety & security, high demand for convenience & comfort drive the growth of the market. However, threat of data breach, high initial cost, and lack of seamless & uninterrupted security restrain the market growth. On the other hand, increase in tech-savvy population intelligent transportation system and enhanced performance of autonomous vehicles would present new opportunities to the industry.

3G technology segment to lead in terms of revenue by 2025

3G technology segment contributed more than two-thirds share of the total market revenue in 2020 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 2027, owing to advent of advanced vehicle tracking technologies that need 4G connectivity. The report also analyzes the 2G technology segment.

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Integrated connectivity solutions segment to maintain its lead through 2027

Integrated connectivity solutions segment contributed nearly half of the total market share in 2020 and is expected to dominate in terms of revenue by 2027. 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.

Safety services segment to remain dominant throughout forecast period

Safety services segment accounted for nearly one-third of the total market share in 2020 and is expected to maintain its lead position by 2027. This is due to the advent of new technologies to enhance the level of safety of passengers. However, driver assistance services segment would register the highest CAGR of 20.2% from 2018 to 2025, owing to ease of convenience offered by features such as voice assistance, traffic congestion reporting, multiple map views, and others. The report also presents the analysis of other segments including detailed analysis of entertainment, well-being, vehicle management, and mobility management.

OEMs segment to dominate in terms of revenue by 2027

OEMs segment contributed nearly three-fourths of the total market share in 2020, 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.

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North America to maintain lead throughout forecast period

North America accounted for more than one-third of the total market share in 2020 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.

Frontrunners in the industry

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.

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