Worldwide Connected Cars market to reach $299.89 billion by 2022
At present, the connectivity in a car is majorly focused on customer safety, comfort, and security. Rising demand for the digital services and high speed data services are expected to drive the market.
Infoholic Research LLP, a global market research, and consulting company, has published a study titled “Worldwide Connected Cars Market: Drivers, Opportunities, Trends, and Forecasts: 2016–2022”.
According to Infoholic Research, the connected car market is trending in the IoT world and every car manufacturer is investing in this market. They are offering various IoT solutions in the connected cars market. The rising demand for infotainment & HMI, navigation systems, safety & security, and monitoring & maintenance services is expected to drive the market.
The car manufacturers are planning to build new cars with connected features, and on the other hand, consumers are upgrading their existing cars with smart technologies. This gives the manufacturing companies a big boost to invest further into the market. Big data and cloud are the major technologies supporting the market, privacy & security being one of the challenges for connected cars market. The worldwide connected cars market is expected to grow at a CAGR of 37.4% during the forecast period 2016–2022.
The market is segmented by technology, connectivity, regions, and applications. Key stakeholders such as OEMs, telematics companies, network carriers, brought in module – OBD and others are coming together to form better and innovative applications in the connected cars. The safety & security applications are expected to contribute around 25.38% of the market share by 2022.
The connectivity covered in this report are Embedded, Integrated, and Tethered. The connectivity market revenue is expected to reach $161.04 billion by 2022.Globally, the car manufactures are focusing on integrated connectivity due to increasing demand from the consumers.
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In terms of regions, Americas is leading followed by Europe. The increase in government initiatives, investments by car manufacturers, and increasing demand from the consumers are expected to drive the market. The European Government has made mandatory that all the vehicles should be equipped with eCall, which will further increase the connected cars adoption rate in Europe.
Asia Pacific is the most attractive emerging market for the major stakeholders and India and China are set to be the lucrative markets
“Recently, the customer perception towards autonomous cars is changing due to increase in the usage of smart technologies. Many customers are now demanding for luxury and midrange cars depending upon their budget. The customers prefer cars that are equipped with necessary connected devices and also applications such as location-based, infotainment & HMI, and safety & security. The technological features such as eSync, eMatics, and eCam are driving the cloud-based automotive IoT solutions that will indirectly increase the connected cars market revenue.” D Vijaya Sai, Research Analyst at Infoholic Research
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The report covers the present scenario and the growth prospects of the worldwide connected cars market during the forecast period 2016–2022. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on four segments – technology, connectivity, applications, and regions
- The report covers the evolution of connected cars, features, advantages, and its importance
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the next forecast years (2016–2022)
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
- The report covers the adoption of connected cars in North America, Western Europe, Asia Pacific, Latin America, and Central Eastern Europe