NEWS:Global Connected Car Market is projected to reach a value of over USD 204 billion by 2027
CONNECTED CAR MARKET: SUMMARY
The Global Connected Car Market is projected to reach a value of over USD 204 billion by 2027 at a CAGR of around 20.5%.
Connected car is a vehicle that is linked with the internet mostly via wireless local area network (WLAN) to devices like computers and smartphones both inside and outside the car to provide useful information to the driver. This allows the car to access data, share internet access, communicate with other Internet of Things (IoT) devices, provide Wi-Fi to other devices inside and outside the car which includes home, office, other cars or infrastructure.
CONNECTED CAR MARKET: DRIVERS & RESTRAINTS
- Rising Inclination towards Comfort, Safety & Security
Connected car is equipped with advanced technology and sensors which assist the driver to get the real-time information around him. Safety service in these vehicles helps to exchange critical information with other vehicles and infrastructure. This avoids human error and accidents, thereby resulting in enhanced driving experience and increases security measures. Moreover, with the use of navigation systems, communication mapping like HERE, TomTom or Waze and infrastructure, the driver gets notified of debris on the road, traffic jams, collisions, traffic jams, and others.
Therefore, rising inclination towards comfort, safety & security will drive the global connected car market.
- Rising Trend of Connectivity Solution
Automotive manufacturers are focusing on innovations for providing connectivity solutions as customer’s preferences have changed and they want the vehicles to work similarly like smartphones or computers. Connectivity can be provided in a vehicle by adopting an integrated, embedded, or tethered connectivity solution. Emerging technology such as automotive machine to machine (M2M) provides cellular services and connectivity which enhances mobile lifestyle for both passenger and driver by offering high-speed and advanced features like web services, internet radio, Wi-Fi hotspot, with latest navigation system.
Therefore, the rising trend of connectivity solutions is expected to boost the connected car market growth.
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- Threats of Cyber Attacks
Connected car with vehicle-to-everything (V2X) technology allows vehicles to interact with other vehicles (V2V) and surrounding infrastructure (V2I) including trains or highways, traffic lights, and others. Unauthorized access to various cars for connectivity solutions creates a new entrance for cyber-attacks on smart vehicles which acts as a restraint for the market. New technology increases the number of sensors required in vehicles which increases the chance for hackers to steal personally identifiable information (PII) like entertainment preferences, financial information, location data, personal trip, and others.
Thus, threats of cyber-attacks are expected to decline the connected car market growth.
CONNECTED CAR MARKET: KEY SEGMENTS
- Segmentation Based on Technology: Wi-Fi, Bluetooth, Global Positioning System (GPS), 3G, 4G LTE, and Others.
- Segmentation Based on Components: Hardware, Software, and Services.
- Segmentation Based on Connectivity Solution: Integrated, Tethered and Embedded.
- Segmentation Based on Region Covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa, with individual country-level analysis.
CONNECTED CAR MARKET: REPORT SCOPE
The report on the connected car market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020–2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Technology, Components, Connectivity Solution, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
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KEY COMPANIES COVERED
- Continental AG (Germany) (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Tesla (US)
- Robert Bosch GmbH (Germany)
- Ford Motor Company (US)
- Keysight Technologies (US)
- Qualcomm Technologies, Inc. (US)
- AT&T (US)
- Daimler AG (Germany)
- Microsoft (US)
- Sierra Wireless (Canada)
- Other Key Companies
- AUDI AG (Germany)
- BMW AG (Germany)
- Panasonic Corporation (Japan)
- TomTom International BV (Netherlands)
- Telefónica S.A. (Spain)
CONNECTED CAR MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Connected Car Market, by Technology
- Global Positioning System (GPS)
- 4G LTE
Connected Car Market, by Components
- Head Unit
- Telematics Gateway
- Intelligent Antenna
- Electronic Control Unit (ECU)
- Android Based
- iOS Based
- Linux Based
- OS X Based
Connected Car Market, by Connectivity Solution
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Connected Car Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- The Netherlands
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
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Table of Content
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 Connected Car Market By Technology, Market Size In Usd Million (2019–2027)
7 Connected Car Market By Components, Market Size In Usd Million (2019–2027)
8 Connected Car Market By Connectivity Solution, Market Size In Usd Million (2019–2027)
9 Connected Car Market By Region, Market Size In Usd Million (2019–2027)
10 Competitive Landscape
11 Company Profiles
About Forencis Research
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