Market Research Future (MRFR) has announced a new release on the global connected car market. The report talks about the global connected car market’s probable future growth trajectory over the forecast period from 2016 to 2027 based on a detailed review of the market’s historical growth patterns and key drivers and restraints.
The connected car market has been driven mainly by the growing demand to make navigation and on-road management of traffic safer through the use of IoT (Internet of Things) technology and other related accessories. Connected cars contain sensors that help the driver gain a comprehensive picture of the environment around him on the road, including elements that the driver can’t see. These sensors help deliver a real sense of the on-road proximity to other objects, including other cars and other road users, such as pedestrians and bicyclists. Connected car systems are expected to make road driving much safer, as drivers can get a digital feedback on their nearest objects instead of relying on visual cues, which can be warped by distance and weather factors.
Connected car systems not only help drivers avoid collisions with their nearest objects, but also help deliver a thorough picture of the weather and traffic conditions across an area, such as a city. This requires a wide-scale adoption of connected car systems, which can communicate with each other regarding conditions such as weather and traffic obstructions. The growing clamor around autonomous cars is likely to be a major driver for the connected car market, as connected car systems play the vital role in managing autonomous driving. The use of connected car systems on a sufficiently large scale can help avoid congestions on the street, as mass-scale communication between cars can help create a virtual picture of the city’s overall traffic condition, which can make it easier to manage and ameliorate traffic.
The varied advantages of connected car systems have been acknowledged by major car companies, several of which are engaged in bringing the latest in connected car tech to their models. However, the connected car systems also present a threat to cybersecurity, as the wireless connection between two cars or between a user’s mobile phone and the car can be hacked. This has been a key factor holding back the adoption of connected car systems in recent years. As a result, many automotive manufacturers and automotive accessory manufacturers have initiated research and development efforts into introducing secure, hack-proof connected car systems. This is likely to be a key feature of the global connected car market over the forecast period.
Regional Insights
Geographically, the connected cars market spans across regions namely, North America, Europe, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America is predicted to dominate the global market for connected cars. Requirement for more safe cars and technological advancements in this region is driving the market growth over the assessment period.
Europe is projected to be the second biggest market of connected cars owing to the high standard of living and high investment in the automotive sector in this region. Meanwhile, Asia Pacific has been predicted to emerge as the fastest growing market due to the rapidly growing population, large presence of the young population, and increasing disposable incomes.
Industry News
Volkswagen has a $4 billion plan for autonomous vehicle technology and connected cars, one that includes a proprietary software operating system and will support delivery, car sharing, and other services. The German automaker’s investment plan comes as rivals are ramping up their own connected vehicle efforts and as the standards battle heats up for that industry.
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Global Connected Car MarketThe GMI Research projects that the Connected Car Market will experience an acceleration in demand over the forecast period.
This is because of the growing dependence on technology, soaring adoption by individuals due to the better comfort, ease, and safety, and increasing need for persistent connectivity.Request a free sample of this reportIntroduction of the Connected Car MarketThe conected car market research states that car refers to a vehicle connected to the internet mainly through a wireless local area network (WLAN), enabling the car to allocate internet access and data to other devices inside and outside the car.
They also help perform a huge range of functions like the supervision of car traffic to access the traffic information, which assists the driver to decide whether to sustain –on the route or to go along with the best alternative route suggested by the system.Key Players of the Market:Continental AGAirbiquity Inc.Robert Bosch GmbH.CloudmadeFord Motor CompanyTeslaAT & TTomTom International BVQualcomm Technologies, Inc.Sierra WirelessConnected Car Market Dynamics Some of the drivers responsible for the growth of the global connected car market size include the augmenting demand for better comfort level, increasing preference of consumers to retain their association with the outer world while traveling, and the surging tendency of in-vehicle connectivity solutions.
The solution helps the user to connect their smartphones with vehicles that enable them to make or receive phone calls, which is thereby encouraging the acquisition of connected cars.
In addition, the rising emphasis by several multinational players to launch sophisticated systems working similar to tablets and smartphones will strengthen the connected car market size.
Furthermore, the surging initiatives by the government to develop smart transportation systems to improve the safety of passengers of drivers further supplement the market growth.
