Chicago, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Connected Car Market size expected to reach USD 56.3 billion by 2026, at a CAGR of 19.0%, from 2021 to 2026, according to a report published by MarketsandMarkets™.
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Autopilot service in ICE service market projected to register highest from 2024 onwards
The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker’s goals of commercializing fully autonomous vehicles for consumers by 2024. Rapid advancements and developments in autonomous vehicles are expected to spur the growth of the connected car market. ZF unveiled its coASSIST level 2+ driving system in January 2020 in a price range of under USD 1,000. The company introduced its coASSIST Level 2+ semi-automated driving system on the 2020 Dongfeng Aeolus Yixuan, which was launched late in 2020. This marks the first launch globally of coASSIST, which delivers advanced safety and convenience functions. ZF also offers copilot, a scalable ADAS solution for level 2+ to level 4 driving systems, which it co-developed with NVIDIA. More such affordable ADAS solutions would significantly boost the Connected Car Market in the coming years.
Integrated connectivity expected to register highest CAGR in global connected car market
The integrated form of connected solutions enables the driver to access features and services safely with the help of integrated devices, such as smartphones. The Connected Car Market for the integrated form is expected to increase with the increase in the penetration of smartphones. Integrated solutions are likely to remain updated as their functionality depends on mobile technologies. The integrated connectivity segment is expected to grow at a significant rate in the future as cars can get connected through integrated devices with a negligible cost of hardware and subscription. Also, with everyone now carrying a smartphone and the growing demand for enhanced comfort and convenience, ad-hoc systems are being developed by software developing companies to allow useful interactions with brought-in devices. An integrated approach allows the use of up-to-date technology and the finest customization to driver’s preferences. It is, however, difficult to provide a seamless user experience, and several driver distraction issues arise when an interaction is needed with handheld devices while driving. Moreover, the solution is less safe and reliable since automakers have no control over the applications used by customers. The most common widespread solutions for integrated systems are MirrorLink, Applink, Apple CarPlay, Android Auto.
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Asia Pacific expected to lead globally Connected Car Market during the forecast period
One of the key drivers for the Asia Pacific market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the Connected Car Market in these countries is anticipated to increase in the coming years. Growing demand for premium and luxury cars with enhanced comfort and performance is expected to drive the adoption of connected car services. Thus, considering the above-mentioned factors, the Connected Car Market is expected to witness significant growth.
Key Market Players
The global Connected Car Market is dominated by major players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US). These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
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