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(USGovernment-News.Com, November 22, 2018 ) According to recent research "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025" The global connected car market, by value, is estimated to be USD 72.89 Billion in 2017 and is projected to reach USD 219.21 Billion by 2025, at a compound annual growth rate (CAGR) of 14.8% from 2017 to 2025. Some of the major drivers identified increase in industry compliance norms and government mandates supporting connected technology in passenger cars. However, factors such as network coverage limitation, lag in lack of standardization, and concerns related to data privacy and cybersecurity may hinder the growth of the connected car market in the future.
Increase in demand for connected services is going to create the data monetizing ecosystem and make connected car revenue to USD 219 billion by 2025
The connected services are majorly influenced by end-users demands. The services such as navigation, multimedia streaming, social media & apps, and remote diagnostics are expected to increase the convenience of the driver. The safety & security services are the key concern for government regulatory. Hence it is creating a new ecosystem for automotive and non-automotive players to leverage the revenue.
Major OEMs have started implementing autonomous services to improve the comfort in the vehicle. The connected car market is driven by the demand for connected services. In countries, such as the US, Germany, Japan, and China, connected services are getting standardized from OEMs’ end, and hence the market for connected services is increasing at a significant growth rate.
The automotive industry is witnessing a high degree of innovations and disruptive technologies. Various technologies such as head-up displays, smart infotainment, telematics systems, and autonomous driving are becoming an integral part of high-end automobiles. With improved connectivity, a vehicle can interact with other entities, such as infrastructure as well as other vehicles, to share useful information, including driving habits, traffic congestion, shortest route, roadblocks, and fuel economy. Most of these technologies use real-time data and require regular updates, and are thus able to communicate operational and diagnostic data from onboard systems and connected devices.
The globally connected car market is segmented by network, service, transponder, form, end market, hardware, and region. The report discusses various types of features, such as navigation, remote diagnostics, multimedia streaming, on-road assistance, eCall, and auto parking. The connected services segment is expected to account for the largest market share in the globally connected car market, which would grow at a significant CAGR during the forecast period. The growth of connected car services is expected to be driven by an increase in demand for convenient features and an increase in government mandates. Furthermore, to understand the type of end market, the report discusses the market for a connected car under 2 distinctive end market types, namely, Original Equipment Manufacturer (OEM) and aftermarket. To understand the market in different forms, the connected car market is segmented into embedded, tethered, and integrated; by hardware into smart antenna, display, Electronic Control Unit (ECU), and sensors; by transponder into roadside unit and onboard unit; and by network into Dedicated Short-Range Communication (DSRC) and cellular. The extensive study has been done on 4 key regions, namely, Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The Asia Pacific is expected to account for the largest market share, followed by Europe, North America, and RoW. The Asia Pacific is anticipated to remain predominant during the forecast period due to various factors, such as increasing connected car devices in passenger cars and an increase in digital services such as cybersecurity and updates. In terms of growth rate, North America is projected to exhibit the second highest CAGR during the forecast period. The growth in North America is anticipated to be driven by increasing government mandates and growing communication and information technology infrastructure, such as 4G LTE or 5G.
Some of the major players in the globally connected car market are Bosch (Germany), Continental (Germany), Harman (US), Denso (Japan), ZF (Germany), NXP (Netherlands), Infineon (Germany), Valeo (France), and Delphi (UK). The last chapter of this report covers a comprehensive study of the key vendors operating in the connected car market. The evaluation of market players is done by taking various factors into accounts, such as new product development, R&D expenditure, business strategies, product revenue, and organic and inorganic growth.
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