What is the connected car market?
Connected car is the presence of devices with internet access for connected vehicle, office, home, networks, services, and other infrastructure. Connected vehicles technology fall into categories such as payments, diagnostics, infotainment, navigation, safety, and efficiency. The connected car devices includes various systems such as infotainment unit, head-unit, in-dash system, telematics system, and others. The global connected car services and product market is segmented into system, network, end use, and region. By end use, connected car technology is classified into original equipment manufacturing and aftermarket. By system, the market is segmented into mobility management, vehicle management, driver assistance, entertainment, safety, and others. By network, the market is segmented into is dedicated short range communication, and cellular.
What segments are covered in connected car market report?
By system, the connected car technology market is segmented into the following:
1. Vehicle Management: The leading connected car companies (OEMs) are offering internet connected cars with various vehicle management features such as scheduling service, dynamic fault monitoring, maintenance warning, remote control unlocking, and others
2. Driver Assistance: This system includes features such as automatic braking for obstructions, automatic self-parking, and others features
3. Mobility Management: This system allows the driver to choose fuel and time efficient route by accessing real time traffic information. Moreover, it provides access to highway messages and warnings
4. Safety: The connected car safety system offers features such as functions emergency, collision protection, and danger warning in order to reduce the accidents. Moreover it indicates the external condition such as weather and road conditions
5. Entertainment: The connected car gaining popularity due to various innovative features in cars, wherein entertainment features offered by the leading manufacturers such as video, music, internet, access to social networks, smartphone interface, e-call, and other functions.
What is the expected size of global connected car market in 2025?
The global connected car market is analyzed to grow a steady rate from $58.4 billion in 2020 to $156.2 billion in 2025 at a CAGR of 21.75%. Rising prominence of connected cars and its allied systems due to increased demand for enhanced user comfort, and convenience. Connected car systems playing an important role in fair administration of insurances, and development of ride sharing & mobility services by monitoring system failures and vehicle performance. Moreover, leading manufactures focusing on technological advancements as well as offering vehicles with various features such as safety streaming media, remotely controlled aspects, and advanced driver assistance systems.
North America holds the largest share in this global market owing to the presence of the major manufacturers in the region. Further, it is anticipated to grow at rapid pace due to ongoing technological advances and coherent regulatory environment to promote connected cars. Moreover, the growing demand for route tracking and real-time traffic monitoring will boost the demand of the connected car during the forecast period.
The major players in the global connected car market are Continental, Visteon, Airbiquity, HARMAN, Robert Bosch GmbH, Tesla, Sierra Wireless, Ford Motor Company, Audi AG, BMW Group and among others.