Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global connected car market size is projected to reach USD 191.83 billion by 2028, exhibiting a CAGR of 18.1% during the forecast period. Increasing demand for embedded telematics as drivers seek higher levels of safety and convenience while driving their vehicles. The growing demand for connected cars with advanced features will propel the growth of the connected car market. Fortune Business Insights™ presents this information in its report titled "Connected Car Market 2021-2028."
The “connected car” refers to any vehicle which has embedded technology that allows it to communicate with external devices such as smartphones or other vehicles via wireless communication technologies such as Bluetooth, Wi-Fi etc., allowing users access remote locations using their mobile phones while driving or parking their cars at home or work premises respectively.
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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Market Driving Factors:
Wireless connectivity systems in cars are a trend that is gaining considerable traction in the automotive industry. Recognizing the potential offered by these changing dynamics, several startups specializing in automotive electronics and communications have come up and are advancing connected car technologies. For example, Connexion, an Internet of Things (IoT) startup based in Melbourne, Australia, provides infotainment systems, fleet management solutions, and cloud-based telematics to carmakers. Savari, a California-based startup, 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 startups offering innovative automotive communication solutions is expected to open new expansion avenues for the connected car market.
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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Market Segments:
The global connected car market is segmented by Applications, Network Type, Technology Type, Sales Channel, Communication Type, and Region
- On the basis of Applications, the market is further segmented into Mobility Management, Telematics, Infotainment, and Driver Assistance.
- By Network Type the market is categorized into 3G, 4G, 5G, and Satellite.
- By Technology Type the market is divided into Embedded, Tethered and Integrated type.
- Sales Channel Type is segmented by OEM and Aftermarket.
- By Communication segment is divided into 2 type respectively Vehicle to Vehicle and Vehicle to Infrastructure.
- In terms of region, the global market includes North America, Asia Pacific, Europe, and the Rest of the World.
Regional Analysis:
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. The North American connected car market is expected to grow due to increasing government incentive programs for adoption of electric vehicles (EVs) and advanced features. The demand for connected vehicles with advanced features is expected to drive the growth of the North American connected car market.
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.
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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)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Technological Developments
4.3 Porter’s Five Forces Analysis
4.4 SWOT Analysis
4.5 Impact of COVID-19
5. Global Connected Cars Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Communication Type
5.2.1 Vehicle to Vehicle
5.2.2 Vehicle to Infrastructure
5.3. Market Analysis, Insights and Forecast – By Application Type
5.3.1 Mobility Management
5.3.2 Telematics
5.3.3 Infotainment
5.3.4 Driver Assistance
5.4. Market Analysis, Insights and Forecast – By Network Type
5.4.1 3G
5.4.2 4G
5.4.3 5G
5.4.4 Satellite
5.5. Market Analysis, Insights and Forecast – By Sales Channel Type
5.5.1 OEM
5.5.2 Aftermarket
5.6. Market Analysis, Insights and Forecast – By Technology Type
5.6.1 Embedded
5.6.2 Tethered
5.6.3 Integrated
5.7. Market Analysis, Insights and Forecast – By Region
5.7.1 North America
5.7.2 Europe
5.7.3 Asia pacific
5.7.4 Rest of the World
Continued…
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