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AU_14153
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Pages: 316
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Nov 2018 | 16836 Views
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Author(s) :
Akshay Jadhav & Anvay Sonpimple
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Tables: 131
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Charts: 82
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Formats*: |
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Connected Car Market Overview:
The Global Connected Car Market was valued at $63,026.0 million in 2017, and is projected to reach $225,158.0 million by 2025, registering a CAGR of 17.1% from 2018 to 2025. In 2017, North America garnered the highest share in the global connected car market.
Connected car facilitates connectivity on wheels offering comfort, convenience, performance, safety, and security along with powerful network technology. This enables the driver to connect with online platforms, thereby facilitating real-time communication. Rise in consumer demand for connectivity solutions, surge in need for constant connectivity, increase in dependency on technology, and upsurge in tech-savvy population are the key factors that contribute toward the growth of the global connected cars market. Over time, various connectivity solutions have been developed by car manufacturers and service providers, such as the machine-to-machine (M2M) connectivity platform. This M2M feature in a car enables interconnectivity between two connected cars. The car is equipped with numerous sensors and processors, which provide accurate and real-time information to the driver. This in turn fuels the adoption of connected cars across the globe, thus supplementing the growth of the market.
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Moreover, rise in trend of connectivity solutions and ease of vehicle diagnosis are expected to boost the growth of the market. In addition, increase in need of safety & security fuels the market growth. However, threat of data hacking, high installation cost, and unavailability of uninterrupted & seamless connectivity are the critical factors that restrict the growth of this market.
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The key players operating in the connected car market include Telefonica, Verizon Wireless, HARMAN International., TomTom International BV., AT&T Intellectual Property, Vodafone Group, Ford Motor Company, BMW AG, AUDI AG., Mercedes-Benz, and others.
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Rise in trend of connectivity solutions
Automobile manufacturers strongly focus on providing connectivity solutions in their vehicles to boost their automobile sales, owing to escalating need of connectivity. Moreover, increase in willingness of consumers to stay connected with the outer world even while travelling fuels the adoption of connected cars across the globe. Furthermore, integrating connectivity solutions in the vehicle has become the top most priority for automobile manufacturers, as consumers are expecting their vehicles to perform tasks similar to computers and smartphones.
Multiple connectivity solutions integrated into modern day cars require an internet service to perform their respective functions. Connectivity can be provided in a car by using embedded, integrated, or tethered connectivity solutions. One of these connectivity solutions is used to offer internet connection to the driver as well as the passengers who travel in the vehicle. With the help of a smartphone, modem, or connectivity device, an in-car hotspot can be created to provide internet access to all devices within the vehicle. Therefore, rise in trend of connectivity solutions is driving the growth of the connected cars market.
Ease of vehicle diagnosis
Incorporation of advance diagnostic system is expected to boost the connected car market. In advanced diagnostics, the system in the car will supply data of the vehicle to both the automobile dealer and the customer, which will help predict potential automobile issues before they take place.
In fleet management, it is easy to track vehicle records and decide which vehicle has travelled the most, and service them accordingly with the help of connectivity solutions. The diagnostic service offered is an efficient way to analyze a vehicle’s current status. Moreover, it enables consumers to manage the maintenance of their vehicle, thus saving money and time by avoiding unwanted expenses & breakdowns. The system provides a maintenance schedule and timely reminders to consumers. The diagnostic system keeps a track of the vehicle’s smoke emission and fuel consumption, thereby monitoring its engine health. The diagnostic service sends a detailed report about the vehicle to the decision maker who decides on service schedules for the automobile. Thus, ease of vehicle diagnosis with the help mobile applications is anticipated to significantly fuel the market growth.
Threat of data hacking
Although connected car is a remarkable innovation, as it is a relatively new technology, events such as unauthorized access to multiple car connectivity solutions or breaking into the in-vehicle connectivity system act as restraints of the market. Proximity is not required to corrupt a cars’ system, as a malware can spread by hacking into a manufacturer’s or dealer’s web portal. The major security concern is that the hacker has access to the car’s computer system as well as to the data that it collects and stores. Thus, vulnerability of connected cars to hacking hampers the growth of the market.
Intelligent transportation system
The safety service offered in connected cars is an appropriate example of cutting edge aftermarket technology, which involves sharing data between the vehicle and human. Safety is a combination of telecommunication and automobile technology used to improve vehicle efficiency, reduce fuel consumption & maintenance cost, enhance security & safety measures, and assist the driver to enhance overall driving experience. Driver assistance system, which is yet another feature of the connected car, helps the driver find the most appropriate route to reach the destination. Moreover, it prompts alert messages regarding traffic jams and parking space availability. Intelligent transportation systems exhibit these features, which are designed to improve the overall driving experience, thereby boosting the adoption of connected cars.
Key Benefits for Connected Car Market:
This study comprises the analytical depiction of the connected car market analysis along with the current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global automotive catalyst market with a detailed impact analyses.
The current market is quantitatively analyzed from 2017 to 2025 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Connected Car Key Market Segments:
By Technology
2G
3G
4G/LTE
By Connectivity Solutions
Integrated
Embedded
Tethered
By Services
Driver Assistance
Safety
Entertainment
Well-being
Vehicle Management
Mobility Management
By End Market
OEM
Aftermarket
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Connected car refers to a vehicle equipped with features to connect to internet or wireless local area network, which can be used for sharing of data with other devices and vehicles. Moreover, special technologies for internet access are integrated in the car to provide additional benefits such as navigation, vehicle diagnosis, mobility management, and others. The connected car market is in its nascent stage, and is contributing significant revenue for the overall automotive industry. Moreover, the connected car technology has witnessed increasing popularity among end users. In addition to the advantages, increase in its awareness among consumers is expected to lead to rapid growth of the market during the forecasted period.
Rise in trend of connectivity solutions, ease of vehicle diagnosis, and increase in need of safety & security are the key factors that fuel the growth of the global connected cars market. However, high likelihood of data hacking and unavailability of uninterrupted & seamless connectivity hinder the market growth.
Among the analyzed geographical regions, currently, North America is the highest revenue contributor, however, by the end of the forecast period, Europe is expected to garner highest revenue in the global market, followed by Asia-Pacific, North America, and LAMEA. This is attributed to rise in trend of connectivity solutions in Europe.
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