Transparency Market Research has published a new report titled "Connected Car Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" to its report store.
Albany, NY -- (SBWIRE) -- 01/23/2015 -- The global connected car market which is projected to be worth USD 131.9 billion by the end of the year 2019.
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Connected cars provide Internet access and come equipped with a wireless LAN (local area network). Usually, a connected car manufactured after the year 2010 would have an infotainment unit, a head unit, and an in-dash system with a monitor. The monitor will help the user manage and control different functions in the car.
Some examples of these functions include music playing, engine controls, voice commands, navigation, and car diagnosis. Currently, manufacturers of connected cars are also providing personalized services to the consumers. So, a consumer can go to the manufacturer's site and select the functions they want or don't want in the connected car they want to buy. There is fierce competition among connected car companies to provide the latest technology and luxury functions to the consumers.
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Even though connected cars provide luxury, 'security and navigation' are the major reasons for people to invest in these cars. Navigation segment dominated the market in the year 2012, because of increased demand for traffic information services among the global consumers. A navigation system with voice commands and real-time traffic data helps a user to navigate easily and quickly.
The global connected car market is driven primarily by the ever-changing preference of consumer and their growing awareness about safety and security a car should provide. The market is also growing as consumers feel the need of connectivity in a car. Government mandates are also helping this market grow.
Risk of distraction by all the features in a connected car and high cost of hardware are factors which inhibit this market's growth. However, the fast-paced innovations in the network technology serve to fuel the demand and growth of this market.
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The connected car market is segment into four parts according to the connectivity technology. These include 4G (LTE), 3G (UMTS, HSPA, HSPA+), and 2G (GSM, GPRS, EDGE). 4G is the fastest technology and held over 30 percent of the entire connected car market share in 2012. This technology helps the users to access the newest apps and services in a vehicle.
The major connectivity solutions available for connected car are embedded, tethered, and integrated. Half of the market share in 2012 was dominated by the integrated segment, which was then followed by embedded and tethered.
Geographically, the market is divided into four areas which include North America (U.S., Mexico, and Canada), Europe (Germany, U.K., Italy, France), Asia Pacific (Japan, South Korea, China, Australia, and Rest of the Asia Pacific), and Rest of the World (Middle East and Latin America). During the year 2012 North America dominated the market, because of its technological advancements in the entertainment head units and increased smartphone penetration. Demand from consumers in the U.S. and Europe for luxury and high-tech vehicles is on the rise.
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