According to the new market research report "Connected Car Market by Service (OTA Update, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration, & Others), Form, End Market (OE, Aftermarket), Network, Transponder, Hardware, and Region - Global Forecast to 2027", published by MarketsandMarkets™, The global Connected Car Market size is projected to reach USD 212.7 billion by 2027, from an estimated USD 42.6 billion in 2019, at a CAGR of 22.3%.
The growth of the global Connected Car Market is influenced by factors such as the increasing trend of in-vehicle connectivity solutions and government initiatives toward developments in intelligent transportation systems. Therefore, the Connected Car Market is expected to witness significant growth in the future.
The Connected Car Market comprises major manufacturers such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
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The autopilot market is expected to grow at the fastest CAGR.
The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker’s goals of commercializing fully autonomous vehicles for consumers by 2022. For instance, the upcoming model of the Cadillac CT6 will be equipped with the semi-autonomous “Super Cruise” feature that will essentially allow fully autonomous single-lane travel on divided highways.
Similarly, Audi will also be including its Level 3 semi-autonomous technology in the upcoming model of the A8. Audi’s AI-based traffic jam pilot would enable highly automated driving at Level 3. With all the developments in autopilot or autonomous driving field, the demand for connected services related to autopilot is expected to rise in the coming future.
Embedded connectivity is expected to grow at the fastest CAGR in the global Connected Car Market.
The growth in embedded technology is being driven by regulatory mandates in the EU, which recently mandated that all new car models in member states must have embedded technology as part of its European eCall system, connecting a vehicle to emergency services, following a collision and providing location and impact information. Similar mandates could be announced by other countries in the future. The growth of an embedded form of connected solutions in the long term is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and an increase in cloud-based services. By 2027, an embedded form of connectivity is estimated to dominate the market.
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The Asia Pacific is expected to lead the global Connected Car Market during the forecast period.
One of the key drivers for the Asia Pacific market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in the Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the Connected Car Market in these countries is anticipated to increase in the coming years.
In 2017, the Chinese Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) issued a draft to establish national standards for China’s Intelligent & Connected Vehicles (ICV). Due to the growing population and vehicle demand, China is expected to introduce vehicle and road safety regulations. Baidu and Alibaba, which are the biggest technology companies in China are pushing to develop platforms for connected cars.
Japanese automotive companies are also inventing and implementing connected car services and solutions. In 2019, Airbiquity announced that it became a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.
The North American connected car market is expected to register the fastest growth during the forecast period
The North American market is expected to witness the most rapid growth during the forecast period, especially in the US. 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 incorporation of IoT in the automotive industry.
The emergence of autonomous vehicle technology in the US connected car market is one of the key trends that is increasing the demand for advanced connected car features. The market has already witnessed a high growth of ADAS solutions which made the connected car penetration above 80% in 2018. The increase in demand for aftermarket services through a renewal of connected car service subscriptions will drive the US market in the coming future.
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Critical Questions:
• Many companies are operating in the connected car market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
• Fast-paced developments in connected car services such as home integration, autopilot, and vehicle management offered by leading services and solution providers are expected to change the dynamics of the connected car market. How will this transform the overall market?
• Which leading companies are working on the connected car services and hardware, and what organic and inorganic strategies have they adopted?
• Analysis of your competition that includes major players in the connected car ecosystem. The major players include Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
• Discussion on your client’s imperatives based on our existing research on the connected car market and its ecosystems.
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