Increasing adoption of aevanced technology including AI, IoT, and cloud computing is the major factor driving the growth of the global Connected Cars market
Connected cars can be defined as a vehicle equipped with intelligent services and systems connected to the internet. Contemporary connected cars are equipped with integrated intelligent systems and powerful built-in. This led to the emergence of new feature like automotive telematics which is referred to as the remote transfer of computer data from the user’s car to service providers.
The market for connected cars experienced steady but remarkable growth in recent past years. Connected cars facilitate connectivity on wheels while offering convenience, comfort, safety, security, and performance coupled with robust network technology. These help drivers connect with online platforms leading to real-time communication. Increasing consumer demand for connectivity solutions, growing dependency on technology, demand for constant connectivity and upsurge in the tech-savvy population are the chief factors that play a vital role in the global connected cars market.
The report also throws light on various aspects of the global Connected Cars industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the Connected Cars industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
Based on Communication channel, the market for connected cars is divided into DSRC and Cellular Network. A cellular network is estimated to grow at the CAGR 17% during the forecast period. For the operators of cellular networks, connected cars offer the possibility for service growth and vital component of their IoT strategies. Tie-ups between OEMs and mobile operators are well established, out of which, a lot of yield agreements to embed SIM cars into the modern cars to offer cellular connectivity to strengthen a range service like vehicle tracking and fleet management.
Based on the region, the global connected cars market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia Pacific will be dominating the connected cars market with an estimated market share of 38% in the year 2028. The presence of a major market in countries such as Japan, South Korea, and RAPACwill be primarily driving the market in Asia-Pacific. The factors such as increased demand for safety features is a strongest driving force as consumers highly value safety features in their cars and there is a significant shift in customer expectations for higher wireless and mobile penetration, encouraging new business models and opportunities for the connected car market.
The major players of global connected cars market includes Harman, VW, Bosch, Mercedes Benz, Daimler, Google, Visteon, Uber, Amazon, Airbiquity, Harman, Microsoft (Azure), Continental Corporation, Qualcomm, Apple, NXP, Intel, Delphi, AT&T, Tech Mahindra, Tesla, Volvo and BMW. Acquisition and merger are strived upon by most of the industry giants to get a strong foothold in the market. The WSJ reported that Qualcomm is likely to acquire Netherlands-based NXP Semiconductors for more than USD 30 billion. The deal would make Qualcomm the largest supplier of chips for cars.
Segment Overview of Global Connected Cars Market
Applications Overview, 2018-2028 (USD Billion)
- Driver Assistance
Connectivity Type Overview, 2018-2028 (USD Billion)
- Integrated Telematics
Component Overview, 2018-2028 (USD Billion)
Provider Overview, 2018-2028 (USD Billion)
Connection Channel Overview, 2018-2028 (USD Billion)
- Cellular Network
Vehicle Connectivity Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America