The connected car, which once was a concept and limited to science fiction movies, is a reality today. Cars are extremely well connected these days with extensive embedded hardware components combined with smart connectivity capabilities that use an array of protocols to deliver key electronic, monitoring and diagnostic functions. It has become an emerging market where everybody is trying to be a part of it considering the enormous potential the market holds.
The global connected car market is fragmented and it is in a growing stage where many stakeholders of the ecosystem are forging strategic collaborations to create connected car solutions. The market revenue is estimated to reach $153.60 billion by 2020,” said Infoholic Research.
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The global connected car applications market is divided into Location Based Applications, Infotainment, Safety & Security, Convenience, Driver Assistance, and Others. Safety & Security application contributes the most to the application market. Government initiatives and customers are concerned about the overall safety, and accident is the major driving force behind customers adopting the cars that are enabled with connectivity.
The global connected car region market is divided into North America, Western Europe, Asia-Pacific, Central Eastern Europe (CEE), Middle East & Africa and Latin America. North America has the most matured connected car market owing to its extensive infrastructure and the number of companies investing in the market. Western Europe is the second popular market as the government regulations such as mandate of eCall will drive more into the market.
“The connected car market will see innovative revenue models and evolution of standardized platforms in the next forecast years. This would considerably increase security measures and reduce the cost of the connected cars,” opined Tariq Shaik, Research Operations.
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Ms. Sunanda Ganguli
Infoholic Research LLP