openPR Logo
Press release

Connected Cars Market Estimated to Expand at a Robust CAGR over 2020

01-02-2018 11:22 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Future Market Insights

Connected Cars Market Estimated to Expand at a Robust CAGR over

Connected cars are considered to be the future of automobile industry. In addition to wireless LAN devices, connected cars have active safety solutions and automated driver assistance systems. Enabling car owners to connect with all the connectivity devices that are inside and in the vicinity of cars, connected cars also assure to maintain safe distance between cars on roads.

These cars also allow drivers to mechanically monitor cars’ performance and physical condition. The connected car technology can also be used to connect to cars through smartphones or other mobile devices. Research indicates that the market for connected cars, after 2010, has been growing in a nascent stage each year. Providing a wide range of opportunities to automotive and telecom industries, as well as consumers, the market is anticipated to gain mass penetration and witness substantial growth in the near future.

Europe, which is currently the second largest market for connected cars, is estimated to outpace North America and create the largest market by 2020 end. Rising demand for vehicle safety and security will continue to be a key driver for market growth.

A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-44

Europe Connected Cars Market: Key Drivers

Increasing demand for electric vehicles from European consumers is playing a crucial role in boosting the market for connected cars. Moreover, the market is predicted to gain traction due to widespread adoption of mobile and wireless technologies.

Some governments within EU are introducing various regulations and initiatives regarding vehicles safety, which could be a favourable move for connected car manufacturers and dealers. In addition, availability of advanced telecom and road infrastructure will also continue to fuel the European market for connected cars.

Key Restraints

While the connected car technology and smartphone technology are conjoint in this industry, the difference in their lifecycles is significant. Car development is a five-year cycle but the smartphone is developed within a much shorter time span. This is expected to act as a major restraint for connected cars in tandem with smartphone technology.

Moreover, car manufacturers will need long-term, compatible mobile partners, which is currently a challenge.

A recent survey concluded that many consumers from the U.K., Netherlands, Germany, France, Sweden, Spain, and Italy are concerned about the lack of standards across connected car manufacturers. This is anticipated to be a major barrier in the market.

Research reflects significant reluctance among consumers about data privacy and digital safety. A sizeable consumer population still prefers to personalise their cars’ web connection via smartphones’ USB or Bluetooth, rather than buying a connected car with built-in options. This is another factor that could be a major roadblock to market.

Furthermore, many people are not yet ready to pay separately for embedded car connection, which is foreseen to be a setback for the market in Europe.

Segmentation: Europe Connected Cars Market

FMI’s research on the European market for connected cars provides a six-year forecast, segmenting the market on the basis of technology, hardware, service, and application.

On the basis of technology, the market is segmented into long-term evolution (LTE), Wi-Fi, High Speed Packet Access (HSPA), and others.

The hardware segment is further segmented as processor, sensor, CPU, memory device, and wireless and cellular module.

Based on the service, the market is segmented into original equipment manufacturers (OEMs) services, connected services, after-market services, and other services (e.g. safety services).

According to the application, the market is segmented as telematics, navigation, safety and security, infotainment, and communications. However, the safety and security segment is expected to outperform all the segments, followed by infotainment, which is said to record the fastest growth in the European connected cars market.

Europe Estimated to Surpass the Current Market Leader, North America

The EU has always been highly supportive in promoting the connected car technology. The European CEN and ETSI have set certain standards for cooperative intelligence transport systems (ITS), as per the demand from the European Commission for safer, more efficient, and more sustainable transport. The latest standards make it mandatory for manufacturers to equip each car model with a GPS system and 3G/4G connectivity. Moreover, the technology is expected to interconnect drivers with automakers, dealers, and auto repair shops. This has been a major breakthrough for the connected cars market in Europe.

Influential Trends in the Connected Cars Market

Complete smartphone integration, teen drivers’ monitoring, digital dashboards, GPS navigation systems with travel guidance, and self-driving (driverless cars) technology are the most notable trends in the connected cars industry, in Europe and globally. In the recent past, Volvo has launched a corporate initiative, according to which self-driving cars and autonomous driving features will be in market in the near future. The company’s Drive Me Project in 2017 also featured 100 self-driving Volvos on public roads.

To view TOC of this report is available upon request @ https://www.futuremarketinsights.com/askus/rep-gb-44

Key Players: European Connected Cars Market

Key players in the European connected cars market include Apple, Inc., Airbiquity, Inc., BayerischeMotorenWerke AG (BMW), Delphi Automotive LLP, Ford Motor Company, Microsoft Corporation, TATA Consultancy Services Ltd., Toyota Motors Corp., Verizon Communications, Inc., and AT&T, Inc. Major car manufacturers have already started taking efforts toward smartphone integration to cater to connectivity demand from consumers. Since several companies from telecom and software verticals are rapidly entering the connected cars market, OEMs are expected to concentrate on strengthening their hold in the market.

About Us
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.

FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.

Contact Us:
Mr. Sudip Saha
Future Market Insights
616 Corporate Way,
Suite 2-9018,
Valley Cottage,
New York 10989,
United States
Tel: +1-347-918-3531
Fax: +1-845-579-5705
Email: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Connected Cars Market Estimated to Expand at a Robust CAGR over 2020 here

News-ID: 881242 • Views: 93

More Releases from Future Market Insights

How Changing Dynamics of Cable Testing Market are Reflecting on Growth Strategie …
Global Cable Testing Market: Introduction The cost of the substitution of cables that are concealed is very high. Faults in the cable, bending, kinking, and crushing, are not always visible, which has created the requirement for cable testing. Thus, cable testing helps check the cable functionality, cable quality, and cable conformity. Several times, cable testing by visual inspection is an effective way of identifying the actual problem before it causes any
How Transformative Trends in Self-Organising Network Market are Molding Strategi …
Self-Organising Network: Introduction With accelerated advancements and increasing complexities in the radio network technologies, such as those utilised for the development of LTE and 5G networks, which are used for planning, management, configuration, healing and optimisation, are required to be automated to facilitate efficiency. At present, suppliers are offering self-organising networks that possess the ability to offer optimum performance. Self-organising networks are use cases that perform network governance, including network planning,
Mining Vehicle AC Kits Market: Exploring the Impact of Trends on Strategies of K …
Mining Vehicle AC Kits Market: Introduction Cabin space in mining equipment has become more sophisticated in the recent past. The installation of mining vehicle AC kits has evolved from an optional feature to a necessary feature. Mining equipment manufacturers have made advancements in technology related to efficiency, performance and cost of air conditioning systems in order to make them affordable and economical to enable low-budget and compact installations without compromising on
Key Factors to Fuel Growth of the Talent Acquisition & Staffing Technology and S …
With the growing importance of recruiting and retaining top talent effectively and efficiently, smart hiring processes are the need of the hour. It is about time organisations move beyond merely scrutinising resumes. Salaries and benefits are important factors, but adopting ways that would make candidates an important part of the hiring process will attract the best talent. Studies reveal that due to discrepancies in existing Applicant Tracking Systems (ATS), hiring

All 5 Releases


More Releases for Europe

Synthetic Biology Market – Europe
Synthetic Biology Market Europe is expected to reach USD XX Billion by 2026 from USD XX Billion in 2016 at a CAGR of XX% (Detailed analysis of the market CAGR is provided in the report). Synthetic biology has expanded into various interdisciplinary fields that may be defined as the combination of artificial design and engineering to produce biological systems, chemicals or living organisms. Synthetic biology is also used for improving applications
Europe Wooden Doors Market
Europe Wooden Doors Market https://www.qandqmarketresearch.com/reports/wooden-doors-market-78 This report studies the Wooden Doorsmarket status and outlook of Europe and major countries, from angles of players, countries, product types and end industries; this report analyzes the top players in Europe and major countries, and splits the Wooden Doors market by product type and applications/end industries. The global Wooden Doors market is valued at XX million USD in 2018 and is expected to reach XX million
Europe Radiotherapy Market
The Europe Radiotherapy Market research report consists of a primary and secondary research along with an in-depth analysis of the quantitative and qualitative aspects by the expert industry analysts and professionals, leading management bodies, to gain a profound insight of the industry as well as the industry performance. The Europe Radiotherapy Market report presents a lucid picture of the current industry landscape, including the historical and projected market size, based
Europe Business Assembly
The Europe Business Assembly (EBA) is an international corporation for the evolution and implementation of economic and social development. The company was established in April 2000 and its history shows a plethora of promising initiatives, creative growth and professional victories. EBA’s activity demonstrates the capabilities and power of professional partnership. The year 2000 saw the beginning and the foundation of EBA with the signing of the memorandum of cooperation and
Smartsourcing in Eastern Europe
In 2008 the outsourcing business of Eastern Europe was estimated at nearly $2 billion, representing just a tiny fraction of the global IT outsourcing market, estimated at about $386 billion. According to the Gartner Dataquest predictions, in the next four years Eastern Europe is expected to outstrip the rest of the offshore market concentrated mainly in the “classical” locations like India. By 2010 Eastern Europe’s IT outsourcing market share is
Home Control conquers Europe
European Home Control Summit attracts participation from leading International companies and organizations 29. February 2008 - Copenhagen/Frankfurt - The first European Wireless Home Control Summit on 9 April 2008, taking place parallel to Light + Building, features leading companies such as Merten, Horstmann, Danfoss, and market researcher Parks Associates as well as publicly funded organizations like the Danish Energy Saving Trust (DEST) presenting the newest trends, products and market strategies pertaining