Connected Car Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
Albany, NY -- (SBWIRE) -- 02/03/2017 -- The global connected car market is undergoing a series of changes owing to the changing dynamics of consumer preferences. An increasing demand for 4G technology so as to enjoy high data transmission rates can be seen in the market. Safety services such as emergency call (eCall) are becoming increasingly popular among people. By offering innovative features and facilities, car connectivity is thus, revolutionizing the automobile industry. Facilities offered through car connectivity such as preventive maintenance, entertainment features, and constant internet access are beneficial for both drivers and passengers. Most importantly the need to avoid accidents is expected to drive the connected car market.
Governments across countries are mandating safety and security as well as the need for connectivity. The penetration of smart connected consumer electronics and growing availability of fast cellular networks, among other factors are shaping the connected car market and this is expected to ensure that the global connected car market rise from US$41,289.6 mn in 2015 to US$131,913.5 mn in 2019. Falling prices of wireless internet and a high demand for hybrid vehicles and electric vehicles, coupled with other factors are expected to result in the expansion of the global connected car market at a whopping 34.7% CAGR from 2013 to 2019.
Asia Pacific to Replace North America in Terms of High Growth
The connected car market in Asia Pacific is expected to expand at the fastest CAGR of 54.8% from 2013 to 2019, with China in the forefront, leading in terms of connected car deployment. A high scope of mobility and increasing penetration of smartphones in Asia Pacific is expected to drive the market's growth in the coming years.
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Previously in the connected car market, North America was leading owing to government mandates in the market and growing need for connectivity. The market in this region was valued at US$9,457.2 mn in 2012. In the coming years to come however, the North America market for connected car is expected to expand at a 20.1% CAGR between 2013 and 2019. The U.S is the most significant and mature market in the region, followed by Canada. Mexico is also expected to offer substantial opportunities for connected cars in by 2019.
Navigation to Lead in Connected Car Market through 2019
In terms of application, the global connected car market is segmented into infotainment, navigation, and telematics. Of these, the navigation segment not only led in the past but is also expected to lead through 2019. The infotainment segment is expected to trail the navigation segment. Navigation is also expected to expand at a high CAGR during the forecast period owing to rising demand for traffic information services among consumers across the globe. Moreover, many vehicle manufacturers are upgrading navigation services in their car models. All these factors are expected to ensure the high demand for navigation and this segment is thus, projected to account for 45% of the market by 2019.