An increase in efforts by governments for developing intelligent transportation system, increasing demand for smartphone features in the car, and automated driving technologies along with passenger safety features will boost the connected cars market.
Northrook, IL -- (SBWIRE) -- 01/13/2020 -- The Global Connected Car Market size is projected to reach USD 212.7 billion by 2027, from an estimated value of USD 42.6 billion in 2019, at a CAGR of 22.3%.
The growth of the global connected car market is influenced by factors such as the increasing trend of in-vehicle connectivity solutions and government initiatives toward developments in intelligent transportation systems. Therefore, the connected car market is expected to witness significant growth in the future.
The Asia Pacific and Europe are the major regions where demand for connected car solutions and services is the highest due to various government regulations on vehicle safety. Furthermore, continuous R&D and collaborations of network and service providers with automotive companies in these regions are expected to stimulate the connected car market growth. It is expected that in North America, especially the US, the demand for connected car aftermarket services will increase at the highest rate due to an increase in customer demand for advanced connected car services and the availability of smart infrastructure.
The connected car market comprises major manufacturers such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
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1 The emergence of Various Technologies Such as 5g and Ai
2 Increasing Popularity of Automation in the Automotive Sector
3 Developments of Ride Sharing and Mobility Services
Autopilot segment is estimated to be the fastest-growing market during the forecast period
The autopilot segment is expected to hold the majority of the connected car market share by 2027, owing to safety and convenience features in vehicles. For example, Tesla Model S can automatically steer down highways, change lanes, and adjust speeds according to traffic conditions. All these features use a combination of cameras, radars, ultrasonic sensors, and connected car features.
OEMs have designed and developed autopilot features that meet the requirements of autonomous safety. In the Asia Pacific, the introduction of this technology is expected by 2022. China, Japan, and South Korea are the major countries taking initiatives for autopilot features in the Asia Pacific. OEMs like Honda, Hyundai, Toyota, and Nissan are working on this to bring it to their domestic market.
Embedded form of connectivity is expected to grow at the fastest CAGR
Embedded form connectivity is expected to exhibit the fastest growth within the global connected car market. The growth of embedded connected solutions is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and the growth of cloud-based services. There are many connected car services that cannot be used without an embedded connectivity solution in the car, such as eCall and remote diagnostics, among others, which is increasing the adoption of embedded connected cars.
Government regulations are the key reason for the growth of embedded connected car industry. Europe has already mandated eCall since March 2018. Brazil and Russia will start mandating the fitment of embedded telematics. In the longer run, it is expected that China will also introduce similar mandates for telematics, which, coupled with rising car sales, would ensure that it becomes the leading market for embedded telematics globally.
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The North American connected cars market is expected to register the fastest growth during the forecast period
The North American market is expected to witness the most rapid growth during the forecast period, especially in the US. The growth of the US market is driven primarily by increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and incorporation of IoT in the automotive industry.
The emergence of autonomous vehicle technology in the US connected car market is one of the key trends that is increasing the demand for advanced connected car features. The market has already witnessed a high growth of ADAS solutions which made the connected car penetration above 80% in 2018. The increase in demand for aftermarket services through the renewal of connected car service subscriptions will drive the US market in the coming future.
- In September 2019, Continental launched CoSmA Solution, a digital door opener for Honda e. This is a smartphone-based access solution that will enable Honda e owners to open their vehicles or share the key with others using just their smartphone. Using the My Honda+ App, customers can unlock the car remotely via Bluetooth Low Energy (BLE). The new Honda e would be available from 2020 onward in Europe.
- In July 2019, Bosch developed a new cloud-connected software service to manage and monitor the battery life of electric vehicles. The new connectivity would enable companies to remotely monitor and manage the battery status to reduce wear and tear on the batteries by up to 20%.
- In June 2019, HARMAN unveiled a new Dual-Mode V2X system aimed at enhancing automotive safety. The flexible telematics system features both software and hardware and taps into DSRC and cellular (5G) Vehicle-to-Everything (C-V2X) networks, removing the guesswork for numerous safety system setups.
- In January 2019, Visteon cooperated with Chinese internet technology leader Tencent to develop autonomous driving and intelligent cockpit solutions, initially for the Guangzhou Automobile Group (GAC) R&D Center in China.
- In June 2019, Airbiquity partnered with Wind River, a leader in delivering IoT software for critical infrastructure, to develop an end-to-end software lifecycle management solution for connected and autonomous vehicles, one that spans vehicle to cloud. The solution would enable secure and intelligent over-the-air (OTA) software updates and data management.
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