Global Connected Car Market: Growing Demand for Navigation among Drivers to Increase Valuation of Market to US$131.9 bn by 2019

According to a recent market research report released by Transparency Market Research, the global connected car market is anticipated to be worth US$131.9 bn by 2019. The report, titled “Connected Car Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”, offers an overview of the global connected car market and assesses the market growth during the period between 2013 and 2019. The report attributes the changing preference of consumers and growing awareness about safety as the primary factors boosting the growth of the Global Connected Car Market

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Connected cars are equipped with a wireless local area network (LAN), infotainment unit, head unit, and an in-dash system with a monitor. The monitor helps the user to manage and control various functions in the car. Growing need for connectivity has propelled the growth of the global connected cars market. Government mandates regarding automobile safety across nations will further augment the market growth. However, the report points out that the global connected car market will be restricted by the high hardware and communication cost as well as complex user interfaces. Growing concerns about safety caused by driver distraction in connected cars will negatively impact the market. Advancements in network technology will open new opportunities for the global connected car market.

On the basis of connectivity technology, the report segments the global connected car market into 2G (GSM, GPRS, EDGE), 3G (UMTS, HSPA, HSPA+), and 4G (LTE). Of these, 4G is the fastest connectivity technology and in 2012 it held more than 30% of the market with users preferring it to download newest apps and services in a vehicle. In terms of application, the report categorizes the connected car market into telematics, navigation, and infotainment. Growing demand for real time updates about traffic made navigation as the most sought after application in 2012. A navigation system with voice commands and real-time traffic data helps the user to navigate easily.

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According to connectivity solution, the global connected car market has been divided into integrated, tethered, and embedded. Integrated segment accounted for more than half of the overall market share in 2012.The report studies the global connected car market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. In 2012, North America dominated the overall connected car market owing to the technological advancements in the entertainment head units and growing usage of smartphones. During the forecast horizon, the report estimates that there will be a growing demand for luxury and high-tech vehicles from the U.S. and Europe.

The report profiles some of the major players in the global connected car market such as BMW AG, General Motors, Ford Motor Company, Sierra Wireless, Gemalto, Audi, Mercedes-Benz, Hyundai Motor Co., Toyota Motor Corporation, Delphi Automotive, Verizon Communications, and Microsoft Corporation.

The research study has been segmented as below:

Connected Car Market, by Connectivity Technology:
4G technology
LTE
3G technology
UMTS
HSPA
HSPA
2G technology
GSM
GPRS
EDGE

Connected Car Market, by Connectivity Solutions:
Embedded
Tethered
Integrated

Connected Car Market, by Application:
Navigation
Telematics
Infotainment

Connected Car Market, by Geography:
North America
Europe
Asia Pacific
Rest of the World (RoW)

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This release was published on openPR.