The globally Connected Car Market is projected to reach USD USD 56.3 billion by 2026, from an estimated USD 23.6 billion in 2021, at a CAGR of 19.0% from 2021 to 2026.
The market is expected to witness rapid growth due to an increase in demand for connectivity solutions/services and safety and security features. Additionally, an increase in internet penetration and the integration of driver-assist technology in vehicles are expected to boost the connected car market during the forecast period.
Key Players:
Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), Cloudmade (UK), Intellias (Ukraine), Tesla (US), Ford Motor Company (US), Audi (Germany), AT&T (US), Qualcomm (US), Verizon Communications (US), TomTom (Netherlands), Sierra Wireless (Canada).
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On-board unit expected to register the highest CAGR
The onboard unit is one of the transponder categories required for DSRC applications. Onboard transponder units are installed in vehicles to support connected car solutions. Earlier, an onboard unit was used to record the location and speed of vehicles through GPS sensors. Nowadays, it can record data from multiple sensors and transmit the information through a remote server to other entities such as vehicle and transport infrastructure. As governments are getting involved in various activities to promote intelligent transportation systems in metro cities, many OEMs are participating in the process of making smart transportation a reality. Hence, companies from the automotive and non-automotive industries are exhibiting their innovative solutions for V2V and V2I communications. For instance, the transportation department of the US has proposed V2V communication in vehicles to reduce potential crashes and improve the safety of passengers. Thus, with the growth in connected car adoption and developments in V2X infrastructure, the onboard unit is expected to witness growth in the coming years.
Integrated connectivity is expected to register the highest CAGR in the globally connected car market
The integrated form of connected solutions enables the driver to access features and services safely with the help of integrated devices, such as smartphones. The connected car market for the integrated form is expected to increase with the increase in the penetration of smartphones. Integrated solutions are likely to remain updated as their functionality depends on mobile technologies. The integrated connectivity segment is expected to grow at a significant rate in the future as cars can get connected through integrated devices with a negligible cost of hardware and subscription. Also, with everyone now carrying a smartphone and the growing demand for enhanced comfort and convenience, ad-hoc systems are being developed by software developing companies to allow user interactions with brought-in devices. An integrated approach allows the use of up-to-date technology and the finest customization to driver’s preferences. It is, however, difficult to provide a seamless user experience, and several driver distraction issues arise when an interaction is needed with handheld devices while driving. Moreover, the solution is less safe and reliable since automakers have no control over the applications used by customers. The most common widespread solutions for integrated systems are MirrorLink, Applink, Apple CarPlay, and Android Auto.
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Asia Pacific connected car market is expected to register the highest growth rate during the forecast period
The Asia Pacific market is expected to witness the highest CAGR during the forecast period, especially in Japan and China. The growth of the US market is driven primarily by increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and the incorporation of IoT in the automotive industry.
The emergence of autonomous vehicle technology in the Asia Pacific connected car market is one of the key trends that is increasing the demand for advanced connected car features. Japan has one of the largest connected car penetrations globally, with China expected to witness significant growth in the coming years. Additionally, the increasing demand for aftermarket services through the renewal of connected car service subscriptions will drive the connected car services market in the coming years.
Connected Cars MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Connected Cars Market.
The growth sectors of the Connected Cars Market are identified with precision for a better growth perspective.The global connected car market is predicted to expand at an incredible CAGR over the forecast period (2016-2027) owing to the need for constant connectivity, asserts Market Research Future (MRFR).
Connected cars allow the drivers to get connected to the online platforms and facilitate real-time communication.
Connected cars are equipped with advanced technologies and sensors.
The cars can communicated with another car which is travelling on the same road and exchange information regarding weather, road blocks, accidents, traffic, etc.Drivers and Constraints Impacting the MarketThe need for constant connectivity, growing demand of the consumers, increasing number of tech-savvy people, and growing dependency on technology are some of the major factors stimulating the market growth over the forecast period.
Several connectivity solutions such as Machine-to-Machine connectivity platforms have been developed by the service providers and car manufacturers.
Connected Car Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Connected Car include Alcatel Lucent, Apple Inc., AT Inc., Audi AG, BMW, Delphi Automotive, Ford Motor, General Motors Company, Google Inc., and NXP Semiconductors N.V..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Connected Car Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/connected-car-market/download-sampleMarket SegmentationThe broad Connected Car has been sub-grouped into the Form Type, End Market, Application and Region.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
