NEW YORK, June 9, 2016 /PRNewswire/ -- A connected car is the one which is equipped with Internet access, and also with a wireless local area network (LAN). This allows the car to share internet access with other devices both inside as well as outside the vehicle and the car is also outfitted with some special technologies that tap into the internet or wireless LAN and supply additional benefits to the driver.
Supply – Demand Scenario:
The global Connected Car market was 27.86 billion USD in 2014 and is estimated to reach 95.75 billion USD by 2020, at a CAGR of 22.84% for the forecasted period. Advanced infotainment systems and a fast connection to the wireless network are the two prominent features that potentially enhance the market growth.
Growth by Region:
The Asia-Pacific region recorded an outstanding growth and is expected to grow at a CAGR of more than 25% during the forecast period. In future, Asia-Pacific should be a prominent automobile market, owing to the rapidly increasing population, rising disposable incomes and a large presence of youth. North America and Eastern Europe are the two major markets for connected cars. But APAC (India and China) is expecting huge growth in the industrial and infrastructure sectors in the coming years.
Drivers vs. Constraints:
Raising demand of consumers for Smartphone features such as making and receiving calls, music on demand, voice messages and infotainment in vehicles are attributing to the growth of connected vehicles.
Two prime factors that are driving a global connected car market are growing demand for connectivity solutions within the vehicle and the rising number of tech savvy youth.
Industry Structure and Updates:
Most of the major economies have already introduced one mandate or the other such as GLONASS in Russia and eCall in Europe. Coming generations will rely more on cloud-based backend systems for services, content and information. In future, the self- driving or autonomous car is more likely to revolutionize the connected car market.
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