Connected Car Market Size to Reach USD 225.16 Billion by 2027 - Valuates Reports
Jun 04, 2020, 10:18 ET
BANGALORE, India, June 4, 2020 /PRNewswire/ -- Connected cars are primarily vehicles that are equipped with internet access. They have an integrated wireless LAN, and are enabled to connect with entities both inside and outside the vehicle. Connected cars are designed to receive remote over-the-air ( OTA) software updates, and to transmit on-board systems and components diagnostic and operational data. By leveraging vehicle connectivity in this way, automakers can significantly reduce recall expenses , better infotainment and location aware services, improve cybersecurity response times, enhance product quality and operational efficiency, and deliver vehicle post-sale performance and feature improvements.
The global connected car market size in 2019 was estimated at USD 63.03 billion and is projected to hit USD 225.16 billion by 2027, with a 17.1 percent CAGR during the forecast period.
In general, factors such as advancements in technology, increased vehicle production, and increasing demand for luxury & comfort in vehicles are expected to increase the connected car market size.
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TRENDS INFLUENCING THE CONNECTED CAR MARKET SIZE
Car manufacturers and service providers have developed numerous networking solutions, such as the Machine-to-Machine (M2M) network. This M2M feature in a car enables interconnectivity between two connected cars. The car has numerous sensors and processors to provide the driver with accurate and real-time information. This feature is expected to increase the connected car market size.
'Connected Roads' is an important trend that disrupts the voluminous take-up of connected cars. Smart roads will allow cars to communicate with traffic lights, signals, and emergency service centers via the V2X platform (vehicles to everything). Integrated with the Machine-to-Machine (M2M) network for networking and telematics, it can send real-time alerts to motorists about traffic hurdles and emergency services in the event of road accidents. Thus, the increase in connected roads will, in turn, increase the connected car market size.
The integration of augmented reality, artificial intelligence, and ADAS (advanced driver-assistance system) enhance the potential of connected cars towards autonomous vehicles.
Connected car manufacturers are going beyond pure Internet connectivity to create a competitive market. Startups and automakers are incorporating computer vision and augmented reality (AR) apparatuses into the dashboard to enhance a supplementary layer of safety and personalization to the driving experience. This integration of AR and AI is expected to fuel the growth of the connected car market size.
Advanced infotainment devices with fast wireless network connections are a key factor that is projected to boost the connected car market size over the forecast period.
Furthermore, stringent government policies for automotive safety standards and growing demand for convenient features such as multimedia streaming and remote diagnostics are key factors expected to drive the connected car market size. Connected cars can maintain a backup of where the vehicle is going, how many stops it has made, medical history, and occupant details due to vehicle telematics installation.
Factors such as constantly improving vehicle standards and high maintenance costs of advanced suspension systems are anticipated to impede the growth of the connected car market
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CONNECTED CAR MARKET SHARE ANALYSIS
The Asia Pacific and Europe are the major regions dominating the connected car market share. This dominance can be attributed to various government vehicle safety regulations. In addition, ongoing R&D, network, and service provider partnerships with automotive companies in these regions are expected to accelerate the development of the connected car market during the forecast period.
It is anticipated that demand for the connected car market will grow at the highest rate in North America, especially the US, due to the increased consumer demand for advanced connected car services and the availability of smart infrastructure. Prevailing advanced traffic management and mobility management infrastructure provide compatibility for North America 's sophisticated connected car market adaptation.
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Key Market Players
- Airbiquity Inc.
- CloudMade
- Continental AG
- Intellias Ltd.
- LUXOFT
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Sierra Wireless
- Tesla
- ZUBIE, INC.
- AT&T
- Audi AG
- BMW Group
- Daimler AG
- Ford Motor Company
- Samsung Electronics
- Telefonica S.A.
- TomTom International
- Verizon Communications
- Vodafone Group Plc
By Technology
- 2G
- 3G
- 4G/LTE
By Connectivity Solutions
- Integrated
- Embedded
- Tethered
By Services
- Driver Assistance
- Safety
- Entertainment
- Well-being
- Vehicle Management
- Mobility Management
By End Market
- OEM
- Aftermarket
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SIMILAR REPORTS :
- Connected Car Device Market
The global connected car device market size is projected at USD 28.920 Billion in 2020 to cross USD 54.070 Billion by the end of 2026, at a CAGR of 9.2 percent in 2021-2026.
The growth of Connected Car Device Market size can be attributed to the technological advances and the growing demand for the integration of intelligent features in vehicles. In addition, major corporations are expecting massive developments in connected car technology to assist the worldwide demand for connected car systems in the coming years.
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- Connected Car Softwares Market
This report focuses on the status of global Connected Car Softwares market size, future forecasts, opportunities for growth, key market and key players. The goals of the study are to present the development of Connected Car Softwares in North America , Europe, China , Japan, Southeast Asia , India and Central & South America.
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- Automotive Connected Car Platform Market
This report explores the Automotive Connected Car Platform market size, focusing in particular on key regions such as the United States, the European Union, China, and other regions (Japan, Korea, India, and Southeast Asia). This study also presents the production, revenue, market share, and growth rate of the Automotive Connected Car Platform for each key enterprise, as well as the breakdown data (production, consumption, revenue, and market share) by region, type, and application.
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- Connected Car Safety Solutions Market
Connected Car Safety Solutions help to send real-time crash information to emergency first responders to improve outcomes and provide emergency services to passengers with a direct lifeline.
The focus of this report is on the global status of Connected Car Safety Solutions market size, future forecast, growth opportunity, key market, and key players. The objective of the study is to present the development of Connected Car Safety Solutions in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
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- Connected Car Mobility Solutions Market
Vehicles are increasingly linked to the digital world. As car designers develop ways of transmitting big data, vehicle antennas are becoming even more critical than they already are. This leads to two critical needs for the future vehicle: seamless connectivity that shares high-volume data both inside and outside the vehicle, and a clean design that makes antenna technology invisible to end-users. This increasing need for a well-connected infrastructure inside the car is fueling the growth of Connected Car Mobility Solutions Market size.
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