Connected Car Market Insights| Key Players: Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US)

The Connected Car Market size will grow to $166.0 billion by 2025 (forecast year) from $53.9 billion in 2020 (estimated year), at a CAGR of 25.2% during the forecast period.

A car with an internet connection is considered a "connected vehicle." It includes internet-enabled devices and corresponding software applications. The vehicle itself must also allow data to be transferred from the engine, chassis, and electronics to the connected vehicle tracking devices to a central data centre or a driver’s smartphone.

Increasing demand for enhanced user comfort and safety in driving and reduction in fuel consumption will boost the connected car market. However, the lack of infrastructure for the proper functioning of connected cars would restrict the market growth in the coming years.

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Autonomous self-driving vehicles are expected to create an opportunity for ride-sharing and mobility services. For instance, Waymo already has driverless cars picking up passengers, while General Motors plans to roll out its service by the end of 2019, and Ford indicates that it will have a self-driving fleet ready for ride-sharing by 2021. Ridesharing and other mobility services with autonomous cars will require a strong IoT backup, as accessing all the services would require connected vehicles and devices. Wi-Fi, 4G, GPS, Bluetooth, and 5G (upcoming) are set to play a very important role in ride-sharing. With the growing number of connected devices, ride-sharing would be accessible to a larger user base in the future than it is today. Technological advancements in electric vehicles will increase the demand for autonomous vehicles. Shared mobility is also a key growth driver for autonomous vehicles. As people are comfortable sharing rides, it opens revenue doors for ride sharing companies and mobility service providers. Currently, semi-autonomous vehicles are used in some of the ride-sharing services. The development of connected autonomous vehicles would drive the growth of ride sharing as these vehicles do not require drivers, and hence, can reduce costs for service providers. Ride sharing with connected autonomous vehicles would increase the profits of service providers as there will be no share of drivers in the rides. Tesla is planning to launch the first robotaxi as part of a broader vision for an autonomous ride sharing network by 2020. Tesla estimates that running a robotaxi would cost around USD 0.18 or less per mile. This would definitely challenge the USD 2–3 per mile of gasoline-powered ride-sharing vehicles. It is a disruptive technology that can lead to the development of new mobility models and provide vast opportunities for ride sharing and other mobility services.

The OTA updates segment is expected to dominate the connected car market, by service, during the forecast period.

The demand for OTA updates is higher in North America and Europe due to the increasing demand for advanced connected car services such as automatic software updates that offer various benefits to customers in terms of time and cost-saving. OTA updates make the deployment of software updates, patches, and bug fixes more efficient and reduces the risk of recall.

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The Embedded segment is expected to dominate the connected car market, by form, during the forecast period.

Embedded connected car solutions are fitted directly by OEMs; in the current scenario, global vehicle production is observing a decline. Embedded solutions are more expensive compared to tethered and integrated solutions. Due to the COVID-19 impact, the customers might be reluctant to pay more for embedded connected car solutions and to be inclined toward tethered and integrated solutions. Hence, the market for embedded connected car solutions might be impacted more compared to other types.

The Asia Pacific is expected to register the highest growth rate in the connected car market

In this report, the connected car market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. According to the global IoT market report, Asia Pacific is estimated to be the largest global IoT market in terms of revenue and connections by 2025. One of the key drivers for the Asia Pacific connected car market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. China already has some regulations in place in this domain. In 2017, the Chinese Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) issued a draft to establish national standards for China’s Intelligent & Connected Vehicles (ICV). In Japan, the connected automotive services were developed as early as 1997 when Toyota sold its first connected services solution in the country.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the connected car market.

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