Connected Car Market – Overview
Connected car is equipped with advance sensors and technologies and helps the driver to gather real time information around him. Generally, it is equipped with internet which is connected with the smart devices both inside the car and outside. The Connected cars can communicate with other cars which are travelling on the same road and can exchange the information about accidents, weather, road blocks, traffic etc. The connected car is a Pet topic for the future of the automotive industry. While Original Equipment Manufacturers (OEMs) already offer a range of in-car integrated solutions, these often fail to provide what customers really need. They are also extremely expensive owing to the substantial R&D costs invested in their development. As a result, connectivity solutions have been slow to find their way into the car park – nowhere more so than in the volume segment.
From past couple of years, market for connected cars has seen tremendous growth with incredible CAGR. The increasing demand for smartphone integration will drive the growth prospects for the global Connected Car Market until the end of 2027. Also, mobile devices have various applications such as the media content, navigation systems, internet connectivity, and social networking. As a result, OEMs are collaborating with smartphones and tablet manufacturers to provide in-vehicle products and services, which will further drive the market’s growth for the next few years.
Connected Car Market Players:
Giant players having a strong presence in the international and regional market adorn the Connected Cars market as highly competitive and fragmented. All players are fiercely competing to gain a substantial market share. Making more intelligent connected and ultimately autonomous vehicles a reality requires a level of hardware and software technology innovation and adoption never before seen, and much of it has its roots in other industries. MRFR Analysis observes two kinds of new entrants in the market established companies from adjacent industries and technology startups.
Well established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch in order to gain competitive advantage and to stay abreast in this market. For instance; BMW is using SIM card based connected drive technology for connected cars. A study shows that Tesla and Toyota are among the smartest companies working in connected car market.
The prominent players in market of connected cars are-
- General Motors (U.S.)
- Apple Inc. (U.S.)
- Audi AG (Germany)
- Ford Motor Company (U.S.)
- Honda Motor Co. Ltd. (Japan)
- NXP Semiconductors (Netherlands)
- BMW (Germany)
- Microsoft Corporation (U.S.)
- Freescale Semiconductor Inc. (U.S.)
- Texas Instruments Incorporated (U.S.)
- Sierra Wireless (Canada)
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According to a recent study report published by the Market Research Future, the global market of Connected Car is forecasted for an Enormous growth in terms of value and volume, with a striking rate of CAGR; surpassing its previous growth records by the end of the forecasted period (2016 – 2027).
Connected Car Market – Segmentation
The Connected Car market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprising 2G, 3G, LTE, WiFi & Bluetooth and others.
Segmentation by Components: Comprising Sensors, Processors, Cellular and wireless modules.
Segmentation by Connectivity: Comprising Integrated, tethered and embedded among others.
Segmentation by Service: Comprising Safety, Entertainment, Well-Being, Autonomous driving and Vehicle management, OEM Services among others.
Connected Car Global Market – Synopsis
Future Connected cars will represent a step change in form and function, compared with what’s being offered now. The Connected Car of the future is already taking shape in a variety of forms, although it is unlikely to reach full fruition on public streets and highways for at least a couple of decades. Nevertheless, there will be enough innovation before transformation of the automobile. There will be new levels of connectivity among vehicles, enabling new services inside and outside the car. There will be new kinds of cars, many dedicated to specific uses, such as ride-hailing and ride-sharing fleets. The culture of the automobile, including conventional knowledge about how vehicles should be owned and driven, will also change. Already, the very idea of what a car is for is being radically restructured.
These changes to motor vehicles will, of course, also transform the auto industry. As the connected car matures technologically, it will influence market trends and automakers’ relationships. Features like safety sensors, detailed engine maintenance signals, and smartphone integration are already becoming common in new upmarket vehicles. Market leadership will shift, in some cases, to new players, while conventional original equipment manufacturers (OEMs) will be pressed to substantially accelerate their drive for innovation — not just in technology, but in their cultures, merger and acquisition approaches, management styles, and recruitment of talent.
Connected Car Market – Regional Analysis
Currently, North America is dominating the market of Connected Cars with the largest market share. Technological advancement and need of more safe cars is the key driver of this market in the connected car market. Going ahead, Europe stands as second biggest market of connected cars due to the high standard of living of European countries and high investment in the automotive. Asia Pacific has emerged as fastest growing market with the substantial CAGR. The current market of connected cars in the APAC region has been valued hugely which is expected to grow further over previous growth records by the end of forecasted period.
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