The dependency on technological advancements, rising consumer demand to facilitate real-time communication and connectivity, and an increasing number of tech-savvy population are driving the connected cars market. The connected cars market value swell to $63 billion in 2018, and the demand is to witness at a magnificent compound annual growth rate (CAGR) of 17.55% during the forecast period of 2019 to 2025, according to a market intelligence report published by automotive analysts team at IndustryARC.
This IndustryARC’s latest research report is titled “Connected Cars Market: By Connectivity Type (4G LTE, 3G, Wifi), By Type of Interaction (Vehicle-to-Vehicle, Vehicle-to-Infrastructure), By Features (Navigation, System Diagnosis, Safety & Security) – Forecast (2019 – 2025).” This report also documents other factors that are driving the connected cars market such as stringent government rules and regulations which is in turn favoring the growth and expansion of the technology in passenger cars. Due to this, ample connectivity solutions have been developed by service providers and manufacturers.
Global Connected Cars Market: Leading Segments
North America is experiencing the highest dominance in the global connected cars market, with the world’s two well-developed economies- Canada and the U.S. The United States is considering customers benefits as the first precedence and expanding its mobile connectivity technology significantly. According to this, they are launching connectivity enabled vehicles for their customers. Additionally, the demand for integrated, tethered, and embedded solutions for the connected passengers’ cars has increased drastically in recent times. North America held 18.23% of the global connected cars market demand in 2018.
On the other hand, the key application segment is integrated connectivity solutions owing to the increasing demand for it globally. The anticipated growth opportunities for these applications are expected to grow at an outstanding CAGR of 23.08% during the aforementioned period. However, the cars are becoming more amid the introduction of various features such as GPS, 4G LTE, and machine-to-machine connectivity platform.
Global Connected Cars Market: Market Trends and Growth Drivers
· 4G/LTE Technology
Connectivity is now an expectation by the customers. 4G/LTE is a technological game changer with features such as increased use capacity, increased reliability, and faster speed. 4G/LTE is now being used as a standard feature by manufactures. It has improved the V2V capabilities, V2X, OTA Updates, and improved audio and navigation systems. Recently, Ford has announced that by 2020, all of its vehicles will be well-equipped with 4G/LTE.
· Artificial Intelligence Enabled Connected Cars
AI interfaces and algorithm solutions are introduced in connected cars that allow the cars to create and storing data in a smart way and in return, the cars guide the drivers with a virtual personal assistant that responds to the voice commands. Google assistant and Amazon Alexa are already being installed in smart cars. The manufacturers and the OEMs are now focusing to upgrade the technology by making the cars talk with smart traffic signals to the smart gas pumps. They are first being tested in less traffic cognition with the improved driving environment.
· Internet of Things (IoT) Technology
Internet of Things has helped the original equipment managers in the most suitable way. For instance, Alibaba AI Labs in 2018 partnered with major automotive OEMs to supply technology for home-to-vehicle such as Daimler, Volvo, and Audi AG.
· Government Initiatives to Protect the Data
Technology is everywhere in the market and it has struck the connected cars market as well. Even though the enabling technology has influenced the market, its customers are still concerned about cyber-attacks. In order to safeguard the customers’ qualms, the U.S. government has started to introduce regulatory frameworks such as Self Drive Act. They are even working on data security regulation.
Global Connected Cars Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global connected cars market are General Motors Co., Bavarian Motor Works (BMW) AG, Audi AG, Bosch (Germany), Denso (Japan), and Harman (US), Honda Motor Co. Ltd, Fiat Chrysler Automobiles, Mercedes-Benz, and Continental (Germany), and Delphi (UK).
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A. Connected Car Devices Market
B. Intelligent Transport System Market
What can you expect from the report?
The Connected Cars Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Connected Cars Market Size by Product Categories & Application
2. Connected Cars Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Connected Cars Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Connected Cars Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Connected Cars Market Strategic Analysis
18. Connected Cars Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Connected Cars Market Revenue and Volume Analysis
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