The connected cars market produced more than USD 24 billion in 2014. It will rise at approximately 28% CAGR in the future. Growing disposable earnings and technological propagation should also drive the market in the next seven years. The market could also be propelled by governmental support.
However, security problems like entrance into vehicle connectivity systems and unpermitted access to vehicular applications can hinder the market. The connected cars market can be sliced into applications and regions. Application segments are driver assistance, safety, mobility management, entertainment, and vehicle management.
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Driver assistance systems comprise new technologies. These technologies enhance the performance of automobiles. Cruise control and parking assists are some of the driver assistance systems. They, on their own, aid automobiles to move and make sure their drivers are at ease. Mobility management helps drivers arrive safely at their destination and that too at affordable costs & in least time.
Technologies within these systems are emergency functions, independent collision safety, and external threat warnings. Safety systems occupied over 35% shares in the connected cars market in 2014. They could expand on account of rising transport authority and regulatory directives across the globe.
Entertainment is a fundamental requirement in all automobiles. Vehicle manufacturers install Wi-Fi hot spots, smartphone interfaces, and social media & internet access in automobiles. Vehicle management systems help maintain automobiles and decrease their fuel costs.
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Regional segments of the connected cars market encompass North America, Asia Pacific, Europe, and rest of the world. North America leads the market. Asia Pacific captured over 23% of the overall revenues in 2014. It should grow at around 29% CAGR during the seven years to come. Regional smartphones sales, average sales cost reductions, and high speed internet propel Asian Pacific incomes.
Key players in the worldwide connected cars market comprise Apple Inc., Alcatel Lucent, BMW, Audi AG, and General Motors Company. Technology licensing and rear-ward integration are some common strategies used by these players to expand their reach. Manufacturers turn to acquisitions, mergers, and strategic collaborations to gain significant shares and improve their market portfolio.
The market experiences competition among its players. It is also propelled by state-of-the-art products & technological developments.
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