Pune, India, June 26, 2019 (GLOBE NEWSWIRE) --
Market Outlook
The global connected car ecosystem market is expected to exhibit a strong 23.46% CAGR over the forecast period from 2015 to 2030, according to a new study published on Wise Guy Reports (WGR). The report predicts the global connected car ecosystem market to rise to a valuation of USD 842.43 billion by 2030.
Connected cars comprise a new way of looking at the preexisting automotive technology by making the best use of cars in the digital age of today and tomorrow. While the basic driving systems of automobiles haven’t changed much over the years, excluding the development of battery powered cars, the reliability, driver comfort, and level of refining have been the major targets for automotive development. The connected car ecosystem market takes it one step further, by equipping cars with web-based portals to allow the drivers to do anything they would be able to do on, for instance, a mobile phone.
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Market Drivers
Connected cars allow hands-free connectivity with mobile phones, gain new information about their environment and feed the data to the user, and can even share and exchange traffic, weather, and road conditions in a live feed so that all cars running on the same platform can access the same information, making the lives of their drivers much easier. Connected car ecosystem technology has blossomed over the last few years, giving rise to the early development of autonomous cars that can drive themselves based on GPS and motion tracking units. The growing demand for autonomous cars is likely to be a major driver for the global connected car ecosystem market over the forecast period. Several governments around the world have invested in the development of autonomous vehicles, realizing their potential in monotonous commercial driving jobs as well as in urban passenger transportation. This is likely to drive the demand from the connected car ecosystem market over the forecast period.
The growing use of advanced smartphones by drivers has led to an increasing demand for in-car connectivity solutions, leading to significant development in the field of mobile integration platforms. This has been a major driver for the connected car ecosystem market, as integrating new capabilities into the car itself has become easy due to the use of smartphone apps.
Segmentation
The global connected car ecosystem market is segmented on the basis of connectivity type, application, and region.
By connectivity type, the global connected car ecosystem market is segmented into embedded, tethered, and integrated. Embedded connectivity is likely to be the in-demand connectivity solution in the connected car ecosystem market over the forecast period; the segment is expected to exhibit a solid 23.1% CAGR over the forecast period, rising to a valuation of USD 406.02 billion by 2030 and accounting for close to 50% of the overall market.
By application, the global connected car ecosystem market is segmented into infotainment, telematics, navigation and location services, vehicle management, and driver assistance and autonomous driving.
Regional Analysis
North America and Europe are likely to dominate the global connected car ecosystem market over the forecast period due to the rapid rate of technological development as well as the presence of leading automotive industry players in the region, which allows ease of communication and collaboration, as well as easy distribution of technological advances, leading to steady growth of the connected car ecosystem market. The growing demand for in-car telematics and rising sophistication in infotainment connectivity are likely to be major drivers for the connected car ecosystem market in North America and Europe over the forecast period. The high disposable income of consumers in North America and Europe has also driven the demand for premium arrangements inside cars, including the demand for more advanced telematics and connectivity with other vehicles and public infotainment systems. This is likely to be a major driver for the connected car ecosystem market over the forecast period.
The growing development of the electric vehicle market in Asia Pacific is likely to drive the connected car ecosystem market in the region over the forecast period. China has emerged as a major player in the global electric car market over the last few years, taking great efforts to install highly developed electric vehicle infrastructure in place to accommodate the projected growth in demand over the coming years. The rising government support to the electric vehicle sector in China is likely to drive the connected car ecosystem market over the forecast period.
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Competitive Analysis:
Leading players in the global connected car ecosystem market include SK Telecom Co. Ltd., Nissan Motor Corporation Ltd., Denso Corporation, Continental Corporation, NXP Semiconductor NV, Infosys Ltd., Ford Motor Company, BMW AG, Volkswagen Group, Nokia Corporation, AT&T Inc., Fiat Chrysler Group, Harman International Inc., Microsoft Corporation, Tech-Mahindra Ltd., and Daimler AG, among others.
In January 2019, Honda debuted its futuristic Dream Drive infotainment system, featuring the novel capability to make digital payments through the in-car system.
About Us:
Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.