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2020
Connected Car Market

Connected Car Market

by Technology (3G, 4G-LTE, and 5G), Connectivity Solution (Integrated, Embedded, and Tethered), Service (Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, and Mobility Management), and End Use (Original Equipment Manufacturer (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020-2027

Report Code: A00073
Pages: 343
Apr 2020 | 87295 Views
Author(s) : Abhay S , Lalit K
Tables: 146
Charts: 94
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Connected Car Market Statistics – 2027

The global connected car market was valued at $63.03 billion in 2019, and is projected to reach $225.16 billion by 2027, registering a CAGR of 17.1%.            

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.

Connected-Car-Market-2020-2027

Factors such as technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles are expected to supplement the growth of the market. Moreover, factors such as improvement in global standards for vehicles and high maintenance cost of advanced suspension systems are anticipated to hamper the connected car market growth. However, rise in demand for lightweight suspension system and development of advanced suspension systems are expected to provide a better opportunity for the growth of the market.

The global connected cars market is segmented into technology, connectivity solutions, services, end use, and region. By technology, the market is divided into 3G, 4G/LTE, and 5G. Connectivity solution is categorized into integrated, embedded, and tethered. By service, the market is classified into driver assistance, safety, entertainment, well-being, vehicle management, and mobility management. By end use, it is bifurcated into original equipment manufacturing (OEM) and after market. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players analyzed in the global connected car market are Airbiquity Inc., CloudMade, Continental AG, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Robert Bosch GmbH, Sierra Wireless, Tesla, and ZUBIE, INC., AT&T, Audi AG, BMW Group, Daimler AG, Ford Motor Company, Samsung Electronics, Telefonica S.A., TomTom International, Verizon Communications and Vodafone Group Plc.

Rise in trend of connectivity solutions

Smartphones have changed the definition of connectivity over time. People wish to stay connected with the outer world even while travelling. Now that connectivity has become the need of the hour, automobile manufacturers adopt connectivity solutions in their vehicles to boost their automobile sales. Consumers are expecting their vehicles to perform tasks similar to computers and smart phones. 

Connected Car Market
By Technology

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5G technology is projected as the most lucrative segments

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Adding connectivity solutions in the vehicle has become the top most priority for automobile manufacturers. Many connectivity solutions are integrated in modern cars that require internet service to perform their respective functions. Connectivity can be provided in a car 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. An in-car hotspot can be created to provide Internet access to all the devices within the vehicle with the help of a smart phone, modem, or connectivity device. Therefore, rise in trend of connectivity solutions drives the growth of the connected cars market.

Connected Car Market
By Connectivity Solutions

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Embedded is projected as the most lucrative segments

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Ease of vehicle diagnosis

Advance diagnostic system is a feature that is expected to boost the connected cars market growth. In advanced diagnostics, the system in the car will supply data of the vehicle to both the automobile dealer and the customer, which can help predict potential automobile issues before they take place.

Connected Car Market
By Services

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Driver assistance is projected as the most lucrative segments

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In fleet management, it is easy to track vehicle records and decide which vehicle has travelled the most and accordingly offer service with the help of connectivity solutions. The diagnostic service offered is an efficient way to diagnose the status of the vehicles. It allows the 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 the consumer. The diagnostic system keeps a track of the smoke emission and fuel consumption of the vehicles, thereby monitoring its engine health. The diagnostic service sends a detailed report about the vehicle to the decision maker who decides on the service schedules for the automobile. Thus, ease of vehicle diagnosis with the help mobile applications is expected to fuel the connected car market growth.

Connected Car Market
By End-use

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Aftermarket is projected as the most lucrative segments

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Lack of uninterrupted & seamless internet connectivity

The main objective of connected cars is to keep the consumer connected to the outside world. People need a continuous access to the Internet even when they are travelling. Consumers expect their cars to perform tasks similar to their computer or smart phones. Interrupted connectivity may act as a restraint for the connected cars segment as it fails to offer a seamless Internet service. This is mainly due to inconsistency in the network offered by service providers, which varies for different regions.

Connected Car Market
By Region

2027
Europe 
North America
Asia-Pacific
LAMEA

Europe would exhibit the highest CAGR of 20.4% during 2020-2027.

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Intelligent transportation system

The safety services offered in connected cars are an appropriate example of cutting edge aftermarket technology, which involves sharing data between the vehicle and the humans. 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 his overall driving experience. Driver assistance system is another feature of the connected cars that helps the driver find the most appropriate route to reach the destination. It also prompts alert messages regarding traffic jams and parking space availability. All these connected cars features provide intelligent transportation systems, which are designed to improve the overall driving experience.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global connected car market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall connected car market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the connected car market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Connected Car Market Report Highlights

Aspects Details
By Technology
  • 3G
  • 4G/LTE
  • 5G
By Connectivity Solutions
  • Integrated
  • Embedded
  • Tethered
By Service
  • DRIVER ASSISTANCE
  • SAFETY
  • ENTERTAINMENT
  • WELL-BEING
  • VEHICLE MANAGEMENT
  • MOBILITY MANAGEMENT
By End Market
  • Original Equipment Manufacturer (OEMs)
  • 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)
Key Market Players Airbiquity Inc, CloudMade, Continental AG, Intellias Ltd, LUXOFT, Qualcomm Technologies Inc, Robert Bosch GmbH, Sierra Wireless, Tesla ZUBIE INC, AT&T INC, AUDI AG, BMW GROUP, DAIMLER AG (MERCEDES-BENZ), FORD MOTOR COMPANY, SAMSUNG ELECTRONICS CO. LTD., TELEFONICA, S.A., TOMTOM INTERNATIONAL N.V, VERIZON COMMUNICATIONS INC., VODAFONE GROUP PLC
 

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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 increase in popularity among end users. In addition to the advantages, surge in its awareness among consumers is expected to lead to rapid growth of the market during the forecast 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 in 2019 followed by Europe, Asia-Pacific, and LAMEA. However, during the forecast period, Europe is expected to lead the market in terms of growth rate followed by Asia-Pacific, LAMEA and North America.
 

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FREQUENTLY ASKED QUESTIONS?

A. Connected car technology are a form of vehicle which have internet access in them. This helps the vehicle to connect to the real world and get the real time data from outside thus leading to the safety of the vehicle.

A. The connected car market is expected to register a CAGR of 17.1% by 2027 due to the wider adoiption of this technology amongst vehicles.

A. The sample for connected car market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. The global connected car market was valued at $63.03 billion in 2019, and is projected to reach $225.16 billion by 2027

A. The applications of connected car industry includes services such as driver assistance, safety, entertainment, well-being and others thus leading to the wider adoption of connected car service.

A. Based on the analysis, the service segment is expected to drive the growth of the global connected car market due to the application of different featires such as advanced driving system, vehicle management and mobilitymanagement.

A. The company profiles of the top market players of connected car market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. Factors such as the rise in trend of connectivity solutions and ease of vehicle diagnosis are the factors which are expected to drive the connected car market.

A. Based on the analysis carried out, Europe is projected to provide a better business opportunity owing to an increased CAGR as compared to other regions..

A. The key market players profiled in connected car market includes Continental AG, Robert Bosch GmbH, Tesla, Audi AG, BMW Group and others which holds a major market share in the global connected car market.

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