Press release
Global Connected Car Market Size To Grow At A CAGR Of 16.8% In The Forecast Period Of 2022-2027
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Connected Car Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 16.8%
The global connected car market is expected to register growth during the forecast period on account of the growing trend of connectivity solutions. There is a rising focus of governments in several countries on mandating different advanced driver-assistance systems and safety features to avoid injuries and deaths by decreasing the number of car accidents. This focus is expected to propel the market growth of connected cars.
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Some of the advanced driver-assistance systems include Electronic Stability Control (ESC), Autonomous Emergency Braking (AEB), and Anti-lock Braking System (ABS) that are compulsory in vehicles in regions like Europe and North America. The overall demand for connected cars has enhanced on account of such compulsory rules implemented by various governments.
The increasing demand for connectivity solutions coupled with the rise in dependency on technology, as well as the development in the tech-savvy population are the significant aspects driving the connected car market growth over the coming years. Evolving technology, increase in the manufacturing of vehicles, and the rise in demand for luxury and comfort in vehicles are likely to aid the market growth of connected cars across the globe. Manufacturers are also prioritising keeping vehicles secure from malfunctioning and hacking. This is further expected to propel the demand for the connected car market globally.
Connected Car Industry Definition and Major Segments
A connected car is any vehicle or car which can connect to the internet. Generally, these vehicles connect to the internet through WLAN (Wireless Local Area Network). Such vehicles can also be linked with devices outside and inside the car and can share data with any external service/device at the same time. They access the internet to perform functions or download data when needed.
Based on network type, the market is segmented into:
• 3G
• 4G/LTE
• 5G
• Satellite
By technology type, the market is classified into:
• Embedded
• Tethered
• Integrated
Based on service, the market is categorised into:
• Navigation
• Remote Diagnostics
• Multimedia Streaming
• Collision Warning
• Autopilot
• Others
By communication type, the market is classified into:
• Vehicle to Vehicle
• Vehicle to Infrastructure
On the basis of sales channel, the market is segmented into:
• Aftermarket
• Original Equipment Manufacturer (OEM)
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa
Connected Car Market Trends
Geographically, the North America region is anticipated to drive the connected car market growth on account of growing regulations by governments in the region to support the adoption of connected cars. The United States is expected to witness significant growth in the market share of connected cars as the United States Department of Transportation views connected car technologies as a likely means to reduce prevalence of vehicle accidents.
Meanwhile, Europe is anticipated to gain momentum over the coming years in the connected car market growth on account of the growing automation industry in the region.
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Moreover, the development of the 5G network is likely to aid in connecting cars wirelessly which is expected to overcome the connectivity issues caused in ADAS systems. This is expected to fuel market growth. The growing telecom industry along with various key players are focusing on expanding 5G Technology. This is further expected to boost the market growth as high-speed computer support to make cars aware of their environments.
Key Market Players
The major players in the connected car market report are:
• Qualcomm Technologies Inc
• General Motors Company
• Robert Bosch GmbH
• AT and T Inc
• Samsung Electronics Co. Ltd
• Airbiquity Inc.
• Telefonaktiebolaget LM Ericsson
• HARMAN International
• Continental AG
• CloudMade
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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