The Global Connected Car Market size is projected to reach USD 212.7 billion by 2027, from an estimated value of USD 42.6 billion in 2019, at a CAGR of 22.3%. The base year for the report is 2018, and the forecast period is from 2019 to 2027.
The market is expected to witness rapid growth due to an increase in demand for connectivity solutions/services and safety and security features. Additionally, an increase in internet penetration and integration of driver-assist technology in vehicles is expected to boost the connected car market during the forecast period.
The connected car market is dominated by globally established players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
1. The emergence of Various Technologies Such as 5G and AI
2. Increasing Popularity of Automation in the Automotive Sector
3. Developments of Ride Sharing and Mobility Services
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The Asia Pacific and Europe are the major regions where demand for connected car solutions and services is the highest due to various government regulations on vehicle safety. Furthermore, continuous R&D and collaborations of network and service providers with automotive companies in these regions are expected to stimulate the connected car market growth. It is expected that in North America, especially the US, the demand for connected car aftermarket services will increase at the highest rate due to an increase in customer demand for advanced connected car services and the availability of smart infrastructure.
The autopilot market is expected to grow at the fastest CAGR.
The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker’s goals of commercializing fully autonomous vehicles for consumers by 2022. For instance, the upcoming model of the Cadillac CT6 will be equipped with the semi-autonomous “Super Cruise” feature that will essentially allow fully autonomous single-lane travel on divided highways.
Similarly, Audi will also be including its Level 3 semi-autonomous technology in the upcoming model of the A8. Audi’s AI-based traffic jam pilot would enable highly automated driving at Level 3. With all the developments in autopilot or autonomous driving field, the demand for connected services related to autopilot is expected to rise in the coming future.
Embedded form of connectivity is expected to grow at the fastest CAGR
Embedded form connectivity is expected to exhibit the fastest growth within the global connected car market. The growth of embedded connected solutions is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and the growth of cloud-based services. There are many connected car services that cannot be used without an embedded connectivity solution in the car, such as eCall and remote diagnostics, among others, which is increasing the adoption of embedded connected cars.
Government regulations are the key reason for the growth of embedded connected car industry. Europe has already mandated eCall since March 2018. Brazil and Russia will start mandating the fitment of embedded telematics. In the longer run, it is expected that China will also introduce similar mandates for telematics, which, coupled with rising car sales, would ensure that it becomes the leading market for embedded telematics globally.
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- In September 2019, Continental launched CoSmA Solution, a digital door opener for Honda e. This is a smartphone-based access solution that will enable Honda e owners to open their vehicles or share the key with others using just their smartphone. Using the My Honda+ App, customers can unlock the car remotely via Bluetooth Low Energy (BLE). The new Honda e would be available from 2020 onward in Europe.
- In July 2019, Bosch developed a new cloud-connected software service to manage and monitor the battery life of electric vehicles. The new connectivity would enable companies to remotely monitor and manage the battery status to reduce wear and tear on the batteries by up to 20%.
- In June 2019, HARMAN unveiled a new Dual-Mode V2X system aimed at enhancing automotive safety. The flexible telematics system features both software and hardware and taps into DSRC and cellular (5G) Vehicle-to-Everything (C-V2X) networks, removing the guesswork for numerous safety system setups.
- In January 2019, Visteon cooperated with Chinese internet technology leader Tencent to develop autonomous driving and intelligent cockpit solutions, initially for the Guangzhou Automobile Group (GAC) R&D Center in China.
- In June 2019, Airbiquity partnered with Wind River, a leader in delivering IoT software for critical infrastructure, to develop an end-to-end software lifecycle management solution for connected and autonomous vehicles, one that spans vehicle to cloud. The solution would enable secure and intelligent over-the-air (OTA) software updates and data management.
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