Connected Car Market by Services (Connected, Autonomous, Safety & Security), Form (Embedded, Tethered Integrated), Network (DSRC, Cellular), Transponder (OBU, RSU), and Region
Northrook, IL -- (SBWIRE) -- 10/25/2019 -- 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 Global Connected Car Market, by value, is projected to reach USD 219.21 Billion by 2025, at a compound annual growth rate (CAGR) of 14.8%. Some of the major drivers identified are increase in industry compliance norms and government mandates supporting connected technology in passenger cars.
Some of the major players in the global connected car market are Bosch (Germany), Continental (Germany), Harman (US), Denso (Japan), ZF (Germany), NXP (Netherlands), Infineon (Germany), Valeo (France), and Delphi (UK).
Asia Pacific is expected to account for the largest market share, followed by Europe, North America, and RoW. 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 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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=102580117
The connected car technology is the stepping stone for automakers to achieve the goal of launching driverless cars by 2030. Also, carmakers are gradually promoting the market for autonomous cars by first releasing connected and partially automated cars. Autonomous cars sense their surroundings with techniques such as radar, LiDAR, GPS, and other sensors. As of 2017, approximately 25–30 sensors were there in a connected car which is expected to grow more than three-fold by 2025. In the recent years, a few companies have tested automated driving using onboard sensors and high-resolution digital maps (V2N). However, the industry experts believe that 5G-based V2V and V2I would allow better adaptation of moving vehicles in accordance with the nearby traffic and offer higher customer satisfaction. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, obstacles, and relevant signage.
The embedded connected car solution is expected to hold a major share of the connected car market. The growth of embedded form of connected solution in the long term can be attributed to various disruptive factors such as government mandates, change in pricing model, and increase in cloud-based services. The governments of several countries have introduced mandates related to telematics applications of connected car. These include mandates such as eCall and stolen vehicle tracking. Developed countries such as the US and Western Europe have already mandated safety applications of connected car, which in turn will drive the market for embedded form of connected solution. Moreover, upcoming emission standards in India is likely to impose the installation of on-board diagnostics port in vehicles.
Request for Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=102580117
- Automobile manufacturers
- Automobile organizations/associations
- Cloud service providers
- Compliance regulatory authorities
- Connected car hardware manufacturers
- Government agencies
- Information Technology (IT) companies and system integrators
- Investors and Venture Capitalists (VCs)