Connected Car Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Connected Car Market: Overview
Today, connected car is the big buzz word in the automotive and car industry. A connected car is equipped with Internet connectivity to share information between devices within the vehicle or to share information with devices outside the car such as in other cars, office, home, or other physical spaces.
Connected cars receive information pertaining to traffic, collisions, and other safety alerts in a timely manner. Connected car features can be categorized into safety, infotainment, payments, navigation, and diagnostics/efficiency.
Typically, connected cars that have been introduced after 2010 has a head-unit, in-dash system equipped with a screen for the driver to view or manage operations of the connections, and an infotainment unit.
Global Connected Car Market: Key Trends
The top factor driving the global connected car market include regulatory mandates on connected car modules. Moreover, rising demand for smartphone features in cars and real-time connectivity with cars to obtain vehicle data updates for vehicular safety is driving the connected car market.
However, factors such as network coverage limitation and risk of misuse of customer data by cybercriminals for unscrupulous activities is challenging the market’s growth.
The connected car market is expected to be benefitted as connected car is considered to be a stepping stone for autonomous vehicles, consumer electronics providers for connected cars can offer telematics and infotainment devices at a cheaper cost, and insurance rate for connected cars is dependent on usage.
The connected car market faces challenges with respect to disparity of product design procedures between OEMs, in-built solutions of cars, and smartphones. Also, the connected car market will benefit with reduced cost of telematics and infotainment equipment and services. In this scenario, creating an ecosystem that functions through cross-industry collaborations between OEMs, technology companies, and mobile network operators is poised to be the winning imperative for the industry.
Global Connected Car Market: Market Potential
At the recent Seoul Motor Show 2017, Hyundai Motors announced a multitude of future-vehicle initiatives, which includes connected cars and electric vehicles. Developed by a team of in-house experts Hyundai’s new Connected Car Service platform will diminish the lines between mobility, living, and working spaces by means of voice control and allow vehicle owners to connect their vehicles with global appliance service providers.
Global Connected Car Market: Regional Outlook
North America is the leading regional market for connected cars. The U.S. is the leading contributor to the North America connected car market due to regulations in place for monitoring telematics applications.
Furthermore, in the U.S., the transportation system is reaching its capacity thus alternatives need to be sought to address the increasing traffic congestion issues. The transportation network in the U.S. is nearing saturation and infrastructure expansion by means of traditional methods is not a viable solution. Connected cars equipped with telematics and navigation tools is an ideal solution to address this issue. Moreover, the U.S. being home to some of the world’s major automobile companies such as General Motors Company, Ford Motor Company, and Tesla Motors Inc., along with the presence of software giants such as Microsoft Corporation and IBM Corporation and telecom providers such as AT&T Inc., Verizon Communications Inc., and Sierra Wireless are favoring the growth of the connected car market in the region.
Global Connected Car Market: Competitive Landscape
Some of the key players in the global connected car market include Audi AG, General Motors Company, Google Inc.,Delphi Automotive Plc, AT&T Inc.,Robert Bosch GmbH, Wirelesscar, BMW AG,Tesla Motors Inc.,Volvo Car Corporation, Vodafone Group Plc., Denso Corporation,and Airbiquity Inc.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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