According to Stratistics MRC, the Global Connected Car Market is accounted for $72.95 billion in 2017 and is expected to reach $280.36 billion by 2026 growing at a CAGR of 16.1% during the forecast period. Increase in the demand for safer, more efficient & convenient driving, rise in industry compliance rules and government authorization for supporting connected technology in passenger cars are some of the key factors fueling the market growth. However, lack of strong network infrastructure in developing countries and growing the risk of cyber security for smart vehicles are hindering the growth of the market. One of the major opportunities in the market is development of the new value chain ecosystem of the automotive industry.
Connected car uses mobile internet technology to control key functions remotely via a smartphone, smart watch, tablet device or computer. It contains OEM hardware, which allows networking of vehicles in different versions. Safety and security applications, such as e-Call systems that alert the emergency services in the event of an accident, will be the most common services supported by connected cars.
By Service, Connected Services segment commanded the largest market share due to the rise in demand for convenient features and increase in government authorizations. The new vehicle safety rules are encouraging auto firms to protect vehicle data from remote malfunctioning and hacking which in turn is rising the demand for connected cars.
By Geography, North America is anticipated to dominate the market due to the rising government permissions and increasing communication & information technology infrastructure such as 4G LTE or 5G. Asia Pacific is the fastest growing market owing to growing connected car devices in passenger cars and rise in digital services such as cyber security.
Some of the key players in Connected Car Market include Audi AG, IBM Corporation, Bayerische Motoren Werke Group (BMW AG), AT&T, Inc., Vodafone Group Plc, Intel Corporation, Google, Inc., Tesla, Inc., Qualcomm Incorporated, Vodafone Group Plc, TomTom NV, Ford Motor Company, Mercedes-Benz, BMW and Harman International Industries.
- Electonic Control Unit (ECU)
- Smart Antenna
- Wireless and cellular Modules
- Fleet Manager
- Roadside Unit
- Onboard Unit
- Autonomous Driving
- Connected Services
- Safety & Security
- Dedicated Short Range Communication (DSRC)
End Users Covered:
- Original Equipment Manufacturer (OEM)
- North America
- ·Rest of Europe
- Asia Pacific
- ·New Zealand
- ·South Korea
- ·Rest of Asia Pacific
- South America
- ·Rest of South America
- Middle East & Africa
- ·Saudi Arabia
- ·South Africa
- ·Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements