The Global Connected Car Market is projected to reach USD 219.21 billion by 2025, at a CAGR of 14.8%.
The connected car offers a wide range of services, such as navigation, cybersecurity, remote diagnostics, emergency calling, multimedia streaming, Over-the-Air (OTA) updates, remote operation, collision warning, auto parking, and autopilot. With technological advancements in connectivity solutions for the automotive industry, the fast exchange of data would become a reality in the near future. With the increase in demand for convenient features, and implementation of government mandates to increase the safety of drivers and passengers, many companies are adopting the inorganic growth strategy to develop connected technologies. For instance, in November 2017, Continental announced the successful acquisition of Israel-based cybersecurity company, namely, Argus Cyber Security, to strengthen its capabilities of connected car services with a more secure platform.
Autonomous driving is expected to grow at the highest CAGR in the global connected car market during the forecast period
The connected car technology is the stepping stone for automakers to achieve the goal of launching driverless cars by 2030. Also, carmakers are gradually promoting the market for autonomous cars by first releasing connected and partially automated cars. Autonomous cars sense their surroundings with techniques such as radar, LiDAR, GPS, and other sensors. As of 2017, approximately 25–30 sensors were there in a connected car which is expected to grow more than three-fold by 2025. In recent years, a few companies have tested automated driving using onboard sensors and high-resolution digital maps (V2N). However, the industry experts believe that 5G-based V2V and V2I would allow better adaptation of moving vehicles in accordance with the nearby traffic and offer higher customer satisfaction. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, obstacles, and relevant signage.
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The global connected car market is segmented on the basis of various services, including connected services, safety and security, and autonomous driving. The connected services are further categorized into various features, such as navigation, remote diagnostics, multimedia streaming, social media, and other mobile apps and OTA updates. The safety and security services include features, such as on-road assistance, eCall and SOS assistance, cybersecurity, remote operation, and collision warning. The autonomous driving services are further divided into auto parking and autopilot. The connected services segment is expected to be the largest market for connected cars during the forecast period, and the navigation feature is accounted to have the largest market in the segment.
Major players profiled in the report are:
- Bosch (Germany)
- Continental (Germany)
- Denso (Japan)
- Delphi (UK)
- Harman (US)
- ZF (Germany)
- NXP (Netherlands)
- Valeo (France)
- Autoliv (Sweden)
- Aisin Seiki (Japan)
- Infineon (Germany)
- Hella (Germany)
The global connected car is segmented into 2 end markets — OEM and aftermarket. As of 2017, the OEM segment is estimated to have the largest share of the connected car market and is anticipated to dominate the market during the forecast period. The OEM market is projected to grow at a significant rate due to government mandates for connected cars regarding safety features, such as eCall and vehicle tracking system.
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The connected car market, by form, is segmented into embedded, tethered, and integrated. The embedded segment is expected to account for the largest share of the connected car market and is anticipated to remain the largest market during the forecast period. In terms of growth, the embedded segment is expected to be the fastest-growing market for connected cars. Increasing application of connected services and government mandates are expected to drive the embedded segment.
The Asia Pacific is expected to account for the largest market share, followed by Europe, North America, and RoW. The Asia Pacific is anticipated to remain predominant during the forecast period due to various factors, such as increasing connected car devices in passenger cars and an increase in digital services such as cybersecurity and updates. In terms of growth rate, North America is projected to exhibit the second-highest CAGR during the forecast period. The growth in North America is anticipated to be driven by increasing government mandates and growing communication and information technology infrastructure, such as 4G LTE or 5G.