NEW YORK, March 13, 2019 (GLOBE NEWSWIRE) -- Since the advent of internet of things (IoT), the connected car market has witnessed tremendous growth around the world. Valued at $51,910.9 million in 2017, it is projected to reach $156,145.9 million by 2023. Automobile manufacturers, software vendors, telecom operators, consumer electronics companies — the types of firms interested in and utilizing this product are diverse. Since many technologies in the automotive industry are based on IoT, it has become the predominant factor in the growth of the domain.
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A connected car is one that can assess and optimize its own operations with the help of artificial intelligence (AI). Internet-based processes like navigation, telematics, and infotainment permit the car to share content with people and devices within it and outside. By keeping passengers connected on the road, it offers convenience, comfort, performance, safety, and security. A rise in demand for connectivity solutions, increase in dependency on technology, and surge in tech-savvy population are driving the growth of the connected car market.
Currently, North America leads the connected car market in terms of revenue generation. The Asia-Pacific (APAC) region is expected to witness the highest CAGR during 2018–2023. Among all the connectivity technologies available in the market, viz. 4G/LTE, 3G and 2G, 4G/LTE was utilized the most during 2013–2017, and it is expected to hold the largest revenue share during the forecast period (2018–2023) as well.
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IoT services have become an integral part of connected cars that work on AI. AI will further take the connected car market forward as automobile manufacturers will integrate it even more in vehicle infotainment systems that serve as virtual personal assistants with the ability to reply to voice commands and proactively guide the driver with the help of navigation.
IoT is helping various original equipment manufacturers (OEMs) achieve unprecedented results pertaining to connectivity solutions used in connected cars. OEMs are collaborating with technology vendors to offer their consumers the latest connectivity solutions. For instance, in April 2018, Alibaba AI Labs partnered with major automotive OEMs, including Audi AG, Daimler AG, and Volvo AB, to supply AI technology for home-to-vehicle connectivity in China.
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The major restraint in the connected car market growth is the lack of infrastructure, which primarily comprises high-speed internet network required to support navigation and infotainment. Only a few developed countries of the world have the infrastructure to sustain this market. However, as digital advancement across the world increases, so will the development and availability of such technology, leading to a bright prospect for the domain.
A vast growth potential for connected car market players lies in developing economies, such as India, Indonesia, China. As the living standard in these countries continues to increase due to the rise in disposable income, people’s spending on products such as connected cars, which utilize state-of-the-art technology, is growing.
Considering the integration of AI-based IoT in cars and increase in the availability of 4G/LTE technology, the sector is expected to witness a bright future ahead.
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