According to a recent report published by Allied Market Research, titled,"Global Connected Car Market by Technology, Connectivity Solutions, Services, and End Market: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"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.
At present, North America dominates the market, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global connected car market in 2017, whereas Mexico is expected to grow at a significant growth rate in North America during the forecast period.
Factors such as rise in trend of connectivity solutions and ease of vehicle diagnosis fuel the growth of the connected cars market. In addition, increase in need for safety & security boosts the market growth. However, threat of data hacking and high installation cost hinder the market growth. Moreover, unavailability of uninterrupted & seamless connectivity restricts the growth of the market. Conversely, integration of intelligent transportation system in connected cars and improved performance of autonomous vehicles are anticipated to provide remunerative opportunities for the market expansion.
Key Findings of the Global Connected Car Market:
The 3G segment in technology generated the highest revenue in 2017.
In 2017, the integrated segment was the highest revenue contributor in the connectivity solutions category.
By service, the safety segment generated the highest revenue in 2017.
In 2017, the OEM segment was the highest revenue contributor in the end market category.
Europe is anticipated to exhibit the highest CAGR during the forecast period.
In 2017, North America contributed the highest market revenue, followed by Europe, Asia-Pacific, and LAMEA.
The key players analyzed in this report are 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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