The global connected car market is predicted to expand at an incredible CAGR over the forecast period (2016-2027) owing to the need for constant connectivity, asserts Market Research Future (MRFR). Connected cars facilitate connectivity on wheels providing convenience, performance, comfort, security, and safety along with powerful network technology. Connected cars allow the drivers to get connected to the online platforms and facilitate real-time communication. Connected cars are equipped with advanced technologies and sensors. The cars can communicated with another car which is travelling on the same road and exchange information regarding weather, road blocks, accidents, traffic, etc.
Drivers and Constraints Impacting the Market
The need for constant connectivity, growing demand of the consumers, increasing number of tech-savvy people, and growing dependency on technology are some of the major factors stimulating the market growth over the forecast period. Several connectivity solutions such as Machine-to-Machine connectivity platforms have been developed by the service providers and car manufacturers. The Machine-to-Machine connectivity provides interconnectivity between two connected cars. This is likely to propel the market growth over the assessment period. Moreover, fast connection to the wireless network and advanced infotainment systems are the two prominent features enhancing the market growth over the years.
On the flip side, lack of strong network infrastructure in developing countries along with increasing risk of cyber security for smart vehicles are hindering the market growth during the assessment period.
Global Connected Car Market: Segmental Analysis
The global connected car market has been segmented on the basis of technology, services, components, connectivity, and region.
By mode of technology, the global connected car market has been segmented into WiFi & Bluetooth, 3G, 2G, and, LTE. Among these, the 2G service will gradually fade out and will be replaced by LTE and 3G technology due to rapidly changing telecommunication technology along with advent of reliable and faster communication networks.
By mode of components, the global connected car market has been segmented into processors, sensors, cellular, and wireless modules.
By mode of services, the global connected car market has been segmented into autonomous driving and vehicle management, well-being, OEM services, safety, and entertainment.
By mode of connectivity, the global connected car market has been segmented into tethered, integrated, and embedded. Among these, the integrated connectivity is expected to occupy the maximum share owing to the consumer freedom of choice in customizing their data plans and connectivity devices.
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Geographically, the connected cars market spans across regions namely, North America, Europe, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America is predicted to dominate the global market for connected cars. Requirement for more safe cars and technological advancements in this region is driving the market growth over the assessment period.
Europe is projected to be the second biggest market of connected cars owing to the high standard of living and high investment in the automotive sector in this region. Meanwhile, Asia Pacific has been predicted to emerge as the fastest growing market due to the rapidly growing population, large presence of the young population, and increasing disposable incomes.
Volkswagen has a $4 billion plan for autonomous vehicle technology and connected cars, one that includes a proprietary software operating system and will support delivery, car sharing, and other services. The German automaker’s investment plan comes as rivals are ramping up their own connected vehicle efforts and as the standards battle heats up for that industry.
Some of the major players operating the global market for connected cars are Ford Motor Company (U.S.), General Motors (U.S.), Freescale Semiconductor Inc. (U.S.), Texas Instruments Incorporated (U.S.), BMW (Germany), Sierra Wireless (Canada), NXP Semiconductors (Netherlands), Honda Motor Co. Ltd. (Japan), Microsoft Corporation (U.S.), Audi AG (Germany), Apple Inc. (U.S.), and others.
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