Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The global connected car market size was valued at USD 55.56 billion in 2020. The market is anticipated to grow from USD 59.70 billion in 2021 to USD 191.83 billion in 2028 at a 18.1% CAGR during the forecast period. Dominant Players Such as Audi and Ford Motors to Focus on Promoting the Adoption of Advanced Automotive Technologies. Wireless connectivity systems in cars are a trend that is gaining considerable traction in the automotive industry, states Fortune Business Insights in its report titled Connected Car Market, 2021-2028.
Recognizing the potential offered by these changing dynamics, several start-ups specializing in automotive electronics and communications have come up and are advancing connected car technologies. For example, Connexion, an Internet of Things (IoT) start up based in Melbourne, Australia, provides infotainment systems, fleet management solutions, and cloud-based telematics to carmakers. Savari, a California-based start-up, offers software and hardware solutions for vehicle manufacturers to arm their vehicles with vehicle-to-everything (V2X) systems and Dedicated Short Range Communication (DSRC) sensors. The proliferation of start-ups offering innovative automotive communication solutions is expected to open new expansion avenues for the connected car market.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 18.1% |
| 2028 Value Projection | USD 191.83 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 59.70 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Mobility Management, Telematics, Infotainment, and Driver Assistance |
| Growth Drivers | Rising Number of Road Accidents Worldwide to Accelerate Growth |
| Growing Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market |
Market Growth Factors:
Rising Number of Road Accidents Worldwide to Accelerate Growth
One of the leading factors propelling the connected car market growth is the rising number of road traffic accidents around the globe. According to the World Health Organization (WHO), road traffic crashes kill approximately 1.35 million people worldwide every year. Furthermore, between 20 million and 50 million people suffer non-fatal injuries from road accidents, with several accident victims getting afflicted with a temporary or permanent disability. The most common causes of road accidents, the WHO highlights, include driving under the influence, speeding, distracted driving, and unsafe vehicles. Connected cars have the potential to address all these issues as these vehicles operate on real-time data acquired from various sensors attached to the cars. For example, IoT-enabled cars gather real-time traffic and crash data, alerting drivers to changes in surrounding traffic conditions, road hazards, and upcoming obstructions such as pedestrians and cyclists. Smart technologies enhance the safety quotient of a vehicle and can thus reduce the probability of road accidents.
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Regional Insights
Growing Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market
Asia Pacific dominated the connected car market share in 2020 with a market size of USD 32.90 billion on account of the rising preference for high-end, advanced automotive technologies in the region. This evolving dimension in the automotive industry in Asia Pacific is underpinned by the increasing level of disposable incomes among buyers, which is enabling them to demand enhanced safety and infotainment features in vehicles. In Europe, major automakers such as BMW and Volkswagen are partnering with automotive technology specialists to equip their cars with sophisticated safety features. The market in North America, on the other hand, is set to benefit from the rapid adoption of next-gen connectivity technologies such as 5G in the region.
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Competitive Landscape
Key Players to Deepen Footprint in Emerging Markets
The demand for premium cars and vehicular components is escalating in the emerging market of Asia and Africa. Acknowledging the huge business scope offered by the countries in these regions, automotive giants are steadily deepening their presence in these countries by launching innovative solutions.
COVID-19 Impact:
The sudden explosion of the COVID-19 pandemic has created unprecedented turmoil across all economic systems around the globe, aggravating the already widespread uncertainty in the business world. Worldwide, governments have been taking emergency measures to wade their economies out of this crisis. Private sector entities are also exploring alternatives to survive these challenging times. At Fortune Business Insights™, we are making concrete efforts to gain market intelligence and equip you with updated information to aid your fight against this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.
Industry Developments:
February 2020: Ford India introduced the FordPassTM, its comprehensive mobile connectivity solution that enables owners to remotely access their cars, call for breakdown assistance, and perform many such functions, in India. All BS-VI Ford cars will have a cloud-based device that connects the vehicles with the FordPass app.
January 2020: Audi of America and Verizon Business Group collaborated to develop and deliver embedded in-vehicle Wi-Fi and advanced connectivity to future Audi cars. Audi’s connect® CARE will be preinstalled in Audi’s A4 and A5 lines and will feature Verizon’s Unlimited data connection powered by Verizon’s 4G LTE network.
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List of Key Companies Profiled in the Connected Car Market Report:
- Volvo (Gothenburg, Sweden)
- Ford Motor Company (Michigan, United States)
- TomTom Inc. (Amsterdam, Netherlands)
- Daimler AG (Stuttgart, Germany)
- AT&T (Texas, United States)
- Harman International (Connecticut, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- General Motors (Michigan, United States)
- Audi (Ingolstadt, Germany)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Continental AG (Hanover, Germany)
Global Connected Cars Market Segmentation:
By Application Type:
- Mobility Management
- Telematics
- Infotainment
- Driver Assistance
By Network Type:
- 3G
- 4G
- 5G
- Satellite
By Technology Type:
- Embedded
- Tethered
- Integrated
By Sales Channel Type:
- OEM
- Aftermarket
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